Imagine! to Acquire Burbank, Calif.-Based Midnight Oil Marketing Agency
MINNEAPOLIS — June 27, 2016 — A little more than a month after announcing a change in leadership, Imagine! Print Solutions has obtained what it feels is a game-changing marketing agency that is well known in printing circles.
In the first significant move under new CEO John Hans, the company entered into a definitive agreement to acquire Midnight Oil Agency, a marketing agency based in Burbank, Calif., which at one time flew under the LAgraphico banner. The deal, which is subject to customary closing conditions, is expected to close in the third quarter.
Midnight Oil's creative capabilities will enhance Imagine!'s value-added service offering and go-to-market strategy, and bring immediate value to existing Imagine! customers. Midnight Oil will continue to operate independently and deliver creative services to its customers, while leveraging Imagine!'s world-class design, production and fulfillment capabilities.
Hans — formerly COO of Restaurant Supply Chain Solutions (the exclusive supplier to KFC, Pizza Hut and Taco Bell) — has high expectations regarding the partnership, "Adding Midnight Oil's creative capabilities, its talented team, and its leadership position in the gaming and entertainment industries to Imagine!'s capabilities and network make this a partnership built for success."
"We're making this strategic move to position Midnight Oil as a global, industry leader," stated Tom Stillwell, CEO of Midnight Oil. "The partnership with Imagine! will provide ample support and resources to drive expansion into new categories and markets. With our larger and stronger infrastructure, we will delight our current customers and open the doors to many new opportunities."
"Midnight Oil is a great fit. We share a common culture and vision, and we look forward to welcoming the Midnight Oil team to the Imagine! family," added Bob Lothenbach, founder of Imagine! "Combining our resources and talents will provide all of our customers with access to a wider, more sophisticated array of services and capabilities."
There has been quite a bit of excitement at Imagine! Print Solutions in recent months. In addition to the leadership change, the printer is serving as the lead North American beta site for the single-sided, B1/41˝ Landa S10 Nanographic printing press. The digital press, which is slated to be installed during the the first quarter of 2017, will be used to produce mass-customization POP/POS displays and in-store signage.
On the sheetfed offset side, the company not long ago purchased its ninth KBA machine — a seven-color, 41˝ Rapida 105 UV model for its Shakopee, Minn., facility — less than a year after installing a six-color Rapida 105 at its Imagine! Express Minneapolis plant. An HP Scitex 11000 flatbed industrial press went in at the Shakopee plant as well.
Imagine! also has new ownership, with Oak Hill Capital Partners acquiring the $303 million concern earlier this year.
Industry M&A services specialist New Direction Partners acted as financial advisor to Midnight Oil in the transaction.