Tuesday, December 6, 2022

Specialty Products Take Center Stage – November 2022 M&A Activity


The trend toward specialization in the broadly-defined graphic communication industries is clearly evidenced by recent M&A transactions. Fewer companies are trading hands that would be considered general commercial printing companies, with a commensurate increase in deals that involve a specialized print-centric activity or product. As we noted in the latest Target Report Annual Review, the number of announced transactions in the commercial printing segment is at a four-year low. The reduction in the number of tuck-in transactions, in which one company closes up and folds its sales into another, is dramatic, now less than one-third of the total deals in the commercial printing segment (for more, see The Target Report Annual Review - 2022 M&A Activity).

Nonetheless, even with a quieter commercial printing segment, overall deal activity in the printing, packaging and related industries remains robust. A peek into several recent transactions, all announced in November, each in different graphic segments, helps to illustrate how specialization is driving buyers to complete M&A transactions.

Envelopes

SupremeX, the Canadian publicly-traded envelope and folding carton manufacturing company, acquired Royal Envelope Corporation, based in the Chicagoland area. According to the Supremex press release, the acquired company “focuses on higher-end, specialized, highly decorated envelopes, with expertise in special format, coloured envelopes.” In other words, a niche within the niche of envelope manufacturing.

SupremeX has a long history in the envelope business. Initially a roll-up focused on envelope production, SupremeX was acquired in 1995 by Mail-Well, the voracious US-based consolidator. With its roots also in envelope production, Mail-Well went on a printing industry acquisition binge, seemingly strategically unfocused, other than to see how many deals the company could complete in how short a time. The unsurprising result was too much debt, retrenchment, and in an effort to reinvent itself, Mail-Well was rebranded as Cenveo. As the company began its long unwinding process, the Supremex division was an early beneficiary and was spun out in 2006.

Eventually Cenveo went through a restructuring via a bankruptcy filing. Earlier this year, Cenveo management completed a buyout, imploding the company back to its core as an envelope manufacturing company (for more, see Cenveo Returns to its Roots – July 2022). It was a well-timed resurrection for Cenveo, as demand for envelopes has exceeded supply over the past couple of years.

In the meantime, as its former parent went through its ups and downs, the now independent SupremeX focused on the envelope business and completed a series of accretive acquisitions.* This most recent acquisition, Royal Envelope, generated revenues of $38.2 million in the year ended June 30th. Royal was purchased for total cash consideration of $18.7 million on a cash-free, debt-free basis, plus a $2 million kicker for recently acquired equipment. With this latest acquisition, Supremex further differentiates itself with increased capacity in the production of specialized highly decorated envelopes.

Bag-In-Box

Sealed Air Corporation, best known for its invention and marketing of the ubiquitous bubble wrap packing material, announced the acquisition of Liquibox. Both companies, buyer and seller, trace their roots back to the early 1960’s, a time of explosive growth in the use of plastics to improve everyday products.

Two civil engineers were working out their idea for dimensional wallpaper. They laminated two layers of plastic together, with air trapped in between, creating little bumps. As it turned out, the world did not need bumpy plastic-covered walls. However, the inventors realized that they had probably created something useful. Next, they marketed their invention as greenhouse insulation. Turns out that this was a good idea, but only of interest to a very limited addressable market. Determined to make something of this lightweight cushy stuff, they hit on the idea that their invention made excellent packing material and Bubble Wrap was born. Fortunately, for all of us who receive well-packed items (and also those who enjoy popping those little bubbles), the entrepreneurial spirit prevailed. The Sealed Air company was founded and eventually grew to become a global supplier of specialty packaging products.

Liquibox, the acquired company, is a manufacturer of highly specialized boxes with a plastic bladder liner on the inside, usually affixed with some type of plastic valve designed for easy dispensing of the contents. On the outside, a printed corrugated carton provides for strength and printed branding. Generically known as bag-in-box packaging, the design combines light weight with functionality and is now used to package everything from water to wine. The original bag-in-box design was invented in 1955 by an American chemist seeking a safe and effective method to ship and dispense battery acid. It did not take too long for the value of the basic design to be recognized and subsequently adopted to store, ship and dispense milk, wine, water, and other beverages.

