Jacob North Sold to Midstates Printing
LINCOLN, NE—The U.S. Bankruptcy Court approved a going concern sale last week of Jacob North Printing to Midstates Printing of Aberdeen, SD. Equity Partners CRB, a Maryland-based investment banker, served as intermediary for the debtor-in-possession, while Knudsen, Berkheimer, Richardson and Endacott provided counsel. Aberdeen based law firm, Bantz, Gosch & Cremer, represented the buyer. Midstates has already funded the acquisition and has started funding day-to-day operations.
Founded in 1888, Jacob North offers web, sheetfed, digital and label printing, as well as fulfillment, mailing and inventory management services. The company’s production facility is a 62,000-square-foot, leased facility located at the Lincoln AirPark West. Midstates has agreed to maintain operations in place and continue leasing the facility. They also plan to offer jobs to many of the former employees of Jacob North.
Equity Partners CRB was retained as the exclusive broker in May and completed a marketing process in just five weeks which culminated in the auction. After several rounds of bidding between two groups that intended to continue operations, an entirety offer was selected that allows for continuity without a single day of interruption for clients or employees.
“We are excited to begin the transition,” said Matt Feickert, vice president of operations for Midstates. “The employees have done a tremendous job and displayed incredible professionalism during such an unpredictable period. We’ve already begun to run work in the Jacob North plant and it will bring some continuity back to the employee’s day to day operations.”