Multi-Color Corporation Announces Agreement to Sell Packaging Services Division - Quick Pak
CINCINNATI, June 18 / -- Multi-Color Corporation and NFI Industries, Inc., a New Jersey corporation, announced today that they have entered into a definitive agreement which provides for the acquisition of Multi-Color's Packaging Services Division -- Quick Pak by NFI Industries, Inc. for $19.2 million. Quick Pak is a leading provider of high volume promotional, packaging, custom assembly, and turnkey project management for major health and beauty brands, consumer product manufacturers and national retailers. Quick Pak employs approximately 100 associates at its manufacturing facility in Sharonville, Ohio, a suburb of Cincinnati. The transaction is expected to close in early July and is subject to normal and customary conditions of closing. Also, in connection with the transaction, Multi-Color and NFI will enter into a joint marketing agreement which allows for the cross-selling of the parties' products and services.
Multi-Color President and CEO Frank Gerace said, "We thank our associates at Quick Pak for their years of dedication to Multi-Color, their commitment to excellence and their exceptional award winning service to our customers. We are very pleased to have reached an agreement with a highly regarded company like NFI Industries which will continue to build the Quick Pak business. This transaction allows Multi-Color to focus on our core label business where many strategic opportunities exist, including emerging print technologies and domestic and international acquisitions. In fact, we are presently in the process of reviewing and analyzing several targets. As a result of our recent $100 million Revolving Loan Agreement and the proceeds from the sale of Quick Pak, we are positioned to acquire significant assets to continue to build a global label company for the fast-moving consumer goods marketplace."
Joe Roeder, President of NFI said, "NFI Industries does not anticipate significant changes in Quick Pak's operations." NFI Industries' senior management will visit Quick Pak this week to meet with all employees. "We are very eager to introduce NFI Industries to our new associates at Quick Pak, and are excited to tell them about the potential of the combined businesses," Roeder added. "We expect Quick Pak will become a very important contributor to the success of NFI Industries going forward."
BMO Capital Markets acted as exclusive financial advisor to Multi-Color in this transaction.
About Multi-Color
(http://www.multicolorcorp.com/)
Cincinnati, Ohio based Multi-Color Corporation is a premier global resource of innovative decorating solutions and packaging services to consumer product and food and beverage companies, national retailers and container manufacturers worldwide. Multi-Color is one of the world's largest producers of in-mold labels (IMLs) and heat transfer labels (HTLs), and a major manufacturer of high-quality cut-and-stack and pressure sensitive labels and shrink sleeves. Multi-Color has nine manufacturing locations in the United States. Its products are shipped to more than 650 customers in the United States, Canada, Mexico, and Central and South America.
About NFI Industries
(http://www.nfiindustries.com/)
The NFI family of companies include: NFI National Freight - OTR and dedicated transportation and expedited and premium intermodal railroad services; NFI National Distribution Centers - distribution and warehousing services; NFI Interactive Logistics - transportation management, dedicated fleets, logistic services to include global freight forwarding and brokerage; NFI Real Estate - construction and real estate. Together, the NFI organization maintains over 125 locations, 14.5 million square feet of warehouse space, 5,000 employees, 3,000 tractors and 8,000 trailers, and is approaching $800 million in annualized revenues.
Source: Multi-Color Corporation
CONTACT:Kim Eggers, Marketing Administrator of NFI Industries, Inc., +1-856-470-2717
Web site: www.multicolorcorp.com/ http://www.nfiindustries.com/
