Colville Helps CGX Compete On M&A Circuit --Cagle
The lure of Colville returning home to his Houston roots and his old professional stomping ground couldn't be ignored.
"I left on good terms with the company and with Mr. (Joe) Davis, and I stayed close to the industry while I was in California," Colville says of leaving CGX in the fall of 2000 to join Murphy Noell Capital. "I'd been having conversations with Joe that led to further conversations. (CGX) felt they had a need for someone to round out their management team with M&A skill sets."
A former first-round pick out of Texas Tech, the return of Colville (OK, no more sports references) creates a buzz of excitement in the industry and, undoubtably, in the CGX war room. Frankly, consolidation within the commercial printing industry has been relegated to mostly small deals—companies pulling together to better weather the economic storm.
The big boys of consolidation haven't been so big in the last 12 to 18 months. It isn't all their fault, but the recession can't be used as a crutch. A lot of valuation multiples and dotcom lessons were learned from the heady days of 1998 and 1999, and some of those wounds have yet to heal. The capital venturists have moved down the line and the investment bankers now have more brains than money.
As M&A specialist Harris DeWese has more eloquently put it, it's not the consolidation model that's flawed; rather it's the people making the key decisions who are. DeWese helped us put together a Top 10 list of industry leadership candidates (Colville, of course, was on there) for our regular February issue and his lone regret is that we could not run a flipside list, a Bottom 10. It would have been amusing, only to help further illustrate how often good managerial qualities are overlooked in the graphic arts industry.