CGX Subsidiary Swings Deal
MACEDONIA, OH—AGS Custom Graphics, a subsidiary of Houston-based Consolidated Graphics (CGX), has acquired certain assets of Modern International Graphics and Modern Logistics, which is headquartered in Eastlake, OH. Terms of the deal were not revealed. Modern International Graphics ranked No. 308 on the most recent Printing Impressions 400 listing with $15.87 million in annual sales.
Modern International was founded in 1958. Owner David Margiotta and certain other employees of Modern International Graphics and Modern Logistics have joined AGS Custom Graphics. Margiotta will serve as president of AGS Custom Graphics, while Stan Ritter, formerly president of AGS, will serve in a new capacity as senior vice president and business manager. AGS Custom Graphics will continue servicing the customers of both Modern International and Modern Logistics.
In other news, CGX also released its fourth quarter earnings. Revenue for the quarter was $276.4 million, down 12.5 percent compared to the same quarter last year. The decline was due to lower election-related business and, as a result of the current economic environment, lower same-store sales of 6.8 percent. Election-related business declined $18 million compared to Q4 2008.