— 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
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,
“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.