Founded in 1961, Liquibox is based in Richmond, Virginia, and employs 1,300 people in 18 locations across the globe. Revenues for 2022 are estimated to be $362 million, with EBITDA of $85 million. Sealed Air paid $1.15 billion for the company, 13.5 times EBITDA, proving that specialization, superior strategic fit, uniqueness of the opportunity, and stellar EBITDA performance (23.5%), combined with a meaningful revenue stream that moves the needle for the buyer, results in multiple expansion for the seller.

Partitions

Sonoco acquired WestRock’s 65% interest in RTS packaging. Formerly a joint venture between Sonoco and WestRock, RTS Packaging will now be wholly owned by Sonoco. The acquired company’s primary product is preassembled collapsed partitions used to keep glass bottles and other products separated within a corrugated outside carton. Other products produced include 6-pack carriers, with partitions intact, shipped collapsed and flat to bottlers, as well as slip sheets manufactured to spec for stacking products. It’s all about partitions.

The buyer, Sonoco, is probably best known for its paper tubes, paper cans, and paper cores, including the Sonotube concrete forms used in construction. Established in 1899 as the Southern Novelty Company, the company began by producing the first paper-based cone-shaped carriers for yarn. The invention took off, replacing the wooden textile cones of the day. By 1923, paper cones were no longer a novelty, so the company changed its name to the much simpler Sonoco. Now a highly diversified producer of packaging, both paper-based and plastic, the company has over 22,000 employees, with 300 operations in 32 countries.

Revenues of RTS Packaging, the acquired company, are expected to reach $270 million in 2022, with EBITDA of $50 million. With a purchase price of $330 million, this equates to 6.6 times adjusted EBITDA. Sonoco has a history of acquiring companies that are tightly focused on manufacturing specialty products and RTS Packaging, supplier of fiber-based partitions, fit the bill.

Education Marketing Products

Ennis, a diversified producer of printing products sold via the wholesale/trade only model to print distributors, acquired School Photo Marketing in Morganville, New Jersey. In addition to the staple product sold to schools, yearbooks, the acquired company provides a plethora of products to schools, sports photographers, and photo labs, including pocket folders, calendars, and personalized student ID cards.

Ennis serves its end user customers via the print distributorship channel. This dedication to the trade sales channel arose naturally from Ennis’ origins as a printer of business forms, which traditionally relied on print brokers to reach the great number of potential customers using forms. School Photo Marketing fits the bill for Ennis, a well-defined market served by known repeat-order products sold via third-party independent reps. Specialized, to be sure.

Scent Marketing

If you have been a reader of The Target Report over the past couple of years, you know that the market for label printing companies has been hot, on fire you might say. Recently, it seems to have cooled off, at least a bit. We may be reaching the point where many of the most desirable candidates have been acquired, and we will see more roll-ups of the roll-ups (see Packaging Industry Consolidation in Every Direction – July 2021). We also have begun to see the acquisition of more specialized subsets within the more generalized label printing segment.

Resource Label, one of the more aggressive consolidators in the label printing business, acquired Scentisphere. Based in New York State, the acquired company produces scented varnishes and coatings marketed to printers and brand managers. In turn, the scented coatings are used to manufacture a wide range of products including labels, free-standing inserts, magazine inserts, point-of-purchase displays, and promotional products.

The acquisition of Scentisphere, which is not your typical prime label printing company, is a bit of a left-hand turn for Resource Label. Now backed by its third private equity owner, Ares Management, Resource Label has completed twenty-six acquisitions, almost all of them label printers, not suppliers to the printing trade (see Private Equity Fuel$ Consolidation of Label Industry – September 2021).

This latest acquisition comes right on the heels of Resource Label’s announcement last month of another acquisition that breaks the mold, that of MedLit Solutions, which is hardly a label printing company, rather the acquired company is focused on pharmaceutical packaging, inserts, outserts, marketing collateral, kitting, fulfillment, and mailing.

