Quad to acquire company to help with book printing transformation

Special to The Freeman

Jan. 16, 2015

SUSSEX — A day after announcing that it will expand its book printing operations, Quad/Graphics said it is acquiring Courier Corporation, a leading innovator in book manufacturing, publishing and content management.

According to the Friday announcement, the acquisition accelerates Quad/Graphics’ three-year strategy to transform its book platform.

Under terms of the agreement, Sussex-based Quad/Graphics will acquire Massachusetts-based Courier in a transaction valued at approximately $260 million, including approximately $25 million in net debt and capital leases as of Dec. 31. Quad/Graphics will pay Courier shareholders the equivalent of a total purchase price of $20.50 per share, consisting of cash and shares of Quad/Graphics Class A common stock.

Quad/Graphics predicts the acquisition will be completed by mid-year. Upon completion of the purchase, James F. Conway III will join Quad/Graphics as president of the Book Division.

“We are excited about the opportunities ahead with Courier as part of our Company, and the value it creates for both our companies’ clients and shareholders,” said Joel Quadracci, Quad/Graphics chairman, president and CEO, in a statement. “Courier has a legacy of superior quality and exceptional customer service, and is a well-known innovator in every aspect of book production, from content management to printing, binding, distribution and integration with electronic media.”

Courier was an early adopter of the digital print technology that is rapidly changing the dynamics of the book industry, Quadracci said.

“We are confident that the combination of our two companies will create the most opportunities for customers and employees well into the future. Like Courier, Quad/Graphics represents the very best in technology and service for the 21st-century marketplace. The addition of Courier’s four-color offset presses, digital inkjet presses, end-to-end process management and integrated software solutions further enhances Quad/Graphics’ efforts to transform the book industry to the benefit of publishers and readers everywhere,” said James F. Conway III, Courier’s chairman, president and CEO, in a statement.

www.qg.com

www.courier.com