Equity Partners CRB Brokers Sale of Jacob North Printing to Midstates Printing
LINCOLN, NE—June 24, 2013—The U.S. Bankruptcy Court approved a going concern sale last Wednesday 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 modern 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 an exhaustive marketing process in just five weeks which culminated in the auction yesterday. 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. Matt Feickert, vice president of operations for Midstates, commented “We are excited to begin the transition. 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.”
Matt LoCascio, managing director at Equity Partners CRB said, “Midstates’ acquisition provides a path to renewed excellence and growth for Jacob North. Both companies share a commitment to their customers and I anticipate a seamless transition. I think this was a win-win for both companies. The cooperation of Cornerstone Bank was critical to saving these jobs and making this all possible.”
About Equity Partners CRB
Equity Partners CRB, based in Easton, MD, provides investment banking and advisory services for companies in a wide range of industries and has completed in excess of 400 engagements throughout the United States since 1988. Most recently they completed a going concern sale of Darby Printing Company in Atlanta, and currently represent Victor Graphics in Baltimore.
Source: Equity Partners.