It appears that both acquisitions provide value from specialization, either via a highly developed niche application (scents) or from focus on a specific industry vertical (MedLit).

Value Via Specialization

Other notable November deals in which the depth of specialization played a significant role included the acquisition of Jondo (photo products and canvas wall décor) by Circle Graphics with backing by H.I.G. Capital; the purchase of Foiltech (decorating foils) by Infinity Foils, a division of UEI Group; and Banyan Software’s deal to acquire Innovatum (highly specialized label technology for regulated products).

There will certainly be more transactions forthcoming in the general commercial printing segment, as well as interest in companies that have successfully executed on the concept of one-stop shopping for marketing production services. However, in the present inflationary market with fears of looming recession, specialization appears to be the driving force supporting current M&A strategies.

* SupremeX, in addition to its envelope business, has developed a secondary specialty in the packaging segment, primarily the production of folding cartons, including the acquisition of Indianapolis-based Vista Graphic Communications. Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Vista Graphic Communications in the transaction.)
   
2022 November - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)		 Pre-Deal
Revenue
(US$Mil)

Party #1 Address

Deal Party #2		 Pre-Deal
Revenue
(US$Mil)

Party #2 Address		 Date
Deal
Public		 Deal
Value
(US$Mil)
Deal Structure
(Intermediary)

Notes		 Link
Ennis $421.5 Midlothian, TX  School Photo Marketing No Data Morganville, NJ 11/30/22 No Data Acquisition Yearbook & specialty products Link
Circle Graphics
(Port co. H.I.G. Capital)		 No Data Longmont, CO Jondo No Data Yorba Linda, CA 11/30/22 No Data Acquisition Canvas & photo products Link
Velocity No Data Scotia, NY The Bajan Group No Data Schenectady, NY 11/29/22 No Data Acquisition Print management Link
Sihl Group No Data Fiskeville, RI Visual Imaging Products No Data Ontario, CA 11/29/22 No Data Acquisition Graphic supplies distributor Link
Usherwood No Data Syracuse, NY Reprographics of New England No Data Winooski, VT 11/28/22 No Data Acquisition Reprographics Link
Wynnchurch Capital
(BiOrigin Specialty Products)		 No Data Rosemont, IL Dunn Paper
(Port co. Arbor Investments)		 No Data Alpharetta, GA 11/16/22 No Data Asset Acquisition Specialty paper products Link
Banyan Software No Data Atlanta, GA Innovatum No Data Sugar Hill, GA 11/15/22 No Data Acquisition Labeling software Link
I.D. Images
(Port co. Sole Source Capital)		 No Data Brunswick, OH Hickman Label No Data Lebanon, TN 11/11/22 No Data Acquisition Label printing Link
Resource Label Group
(Port co. Ares Management)		 No Data Franklin, TN Scentisphere No Data Carmel Hamlet, NY 11/10/22 No Data Acquisition
(Mesirow)		 Scent technologies for print Link
Crisp Imaging No Data Costa Mesa, CA Century Graphics
(Div. CSDS)		 No Data Sacramento, CA 11/10/22 No Data Acquisition Reprographics & wide format Link
Sonoco $7,010 Hartsville, SC RTS Packaging
(JV w/ WestRock)		 $270.0 Merced, CA 11/9/22 $330.0 Acquisition Fiber-based partitions Link
Kelly Spicers
(Div. Central National Gottesman)		 No Data Purchase, NY Connemara Converting
(Western Operations)		 No Data Ontario, CA 11/8/22 No Data Acquisition Paper converting Link
Infinity Foils
(Div. UEI Group)		 No Data Lenexa, KS Foiltech No Data Scarborough, ON 11/4/22 No Data Acquisition Graphic finishing supplies Link
Printing Industries Alliance No Data Amherst, NY Graphic Arts Association No Data Trevose, PA 11/3/22 No Data Merger Trade associations Link
Sealed Air Corporation $5,770 Charlotte, NC Liquibox $362.0 Richmond, VA 11/1/22 $1,150 Acquisition Specialty corrugated cartons Link
W Investments No Data Saint-Lambert, QC Canva Group No Data Laval, QC 11/1/22 No Data Acquisition Industrial & diverse printing Link
SupremeX $187.9 Lasalle, QC Royal Envelope $38.8 Chicago, IL 11/1/22 $20.7 Acquisition Envelope manufacturing Link

