Signet Acquires BindTech; Completes Third Industry Rollup in Three Years
Akron, Ohio-based private investment firm Signet LLC has concluded its third acquisition in the graphic arts/publishing industry in three years, by acquiring BindTech Inc. of Nashville, Tenn., one of the largest private-owned trade binderies/book manufacturers that services major printers and publishers located throughout the United States.
This latest purchase follows the 2015 acquisitions of Riverside Group, a century-old book binder in Rochester, N.Y., and Publishers Storage & Shipping Corp. (PSSC), a Fitchburg, Mass.-based book storage and order fulfillment center. Signet has already owned Cleveland-based Finish Line Binderies for more than a decade.
According to Signet Chairman Anthony Manna, “Signet’s philosophy is to buy, hold and add value to companies through close collaboration with company operatives. BindTech was a family-owned, service-first company that expanded to 100 employees in 30 years of successful growth," he says. "They have an impeccable name in this industry and it was important to them, and us, that they remain as BindTech. We look forward to providing them with additional resources and stability to continue that growth."
With the BindTech purchase, Signet adds a broad client list in a trade binding/finishing industry that is shrinking rapidly through attrition and consolidation.
Founded in 1992, BindTech’s range of manufacturing capabilities include hardcover binding, smyth sewing, Wire-O, wire spiral binding, plastic spiral and GBC. The company also has a very large capacity for high-speed perfect binding, including PUR and lay-flat binding. Other finishing services offered include foil stamping, embossing, diecutting, folding and fulfillment.
BindTech has specialized capabilities in leather binding with gilded edges, hubbed spines, silk ribbon page markers, and intricate multi-color foil stamping and debossing. Products produced include coffee table books, bibles, albums and classical titles.
“BindTech’s capabilities and capacity will open up new doors for the entire Signet print services group of companies," adds John Helline, Manna’s business partner and CEO of the related stable of companies. “With facilities in Cleveland; Ypsilanti, Mich. (near Ann Arbor); Rochester N.Y.; Fitchburg, Mass. (just outside of Boston); and now Nashville, our diversification, fulfillment and distribution reach is much larger.”
Dale Nichols, president of BindTech, and other existing management will remain in place, and no layoffs are expected. BindTech will remain as the operating name of the company.
Signet LLC has spent 20+ years investing in the real estate, diversified manufacturing, health and wellness, emerging technologies, investment banking and finance industries.