RR Donnelley Caps Transactional Trilogy

CHICAGO—While it may not have Boardwalk and Park Place, RR Donnelley certainly seems to be building upon its own printing monopoly.

After reaching terms last Halloween to buy Banta, the largest printer in North America resumed its holiday shopping a few days before Christmas by signing an agreement to acquire Perry Judd’s, of Waterloo, WI, for $176 million. Donnelley then rang in the new year by plunking down $412.5 million in cash to Visant Corp. for book printer Von Hoffmann.

The all-cash acquisition of Von Hoffmann is expected to be completed by the end of the first quarter. Von Hoffmann specializes in books for the education, trade and business-to-business segments. It has production facilities in Jefferson City and Owensville, MO; and another in Eldridge, IA. A prepress services plant is located in Arlington Heights, IL.

“Together, with our recently announced agreements to acquire Banta and Perry Judd’s, this completes our ‘trilogy’ of transactions designed to offer our print customers greater capacity and flexibility, and further secures our position as the leader in our industry,” noted Mark Angelson, Donnelley CEO, in a release. “This also completes our promise to grow our business through strategic acquisitions and positions us for further organic growth.”

In the Perry Judd’s transaction, $47 million is for the purchase of common stock and the balance is for the acquisition of the company’s preferred stock and the assumption of debt. The all-cash deal is also expected to close in the first quarter.

Perry Judd’s produces consumer and business-to-business catalogs, along with consumer, trade and association magazines. It has printing facilities in Baraboo, WI; Spencer, IA; and Strasburg, VA.

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