Top 40 supplier Ennis, Inc. (asi/52493) bought Independent Printing Company, Inc. in a stock purchase deal that closed Friday. Financial terms of the transaction between Texas-headquartered Ennis and the Wisconsin-based folder maker/printing company were not released. The buy expands Ennis’ network of folder facilities, giving the company folder locations in Michigan, Kansas, California and Wisconsin.
“We are delighted to have the opportunity to combine Independent with the other operations of Ennis,” said Keith Walters, Ennis’ chairman, president and CEO. “With this acquisition, we will continue to be the preeminent provider of all types of presentation folders in the marketplace.”
In addition to presentation folders, Independent also offers checks, wide format printing and commercial printing. The printing component has Ennis executives excited, too.
“The addition of the wide format operation will add to the capabilities of our existing operations, which should help us to continue to penetrate the point of purchase and screen print marketplaces,” said Walters.
Tallying sales of approximately $37 million in 2016, Independent will continue to operate under its name. The company’s four locations – all in Wisconsin – will also continue normal operations, Ennis officials said.
With 2015 North American promotional product revenue of $253 million, Ennis ranked sixth on Counselor’s 2016 list of the Top 40 largest suppliers by revenue in the industry.