   
2022 November - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party
Date
Case
Filed		 Pre-Petition
Revenue
(US$Mil)


Case #


Filing Party Address


Circuit


Region & City


Judge


Attorney for Debtor


Notes
Chapter 11 Filings:
Our City Media of Florida, LLC 11/17/22 No Data 22-18896 Sunrise, FL 11th Southern FL
Fort Lauderdale		 Scott M. Grossman Robert C. Furr Magazine publishing & local news
Chapter 7 Filings:
No Chapter 7 Filings Found this Month --- --- --- --- --- --- --- --- ---

   
2022 November - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility
Date of Closure		 Pre-Closure
Revenue
(US$Mil)


Closing Address		 Related Party Related Party
Address		 Date Closure Public


Notes
Press
Releases
Gibbs Brower International Corporation Dec-22 No Data Bristol, CT None N/A Nov-22 Converting equipment resellers Link
Emprint - Printing facility 12/1/22 No Data Baton Rouge, LA Emprint Baton Rouge, LA Nov-22 Consolidating facilities Link
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Monday, November 7, 2022

Direct Mail Providers Stretch Out – October 2022 M&A Activity


Postage rate increases now occur with a regularity that many wish would apply to the delivery service itself. Concurrent with rate increases, the US Postal Service issued new service standards a year ago that effectively made the reality of slower mail delivery its new goal. Nonetheless, even with the longer delivery time standards, the latest USPS Service Performance chart indicates that the overall performance of the postal system is just now at the level achieved in 2020 when the pandemic shut-down was at its most restrictive. In the alternate reality that exists at the US Postal Service, its ten-year goal is to deliver mail on time 95 percent of the time. For now, any postal region that achieves a rating of 90.25 percent or greater of on-time delivery, in accordance with the new lower standards, gets an “Above Target” rating. For those readers of The Target Report in the direct mail segment, just imagine telling your customers that ten percent of their orders will be late, but that is your company’s standard, so it's ok.

Despite the increased postage costs and degradation of postal delivery standards in effect for the past year, marketers continue to utilize direct mail as an effective communication channel. As a response to the relaxed delivery time standards for mail traveling any significant distance, direct mail providers have responded by acquiring companies or establishing new facilities distant from their home base.

Regional Saturation, National Reach

Moore, the direct mail behemoth originally based in Tulsa, Oklahoma, has put another stake in the fertile ground for non-profit mailing services around Washington, D.C. with the acquisition of Communications Corporation of America (CCA). Over the past decade, Moore has built out a network of production facilities and support services laser-focused on serving the nonprofit organizations that require a steady outflow of fundraising and awareness messages to accomplish their mission. CCA now joins forces with the multiple Moore operations in the mid-Atlantic region.

Moore’s initial foray into the D.C. region was the 2009 purchase of the business and real estate assets of Barton-Cotton in a Chapter 7 bankruptcy proceeding. According to a press release at the time, Barton-Cotton’s expertise and customer base was in the non-profit community around Washington D.C. Barton-Cotton provided direct mail fundraising services, and also had a division that served religious organizations. Moore’s core company at the time, ResourceOne, based in Tulsa, Oklahoma, was also focused on working with non-profit organizations. The acquisition of Barton-Cotton was a natural fit for Moore, a company with plans to grow. That 2009 purchase in the midst of the Great Recession initiated a round of acquisitions and start-ups around the D.C. region.

