Phoenix Color Acquires Moore-Langen Printing from LSC Communications
HAGERSTOWN, Md. - September 21, 2017 - Phoenix Color, a wholly-owned subsidiary of ALJ Regional Holdings, announced that it has entered into an asset purchase agreement to acquire the assets of Moore-Langen Printing in Terre Haute, Ind., from LSC Communications.
ALJ and Phoenix expect to finance the acquisition by amending ALJ's existing term loan with Cerberus Business Finance, selling an aggregate of $1.5 million of ALJ common stock in a private offering to two investors who are unaffiliated with ALJ, and using $1.0 million in proceeds received from the recent stock option exercise by Jess Ravich, executive chairman of ALJ.
Marc Reisch, executive chairman of Phoenix, stated, "Our acquisition of Moore-Langen continues our commitment to book manufacturing, further extending our industry leading book component capabilities. We are very pleased to also be entering into a long-term supply agreement with LSC."
Ravich added, "We continue to focus on targeted acquisitions, which are accretive to our business and provide long-term value for all our stakeholders."
Moore-Langen has a history in the printing business dating back to 1864. David McCree, president of LSC's Book division, commented, "LSC is pleased to grow our strategic relationship with Phoenix. We see this transaction adding mutual value to our abilities to better service our book publishing clients and their businesses."
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.