Ennis, Inc. (asi/52493) has announced the completion of a merger between Portland, OR-based Wright Business Graphics with a wholly-owned entity of Ennis. The stock merger transaction closed on July 31, beating initial estimates of Sept. 30. The purchase was paid 55% in cash, and 45% in Ennis’ common stock based on the weighted average share price based on the previous 30 trading days.
“We were able to close the transaction earlier than expected once we received landlord consents,” Keith Walters, chairman, president and CEO of Ennis, said in a press release. “The excellent quality of the machinery and equipment, along with the qualified and experienced employees, contributed to our decision-making process. With this acquisition we will continue to be the preeminent provider of all types of printed products and services to the West Coast. The addition of packaging, statement processing and direct mail will add to the overall capabilities of our existing operations, which should help us to continue to penetrate additional markets throughout the United States.”
With seven locations in Oregon, California and Washington, Wright generated approximately $58 million in sales for its fiscal year ended March 31, 2018. In 1970, majority stockholder Jim Wright founded the company, which produces forms, pressure seal, packaging, direct mail, checks, statement processing and commercial printing.
Selling primarily through distributors and resellers, Wright Business Graphics will continue normal operations in all of its current locations, Ennis said. Dan Adkison will remain president/COO of Wright. The company will continue to go to market as Wright Business Graphics.