Document Security Systems Makes Strategic Acquisition
Headquartered in Rochester, N.Y., Document Security Systems (DSS) announced that it acquired Premier Packaging Corporation (“Premier”), a privately held Victor, New York-based provider of high quality packaging solutions.
Premier Packaging Corporation is an ISO 9001:2008 registered manufacturer of custom paperboard packaging serving clients in the pharmaceutical, beverage, photo packaging, toy, specialty foods and direct marketing industries, among others. An early innovator of upscale photo packaging, Premier has expanded its product offerings to include everything from basic mailers and sleeves to folding cartons and complex three-dimensional solutions.
Robert Fagenson, DSS chairman, commented: “The addition of Premier Packaging to the DSS family of companies is a major event for DSS for a variety of reasons. On a non-audited pro-forma basis, the combined companies showed 2009 sales of over $17 million, which significantly increases the size of DSS. We have worked together previously on a number of sales where our ability to offer customers the combination of printing, packaging and our proprietary anti-counterfeiting/security technology has proven very effective. The DSS Board has elected Premier's owner and CEO, Robert “Bob” Bzdick, to the offices of president and COO of DSS [and] he will also retain the position of CEO of Premier. Bob is a seasoned, successful and respected member of the Rochester business community and will provide valuable additional depth and experience to our management team.”
Premier Packaging Corporation has 32 employees and operates from a 40,000 square foot plant located in Victor, N.Y., is approximately 17 miles from the DSS headquarters and has been serving a diverse customer base for more than 20 years. In 2009, Premier reported $6.9 million in sales and approximately $530,000 in profit. The company expects that savings from redundant printing and binding costs, along with additional cost savings, will result in at least an additional $400,000 per year of net profit from the acquisition, and that the acquisition of Premier will be accretive to combined earnings of the company in 2010.