Ennis Subsidiaries Acquire Sovereign, Entities
MIDLOTHIAN, TX—Ennis Inc. has announced that two of its subsidiary companies have entered into a definitive agreement to acquire substantially all of the assets of Sovereign Business Forms and five related entities. The acquired entities are TRI-C Business Forms, Houston; Falcon Business Forms, Corsicana, TX; Forms Manufacturers, Girard, KS; Mutual Graphics, Knoxville, TN; and Curtis Business Forms, Holyoke, MA.
The closing, which is expected to take place by June 16, is subject to the completion of customary due diligence and closing conditions. Sales from the businesses totaled approximately $27.1 million in calendar year 2013. Ennis expects that the businesses will continue to operate under their existing trade names and remain in their existing locations. The company believes that the acquisition will be accretive to earnings in the current year.
Keith Walters, chairman, CEO and president of Ennis Inc., commented, “We are very pleased to add these five brands and locations to the Ennis family. These facilities produce traditional business forms and allow us to expand into the Houston market and the New England marketplace. The other three markets supplement our existing locations nearby. These products are sold through our customary sales channel of independent distributors, and should complement our current business model. With these acquisitions we are close to operating 50 print locations throughout the United States.”