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Boathouse Capital Acquires Direct Impressions

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Colortree Group, a portfolio company of Boathouse Capital and a supplier of high definition color envelopes and direct marketing materials, has acquired Direct Impressions, a specialty printing company. 

Direct Impressions is a specialty printing company that specializes in direct mail and commercial products, such as continuous forms, folded inserts and cut sheets. The company maintains a full-service prepress department that offers a variety of printed pieces on coated and uncoated papers. Founded in 1997, Direct Impressions has 75 employees and is based in Richmond, VA (www.directimpressionsinc.com). 

Direct Impressions was represented by Dominion Partners, a mid-market investment bank located in Glen Allen, VA (www.dominionpartners.com). 

Colortree is a manufacturer of full-color direct mail envelopes, fliers, brochures, letters, newsletters, self-mailers, business reply cards, and other printed products, primarily for the direct mail industry.  In September 2011, Boathouse Capital invested $5.5 million in subordinated debt and equity along with capital from Colortree CEO Pat Patterson in support of a management buyout from Colortree’s founders. Colortree was founded in 1988 and is based in Richmond, VA (www.colortree.com). 

Boathouse Capital invests mezzanine debt and equity in lower middle market companies in partnership with management teams and private equity funds. Boathouse will consider investments from $3 million to $10 million in either mezzanine debt or equity capital in companies with revenues of at least $10 million, EBITDAs of $2 million or greater and EBITDA margins of at least 10%. The firm is based in Wayne, PA (www.boathousecapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-29-13

Kamylon Capital Exits Label World

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Kamylon Capital has sold its portfolio company Label World, a digital and flexographic printing company, to WS Packaging Group.  Kamylon acquired the assets of Label World in January 2006.

Label World employs digital and flexographic printing technologies to manufacture custom labels and packaging products for end markets such as food, industrial, health and beauty, nutraceuticals, wine and specialty beverage. The company is based in Rochester, NY (www.labelworldusa.com).

During its ownership period, Kamylon Capital completed a complimentary add-on acquisition, invested managerial resources and capital to expand capabilities, and installed a world-class management system.

“The acquisition of Label World by the WS Packaging Group not only validates Kamylon’s original investment thesis but also demonstrates what an operationally focused managerial investing firm can accomplish,” said Richard Spencer, former Chairman of Label World and Partner of Kamylon Capital.  “I am proud of the many accomplishments at Label World. The team transformed the business to become an industry leader in lean manufacturing and digital printing, a pioneer of environmentally-friendly TLMI L.I.F.E certified label manufacturing, a many-times winner of PIA’s Best of the Best Workplace award and ultimately an industry profit leader amongst like-sized peers. I look forward to seeing what the team can now accomplish as part of the larger WS Packaging Group.”

Kamylon Capital makes control equity investments in lower middle market businesses. The firm is based in Wellesley Hills, MA (www.kamylon.com).

WS Packaging Group is one of the largest printing and label converting operations in North America. The company has more than 1,900 employees and offers an array of printing and flexible packaging across 22 manufacturing facilities in the US and Mexico. WS Packaging Group is based in Green Bay, WI (www.wspackaging.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 1-10-13

Onex Acquires SGS International

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Onex Corporation has completed the acquisition of  a provider of design-to-print graphics services to the consumer products packaging industry, from Court Square Capital Partners for $813 million.

“We’re delighted to be working with the SGS team to build on the company’s market leadership position,” said David Mansell, an Onex Managing Director. “SGS has tremendous growth potential through international expansion, complementary services and add-on acquisitions.”

SGS is a vertically-integrated provider of packaging graphics services to branded consumer products companies, retailers and the printers that service them. The company has over 2,400 employees spanning a network of 38 production facilities and at more than 100 customer locations across 17 countries. The company is based in Louisville, KT (www.sgsintl.com).

Onex Corporation makes private equity investments through the Onex Partners and the ONCAP families of funds. The firm invests in small and mid-sized North American businesses with enterprise values from $50 million to $500 million. Onex has more than $15 billion of assets under management and is based in Toronto (www.onex.com).

Court Square Capital Partners was established as an independent private equity firm by the former members of Citigroup Venture Capital Equity Partners. Court Square is focused primarily on leveraged buyout transactions in the middle market. Sectors of interest include business services, general industrial, healthcare and technology/telecommunications. Court Square currently manages approximately $5.5 billion of capital and is based in New York (www.courtsquare.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-18-12

American Industrial Partners Acquires Presstek

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Presstek, a supplier of digital offset printing services, has entered into an agreement to be acquired by MAI Holdings, the holding company for American Industrial Partners’ portfolio company Mark Andy, a designer of narrow and mid-web flexographic equipment.

“We are excited to combine the financial resources of AIP with the strong product portfolio of Presstek. We believe that this combination will help to fuel the growth of the company, which has been challenging over the past few years as a result of the worldwide economic downturn,” said Stanley Freimuth, Presstek’s Chairman, President and CEO. “AIP is no stranger to our industry. One of its portfolio companies, Mark Andy, is the world’s leading designer of narrow and mid-web flexographic equipment and aftermarket products serving the label, packaging and specialty printing markets. We look forward to working with Mark Andy in areas where it makes sense for both companies.”

Presstek is a supplier of digital offset printing services to the printing and communications industries. The company was founded in 1987 and is based in Hudson, NH (www.presstek.com).

Mark Andy is a designer of narrow and mid-web flexographic equipment and aftermarket products serving the label and packaging markets. Mark Andy sells its products under the Mark Andy, Comco, Rotoflex, UVT, and MAX brand names. The company has a global installed base of over 5,000 machines with a replacement value in excess of $1.0 billion. Mark Andy is headquartered in Chesterfield, MO (www.markandy.com).

“Presstek represents a very attractive portfolio investment for AIP. The company has best-in-class technologies, headlined by its highly efficient and versatile 75DI digital offset printing press, and we look forward to partnering with Presstek’s management team to help the company and its product portfolio achieve their full potential,” said Richard Hoffman of AIP.

American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).

GCA Savvian Advisors served as financial advisor and McDermott, Will & Emery served as legal counsel to Presstek in connection with this transaction. Ropes & Gray served as legal counsel to AIP in connection with this transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-23-12

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