Following its successful bid in a June bankruptcy auction, Minnesota-based Taylor Corporation has officially completed its purchase of Top 40 distributor Standard Register (asi/333647). Already the parent company of Top 40 supplier Taylor Promotional Products and Top 40 distributor Amsterdam Printing (asi/121500), the $307 million acquisition of Standard Register adds another firm to Taylor Corporation’s industry holdings.
“The successful close officially turns the page for Standard Register’s customers and employees and moves us into a new chapter that we believe is strengthened as a combined organization,” said Deb Taylor, CEO of Taylor Corp., in a statement. “As we integrate the two companies, we are finding even more ways to provide value to our customers.”
Although Taylor has indicated it will maintain the Standard Register name, it remains unclear how it intends to operate the Dayton-based distributor moving forward. In recent statements, Taylor has said it will add Standard Register’s employees to its workforce. Standard Register employs more than 3,000 people nationwide, many in Ohio.
The sale of Standard Register was necessitated after it filed for Chapter 11 bankruptcy protection in March due to its financial state, which included debts of nearly $184 million worth of loans to complete the acquisition of WorkflowOne, a former Top 40 distributor. Soon after, the company announced it had agreed to be purchased by equity firm Silver Point Capital, but that deal was subject to a court auction. At that June auction, Taylor wound up bidding $2 million more than the other top bidders, documents show.
While the sale itself is complete, the bankruptcy case will remain open until all claims are settled. A judge recently approved Standard Register’s request for a 90-day extension to file its bankruptcy plan. The U.S. Bankruptcy Court for the District of Delaware formally extended the plan period through early October and a solicitation period through December 7.
Based in Dayton, OH, Standard Register reported to Counselor that its 2014 North American ad specialty sales were $118.8 million, a year-over-year increase of about 6%. Separate Taylor Corp. divisions ranked as the 15th-largest supplier and the 15th-largest distributor in the industry last year. Taylor Promotional Products, its supplier firm, reported to Counselor that it generated $99.2 million in sales in 2014, an increase of 4.3% over the previous year. Its distributor division, Amsterdam Printing, reported $101 million in North American ad specialty sales, growth of 7.2% over 2013.