Kelmscott

HOUSTON—In the late 1990s, when the merger and acquisition craze was sweeping the commercial printing industry, there was a cluster of four or five "roll-up" consolidators making headlines every other week with their latest transactions. Among them were Consolidated Graphics (CGX) and Kelmscott Communications. M&A mania cooled, along with the economy, and several other consolidators fell on hard times, even bankruptcy. As transactions have increased over the past year, Houston-based CGX sent a message to the industry that it remains in the M&A foreground following the late January announcement that it had acquired former competitor Kelmscott Communications, headquartered in San Francisco. Kelmscott ranked 53rd on