CGX to Acquire The Hennegan Co.
HOUSTON—Only months after mulling a possible sale of the company, Consolidated Graphics (CGX) made a statement Friday that it was completely back in the M&A game with the planned acquisition of The Hennegan Co., based in the Cincinnati suburb of Florence, KY.
CGX signed a letter of intent to acquire Hennegan, an $85 million web, sheetfed and digital printer that produces a wide array of high-end products, including marketing materials, annual reports, brochures and catalogs, among other things. The transaction is expected to be completed within the next 90 days.
“Bob Ott Sr., Bob Ott Jr., Kevin Ott and the employees of The Hennegan Co. have built a world-class business with a longstanding reputation as a premier printing company by investing in new technologies, equipment and infrastructure,” noted Joe Davis, CGX chairman and CEO.
The management team of Bob Ott Jr., Hennegan president and CEO, and Kevin Ott, vice president, will remain with the company following the transaction. Bob Ott Sr., Hennegan’s chairman, will also stay on board.