New Suitors for Workflow Management
PALM BEACH, FL—Workflow Management has entered into an agreement to be acquired by Perseus LLC and The Renaissance Group, along with an amendment and limited waiver to the company's existing credit facility.
WF Holdings, an entity controlled by both Perseus and The Renaissance Group, will acquire Workflow Management for $4.87 per share in cash. The deal is subject to the approval of Workflow Management's stockholders and the satisfaction of various closing conditions, including financing and a limitation on the company's net debt at closing.
Workflow Management ranked 16th on the Printing Impressions 400 in 2003 with fiscal year 2002 sales of $622.71 million. A lion's share of its work is in package printing, business forms and commercial printing.
"The board of directors explored numerous alternatives to address our credit facility obligations that mature in 2004, including a strategic sale, high yield debt offering and a variety of alternative financing scenarios," noted Gerald F. Mahoney, chairman of the board for Workflow Management.
"After considering these alternatives carefully, and after conducting a comprehensive auction process that resulted in Perseus and Renaissance submitting the highest offer to purchase the company, the board concluded that the opportunity presented by Perseus and Renaissance is in the best interests of our stockholders."
- People:
- Gerald F. Mahoney
- Places:
- PALM BEACH