Ennis Signs Asset Purchase Agreement for Sovereign Business Forms Plants
Ennis Inc., Midlothian, Texas, today announced that two of its subsidiary companies have entered into a definitive agreement to acquire substantially all of the assets of Sovereign Business Forms Inc. and five related entities:
- TRI-C Business Forms Inc. in Houston
- Falcon Business Forms Inc. in Corsicana, Texas
- Forms Manufacturers Inc. in Girard, Kan.
- Mutual Graphics Inc. in Knoxville, Tenn.
- Curtis Business Forms Inc. in Holyoke, Mass.
The closing, which is expected to be on or before June 16, 2014, is subject to the completion of customary due diligence and customary conditions to closing. Sales from the businesses totaled approximately $27.1 million in calendar year 2013. The company expects that the businesses will continue to operate under their existing trade names and remain in their existing locations. The company believes that the acquisition will be accretive to earnings in the current year.