Ennis To Purchase Sovereign Business Forms
Financial Terms Not Disclosed
Counselor Top 40 supplier Ennis, Inc. (asi/52493) has announced that two of its subsidiary companies have agreed to acquire substantially all of the assets of Sovereign Business Forms, Inc. and five related firms. Financial terms of the deal, which is expected to close on or before June 16, were not disclosed. Besides Sovereign, Ennis will acquire TRI-C Business Forms, Falcon Business Forms, Forms Manufacturers, Mutual Graphics, and Curtis Business Forms.
"We are very pleased to add these five brands and locations to the Ennis family,” said Keith Walters, chairman and CEO of Ennis. “These facilities produce traditional business forms and allow us to expand into the Houston market and the New England marketplace. The other three markets supplement our existing locations nearby.”
According to a statement from Ennis, the acquired companies generated total sales of approximately $27.1 million in 2013. All of the businesses involved in the agreement will continue to operate under their current trade names and remain in their existing locations. “With these acquisitions we are close to operating 50 print locations throughout the United States,” Walters said.
Based in Midlothian, TX, Ennis reported 2013 North American ad specialty sales of $239 million, a year-over-year increase of 1.6%.