BGL Announces Sale of U.S. Operations of St. Ives plc to Angstrom Graphics
Brown Gibbons Lang & Company is pleased to announce the sale of the U.S. division of St. Ives plc to St. Ives (USA) Acquisition Inc., a company formed through a management buyout led by Wayne Angstrom, former St. Ives U.S. Chairman and Chief Executive Officer. Upon completion of the acquisition, the business is operating under the name Angstrom Graphics (“Angstrom” or the “Company”). BGL served as exclusive financial advisor and McDonald Hopkins LLC served as legal counsel for the management team. BGL negotiated on behalf of the management team, arranged the financing, and completed a sale/leaseback of certain properties. Foley & Lardner LLP served as legal counsel for St. Ives plc in the transaction. The total price for the acquisition was $39 million, consisting of $34 million in cash and a $5 million promissory note.
Angstrom Graphics is a leading web offset, digital, and sheetfed printing solution provider focused on magazine printing, general commercial printing and the supply of point-of-sale marketing materials to Fortune 500 and small-to mid-sized customers in North America. The Company offers turnkey print solutions for a diverse range of products including magazines, catalogs, newspaper inserts, coupons, annual reports, brochures, marketing materials, and point-of-purchase displays and complements its offering with a full range of creative, design, and delivery services. Acquired in the transaction are the entire U.S. operations comprised of St. Ives-Florida, St. Ives-Cleveland, St. Ives-Creative, and St. Ives-Market Direct, which employ approximately 564 people from two production facilities located in Hollywood, Florida and Cleveland, Ohio.
“We interviewed a number of investment banking firms and were fortunate to find BGL. Michael Gibbons and his team provided guidance, structure, and support that resulted in a successful outcome for both our parent and the new company. BGL provided a level of ongoing coordination resulting in a satisfactory conclusion for everyone involved. Without them, we would not own the company. We remain grateful for BGL’s effort on our behalf and the superb result,” commented Wayne Angstrom, Chairman and Chief Executive Officer of Angstrom Graphics.
BGL Senior Managing Director & Principal, Michael Gibbons commented, “It is great to see this very capable management team, led by Wayne Angstrom, be able to acquire the company that they helped build from its former owner. Recognized as a leading short-run publication and commercial printer in the Southeast and Midwest regions, the Company offers a comprehensive suite of print solutions as a turnkey provider in its market niches. Angstrom’s leadership brings management continuity for both customers and employees and with it a seasoned team that continues to invest in people, technology, and process improvement, supporting a solid platform for growth.” For further information please contact Michael Gibbons at (216) 241-2800.
About McDonald Hopkins LLC
McDonald Hopkins LLC is a business advisory and advocacy law firm with a more than 75-year track record of helping clients achieve their missions. The firm has more than 130 attorneys in five strategic locations – Chicago, Cleveland, Columbus, Detroit, and West Palm Beach. The president of McDonald Hopkins is Carl J. Grassi. For more information, visit www.mcdonaldhopkins.com.
About Foley & Lardner LLP
Foley & Lardner LLP is a highly regarded, national law firm providing client-focused, interdisciplinary services that result in high-value legal counsel for clients. Its practice areas encompass the full range of corporate legal services, including corporate governance and compliance, securities, mergers and acquisitions, litigation, labor and employment, intellectual property and IP litigation, and tax. Foley attorneys are recognized as insightful thought leaders on these and many other of today’s most complex business issues. For more information, visit www.foley.com.