The mid-Atlantic region was awash in non-profit organizations, and in a trend similar to the political direct mail and commercial printing businesses, the non-profit outreach business had become increasingly dominated by production procurement agencies that intermediated themselves in between the ultimate customers and the printing companies. Based in Vienna, Virginia, Production Solutions/PS Digital was a major player in the space, providing production management and procurement services focused on serving nonprofit organizations. Moore made its move in 2016 and acquired Production Solutions/PS Digital, heading upstream to enhance its position directly with the nonprofit organizations.

When the direct mail company EU Services shut its doors in 2017, Moore moved in quickly and set up a new company, Navistar, as a refuge and revitalized base of operations for the EU executive team and industry experts. EU Services originally operated as Envelopes Unlimited and over time had transformed itself into one of the early trailblazers applying digital printing to the direct mail industry. Those of us that competed in the east coast printing industry at the time may recall some of the excitement surrounding EU Services and its unique digital approach. That digital uniqueness eventually became commonplace, and when the end came for EU Services, Moore was there to pick up the pieces.

In March 2020, Moore reopened the former Colortree Group factory in Virginia. Colortree had been unceremoniously shut down in June 2019 when employees showed up on a Monday morning to find chains and locks across the doors. This sudden closure was an abrupt about-face from the optimistic picture painted in 2017 when management acquired the company from PE firm Boathouse Capital. Boathouse had originally backed management in 2011 in a roll-up strategy, starting with the combination of two Virginia direct mail printing companies, Colortree and Graphic Innovations. The roll-up strategy apparently stalled after the 2013 acquisition of Direct Impressions, another Virginia-based direct mail printer. Boathouse bailed out before the ship sank and sold the company back to the original management. The departure of Colortree left a gap in the market, as the company had significant expertise in printing and converting specialty envelopes often used in the non-profit solicitations business. Moore’s resurrection of the factory included a commitment to prioritize the hiring back of the former Colortree employees with their envelope production expertise.

Several months later in 2020, Moore launched Audience First, a database list service that aggregates self-declared data from millions of consumers. Using surveys, AudienceFirst seeks to learn and understand consumers’ potential reasons for giving. This data is combined with third-party behavioral and transactional data to produce more highly targeted campaigns which increase positive response rates.

Swimming further upstream into the creative realm of direct mail, in January 2021, Moore rebranded its agency division as Edge Direct. Based in Baltimore, Maryland, Edge Direct is a registered professional fundraising consultancy, dedicated to help nonprofits raise maximum funds and brand awareness in support of their mission. However, Edge Direct goes way beyond print, stating that its “multichannel approach is based on a passion for creating campaigns that combine right brain/left brain marketing tactics.” Communication media utilized includes television, radio, print, digital and social media channels, and of course, direct mail.

Returning to the mundane world of print and mail, Moore announced the acquisition of Tri-State envelope in December 2021. Along with the prior restart of the Colortree plant, and the acquisition of the Worcester Envelope Company in Massachusetts, this deal solidified Moore’s ability to provide its other operations with envelopes in its increasingly vertically integrated operation; prescient moves in advance of the very tight market for envelopes that developed in 2022.

Moore has completed other acquisitions along the way in its journey from direct mail company in Oklahoma to fundraising and marketing powerhouse circling the nation’s capital. Those deals include data analytics, TV production and other supportive service companies. Through a combination of opportunistic acquisitions, adroit resurrections of failed operations, and a clear-eyed strategic focus on its core market, Moore has created a comprehensive position in the nonprofit segment of the direct mail industry. The company now claims a total of 38 locations nationwide that produced and mailed 1.9 billion pieces of mail last year, sent out 4 billion emails, and attained 20 billion TV views of its campaigns. No longer content to be called a direct mail company, Moore now calls itself “a leading constituent experience management company” – the latest term of art in the nonprofit fundraising business. Since that tagline phrase does not exactly roll off one’s tongue, Moore is now otherwise known as a CXM company.

With its concentration of direct mail firepower concentrated on the D.C. region, anchored by its original core Midwest Oklahoma-based operations, might we expect that at some point the longer postal delivery standards will require Moore to shift its acquisition focus westward?

