Kappa Media Announces Acquisition of Remaining Partnership Interest of Vanguard Graphics
ITHACA, N.Y. — August 24, 2017 — Kappa Media and its controlling Member Nicholas Karabots, have announced the acquisition of the remaining partnership interest of Vanguard Graphics, from Steve Rossi. As of August 31, 2017, Kappa and one of its affiliates will have full ownership of Vanguard. Kappa purchased its original ownership stake in the company in April 2016.
While the acquisition will not have an immediate impact on customers, vendors, or employees, the change in ownership illustrates the commitment of Kappa to continue to invest the capital necessary to position Vanguard for additional future growth.
Vanguard has commenced its search for a replacement for Rossi, who in addition to being a partner in the business, was also its President. In the interim, Tom Simunek, president of Kappa Print Management Associates, an affiliated company that oversees the management and sales direction of the overall Kappa related printing facilities, will serve as acting CEO of Vanguard. Simunek will be primarily located on-site in Ithaca until a permanent replacement is announced. Dean Rudy continues as chief financial officer for Vanguard, and William Post continues as VP of manufacturing.
Rossi is retiring after more than 10 years as a partner and president. He is looking forward to the next chapter in his life, with the employees of the Kappa companies conveying thanks to him for all he has done in establishing Vanguard as a leader in the graphic arts industry.
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.