Bolger Buys Bankrupt Competitor
MINNEAPOLIS--Bolger Vision Beyond Print has completed the acquisition of fellow Twin Cities printer Diversified Graphics. According to the Minneapolis-St. Paul Star Tribune, Bolger was the winning bidder at $10 million for the assets of Diversified, a deal approved by a U.S. Bankruptcy Court. Only two years ago, Diversified Graphics had been bought out by senior management and a private equity firm. Two lending institutions from that deal had their debt converted into a minority share in Bolger.
According to Bolger Vision Beyond Print officials, 40 workers have been laid off, leaving the combined firm with a staff of 300. The company plans to close and sell both of Diversified Graphics' facilities by year's end.
"I'm not a gambler, but we think we're taking a calculated risk," Bolger co-owner Charlie Bolger told the paper. "We think we can grow the combined company profitably."
Bolger prints catalogs, magazines and brochures, among other things, for markets including manufacturing and healthcare.