Bi-Coastal Direct Mail

Other mail-centric printing companies have felt the pressure and pull to expand their footprint, specifically aimed at bridging the major postal service regions. Since the post office cannot deliver faster, the industry is responding, using M&A strategies to meet their customers’ need for speed. *

Earlier this year, in April, St. Cloud, Minnesota-based Nahan acquired the mail division assets of the short-lived roll-up Intellus in Montgomeryville, Pennsylvania. Nahan was clear in its reasoning for the acquisition, stating “The purchase allows Nahan to strategically expand its geographic footprint and complement its existing Minnesota facility with enhanced printing, mailing, distribution, and logistics capabilities that enable faster speed to market.” Nahan, while not as large as Moore, has also expanded its portfolio of services to include strategy, creative, data, analytics, print production, mailing, logistics and fulfillment services.

Direct Marketing Solutions (DMS), a portfolio company of Main Street Capital, acquired Mailing Services of Pittsburgh (MSP) back in January of 2022. We suspect that the CEO of DMS had the degraded postal standards clearly in mind when he announced the deal with the statement "This is a transformative time for our team but more importantly for our clients, who will benefit firsthand from the dynamic coast-to-coast reach that will enable us to deliver agile marketing campaigns to prospects days faster." In what now sounds like an echo chamber in the direct mail industry, DMS “leverages world-class strategic, data/analytics and creative insights to execute high-performing integrated direct mail and digital direct solutions.”

One year ago this week, Postal Center International (PCI), based in southern Florida, announced it was opening a new direct mail production facility in San Antonio, Texas. No stranger to acquisitions, PCI eschewed the M&A path in this instance and instead leased an empty 100,000 square-foot facility which it will outfit with equipment, systems and staff to mirror its Florida operation. The company explicitly announced that the San Antonio site was just the beginning of an expansion of regional office, production, and presort sites in regions around the country. PCI made good on this promise in September with another lease and build-out of a production facility in Franklin, Massachusetts aimed at serving the northeast region.

Effectively, the US Postal Service has changed its standards to meet the reality of its failure to meet past standards. The result of this, along with increasing costs, will be that time-sensitive communications will continue to migrate to electronic media. However, direct mail providers believe that, at least for the foreseeable future, their marketing customers with less time-critical communications, such as credit card solicitations, mortgage offers, insurance pitches, as well as non-profit fundraising campaigns, will continue to pour huge volumes into the US mail system. Direct mail providers with the scale and wherewithal to do so are mitigating the increased time in the mail stream by producing mail in different zones, offering their customers improved time to response.

* Graphic Arts Advisors, publisher of The Target Report, currently represents buyers seeking direct mail and transactional printing companies in the western US, in response to the market dynamics discussed herein.

2022 October - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)		 Pre-Deal
Revenue
(US$Mil)

Party #1 Address

Deal Party #2		 Pre-Deal
Revenue
(US$Mil)

Party #2 Address		 Date
Deal
Public		 Deal
Value
(US$Mil)
Deal Structure
(Intermediary)

