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Cenveo to Acquire Cadmus for $430 Million



By FOLIO: Staff
12/27/2006

Stamford, Connecticut-based Cenveo Inc. has entered into a merger agreement with Cadmus Communications Corp. under which it will acquire Cadmus for approximately $430 million or $24.75 a share, the companies said in a joint statement.

Cadmus, based in Richmond, Virginia, is the fifth largest printer in North America and a global provider of specialty packaging services. Its board of directors has unanimously approved the merger and is recommending that the company's shareholders do the same.

Cenveo, a printer of envelopes, labels, packaging and business documents, made two failed attempts this year to acquire Banta Corp., which was bought-out last month by R.R. Donnelley & Sons. Its transaction with Cadmus is expected to close in the first quarter of 2007.

The purchase price includes the assumption of Cadmus' debt, which is about $192 million, according to recent Cadmus' financial statements. Cadmus has annual revenues of more than $450 million.

The Cenveo and Cadmus merger is one more in a string of printing mergers for 2006. It follows the merger of United Litho and Dartmouth Printing into Sheridan Magazine Services (they had been owned by Sheridan already;this merger marks the creation of a unified marketing brand. And last week, Donnelley acquired its second printer of the year, buying Waterloo, Wisconsin-based Perry Judd's Holdings Inc. for $176 million.

By FOLIO: Staff
12/27/2006







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