Standard Register Buys WorkflowOne in $218M Deal

Standard Register (NYSE: SR) announced today that it has acquired WorkflowOnein a transaction valued at $218 million, financed by assuming $210 million oflong-term debt and the issuance of warrants with an estimated value of $8million. The transaction advances Standard Register's revenue position,enhances its product and solutions portfolio, broadens its customer base,improves its cost structure and provides greater financial flexibility andstability.Standard Register expects to achieve $1 billion in annual revenue and $40million in annual savings when the integration of the two companies iscomplete. The acquisition is expected to deliver value creation benefitsimmediately from combined sales and operating capabilities and to improve 2013EBITDA (a non-GAAP measure of earnings before interest, taxes, depreciationand amortization). The Company will go to market under the Standard Registercorporate umbrella and will rapidly integrate its operations. WorkflowOne willinitially operate as a subsidiary of Standard Register. Joseph P. Morgan, Jr.,president and chief executive officer of Standard Register, will lead thecombined company. Timothy A. Tatman, former president and chief executiveofficer of WorkflowOne, will serve in an advisory capacity through theintegration.