Ennis Inc. to Acquire All of the Stock of Flesh Co and Its Subsidiary, Impressions Direct
The closing occurred on July 15, but the transfer of ownership for the transactions contemplated by this agreement was deemed for all purposes (including, without limitation, title, possession, financial reporting and tax purposes) as of 11:59 p.m. Dallas time on July 13.
Established in 1913, Flesh Co is a fourth-generation, family-owned printing company with two locations. The St. Louis location contains its corporate office and direct mail operations; and its Parsons, Kansas location is home to its main manufacturing facility and warehouse.
Ennis will buy the stock for cash, and the price is subject to certain working capital and escrow adjustments. Additional consideration in the form of an earn-out is also being established. Flesh had approximately $31.1 million in sales for the 12 months ended Sept. 30, 2018, and sells mainly to distributors and resellers. The company, which ranked No. 21 on Print+Promo's 2018 Top 50 Suppliers list, believes the transaction will be accretive to its shareholders.
Keith Walters, chairman, president and CEO of Ennis Inc., released the following statement:
We are delighted to have the opportunity to combine the Flesh organization with the other operations of Ennis. The Flesh Company is truly regarded as one of the outstanding companies in the print industry with a heritage that dates back for more than 100 years. They provide business forms, checks, direct mail services, integrated products and labels. The addition of direct mail will continue to add to the capabilities we added with the recent acquisitions of Wright Business Graphics on the West Coast and Integrated Print Graphics in Chicago, as well as expand our integrated products and label capabilities.
The operations will continue to operate as The Flesh Company and related brand names. All of the facilities will continue their normal operations in their current locations.
The acquisition of Flesh Co marks Ennis’ second deal of 2019. In March, Ennis announced that one of its wholly owned subsidiaries had entered into a Letter of Intent to acquire the assets of Integrated Print & Graphics in South Elgin, Ill.
Print+Promo reached out to Ennis for more information, but the supplier did not respond by our publication time.