Notes		 Link
AWT Labels & Packaging
(Port co. Morgan Stanley Capital)		 No Data Minneapolis, MN  Label Innovation No Data Ottawa, ON 10/31/22 No Data Acquisition Label printing Link
Minuteman Press, Kettering
(New franchisee)		 No Data Kettering, OH Schuerholz Printing No Data Kettering, OH 10/25/22 No Data Acquisition Printing & copying Link
Valsoft No Data Montreal, QC MWM Group No Data Stockholm, Sweden 10/24/22 No Data Acquisition Print & media MIS software Link
DocketManager No Data London, ON PrintPoint No Data Palisades, NY 10/21/22 No Data Acquisition Print MIS software Link
PPC Flexible Packaging
(Port co GTCR)		 No Data Buffalo Grove, IL Plastic Packaging Technologies No Data Kansas City, KS 10/21/22 No Data Acquisition Flexible packaging & films Link
Moore No Data Tulsa, OK Communications Corp of America No Data Elkwood, VA 10/18/22 No Data Acquisition Direct mail Link
Outform
(Port co. Gemspring Capital)		 No Data Miami, FL Alrec No Data Mijdrecht,
The Netherlands		 10/18/22 No Data Acquisition Retail displays Link
Resource Label Group
(Port co. Ares Management)		 No Data Franklin, TN MedLit Solutions
(Port co. Core Industrial Partners)		 No Data Windsor, NJ 10/18/22 No Data Acquisition
(Mesirow)		 Pharma inserts & packaging Link
Craftsmen Industries No Data St. Charles, MO Zane Williams No Data St. Louis, MO 10/17/22 No Data Acquisition Wide format printing Link
RPG Squarefoot Solutions No Data Laurel, MD Digital Color Ink No Data Jessup, MD 10/14/22 No Data Acquisition
(Zygoquest)		 Wide format supplies Link
Pitney Bowes $3,610 Stamford, CT Presort business
(Div. Skymail International)		 No Data Salt Lake City, UT 10/13/22 No Data Acquisition Presorting Link
The Griff Network No Data Fallsington, PA Atlas Metallizing No Data New Britain, CT 10/13/22 No Data Acquisition Metallized packaging films Link
Multi-Color Corporation
(Port co. Clayton, Dubilier & Rice)		 No Data Cincinnati, OH Flexcoat Label  No Data Louveira, Brazil 10/13/22 No Data Acquisition Label printing Link
Atlas Holdings $6,000 Greenwich, CT Crown Paper Group
(Port co Lindsay Goldberg)		 No Data Atlanta, GA 10/11/22 No Data Acquisition Containerboard paper mill Link
Labelink No Data Anjou, QC Pro Label No Data Appleton, WI 10/11/22 No Data Acquisition
(TKO Miller)		 Label printing Link
Dunes Point Capital No Data Rye, NY K-1 Packaging Group No Data City of Industry, CA 10/11/22 No Data Acquisition Diversified packaging Link
Resource Label Group
(Port co. Ares Management)		 No Data Franklin, TN Deco Labels & Flexible Packaging No Data Wood Dale, IL 10/5/22 No Data Acquisition Labels & flexible packaging Link
Crisp Imaging No Data Costa Mesa, CA Coastal Blue No Data San Juan Capistrano,
CA		 10/5/22 No Data Acquisition Reprographics & wide format Link
Hemlock Printers No Data Burnaby, BC Paper Chase Press No Data Los Angeles, CA 10/4/22 No Data Acquisition Commercial printing Link
Southern Champion Tray No Data Chattanooga, TN Evergreen Packaging No Data La Mirada, CA 10/3/22 No Data Acquisition Folding cartons Link

  
2022 October - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party
Date
Case
Filed		 Pre-Petition
Revenue
(US$Mil)


Case #


Filing Party Address


Circuit


Region & City


Judge


Attorney for Debtor


Notes
Chapter 11 Filings:
No Chapter 11 Filings Found this Month --- --- --- --- --- --- --- --- ---
Chapter 7 Filings:
No Chapter 7 Filings Found this Month --- --- --- --- --- --- --- --- ---

   
2022 October - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility
Date of Closure		 Pre-Closure
Revenue
(US$Mil)


Closing Address		 Related Party Related Party
Address		 Date Closure Public


Notes
Press
Releases
Dunn Paper - Port Huron Mill 11/18/22 No Data Port Huron, MI Dunn Paper
(Port co. Arbor Investments)		 Alpharetta, GA 10/22/22 Closing specialty papermaking mill Link
Catalyst Paper - Crofton Paper Mill Dec-22 No Data Crofton, BC Paper Excellence Richmond, BC 10/13/22 Closing printing papermaking operations Link
WestRock - Corrugated Operations 10/6/22 No Data St. Paul, MN WestRock Atlanta, GA 10/6/22 Closing down corrugated medium mfg. Link
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