Visant Acquires Phoenix Color
ARMONK, NY—Visant Corp., headquartered here, has agreed to pay $219 million to acquire Phoenix Color of Hagerstown, MD. A book component manufacturer serving the professional reference and education segments, Phoenix Color will operate as a wholly owned subsidiary of Visant.
The all-cash deal, which is subject to customary closing conditions, was expected to be completed by the end of the first quarter.
“(Phoenix Color’s) outstanding facilities...stand to further strengthen the efficiency and flexibility of our book component production platform, providing significant value to both companies’ publishing customers,” said Marc Reisch, CEO of Visant, in a statement.
Visant is a marketing and publishing services company for the school affinity, direct marketing, cosmetics and educational publishing market segments.
Houlihan Lokey acted as financial advisor to Phoenix Color in the transaction.