Mittera Acquisition of Trend Offset Combines Two of the Largest Independent Printing Companies
It appears that 16 may be the lucky number for Mittera CEO Jon Troen. That's because his latest acquisition — the 16th M&A deal completed by the Des Moines, Iowa-based printing industry powerhouse — is a really big one. Mittera has acquired the assets of fellow national printer Trend Offset Printing.
Headquartered in Los Alamitos, Calif., Trend Offset is a primarily web offset and digital printer serving the retail, magazine, catalog, and direct mail advertising segments. Aside from Los Alamitos, Trend also operates production facilities in Avon, Ct.; Jacksonville, Fla.; Charlestown, Ind.; Reno, Nev.; Pineville, N.C.; and in Carrollton and Arlington, Texas.
The combined company — uniting two of the largest privately held printing companies in North America — will have a head count of more than 2,000 people. Current Trend CEO Todd Nelson will also remain with the organization.
Self-reporting annual sales of $375 million for its most recent fiscal year, Trend Offset was ranked Number 18 on the recently published 2020 Printing Impressions 350 list. Mittera was ranked Number 26, reporting $253.5 million in revenues for its most recent fiscal year. (Click here to download the complete Printing Impressions 350 list).
The addition of Trend Offset will enhance Mittera’s presence in retail, as well as commercial printing, services. The combined entity will also be able to offer more integrated solutions and a larger distribution footprint to its customers.
“As the landscape of our industry continues to change, it is critical that printers evolve to serve the customer needs of the future and not those of the past," Jon Troen said in a statement. "The acquisition of Trend makes great sense for both organizations, as it allows for further consolidation of our industry, and will allow our combined companies to offer a more robust set of marketing solutions to our customers.”
According to a Mittera, customers of Trend will continue to work with the same team of professionals they have in the past and will gain access to Mittera’s expanded platform of digital and sheetfed printing capabilities, as well as digital marketing solutions.
Todd Nelson, CEO of Trend Offset, commented, “Trend’s priority is to create a seamless transition for our clients; we believe this direction will provide the greatest opportunity and value for our employees, vendors, and clients alike."
Mittera Most Active Printer on M&A Front
Some of the more recent acquisitions of Mittera included the business assets of Fuse LLC, Chicago, in November 2019; the assets of Sprint Denver in June 2019; the assets of North Kansas City-based Henry Wurst Inc. in December 2018; and the assets of EarthColor, headquartered in Parsippany, N.J., in September 2017.
In the Trend Offset acquisition, printing and packaging industry M&A specialist New Direction Partners provided investment banking services to the sellers, and SierraConstellation Partners served as the financial advisor to the sellers.
Early Sign of Trouble for Trend
Trend Offset, led by Chairman Anthony Lienau, had acquired the retail newspaper insert offset printing operations of LSC Communications in May of 2018. But a sign that Trend Offset was suffering financial problems surfaced in August 2020 when Flint CPS Inks North America took the unusual step of issuing a press release that it was seeking partial summary judgment on its breach of contract lawsuit originally filed against the printer in April 2020.
Flint Group contended that it and Trend Offset had entered into a supply agreement in January 2016, under which Flint Group supplied Trend with inks, flat blankets, sleeves, fountain solutions, web conditioners, and press washes. Flint Group claimed that Trend breached the supply agreement by failing to pay the current balance owing on Trend's account of nearly $4 million.