Leading wholesale manufacturer company Ennis Inc has entered into an agreement to acquire Tennessee Business Forms/Avant-garde ("TBF") a privately held company headquartered in Tullahoma, Tennessee.
The acquisition, which is expected to be completed effective January 1, 2006, involves the purchase of the outstanding stock of TBF, as well as the associated land and buildings from a partnership, which leases the facility to TBF.
There are no material relationships between Ennis and the parties. The acquisition of TBF continues the Ennis strategy of growth through acquisition of complimentary manufactured products to further service existing customer base.
The acquisition will add additional short-run print products and solutions as well as integrated labels and form/label combinations sold through the indirect sales (distributorship) marketplace.
The transaction is expected to be accretive to Ennis' earnings in the first full year of operations, excluding the impact of transaction related charges. TBF had sales of $2.2 million for the past year ended December 31, 2004.
Robert Boldig, President, and CEO of TBF will stay on as the General Manager of TBF and will also assist the company in developing its other product lines.
Keith Walters, Chairman, President and CEO of Ennis, said, "Today's announcement is another positive step forward in the continued growth and consolidation of the forms business into Ennis. While thisacquisition is smaller than our normal transaction, it was attractive due to its location, product mix and its fine reputation in the marketplace due in large part to Bob Boldig's efforts over many years.
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