Standard Register SR announced today that it has acquired WorkflowOne
in a transaction valued at $218 million, financed by assuming $210 million of
long-term debt and the issuance of warrants with an estimated value of $8
million. 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 and
stability.
Standard Register expects to achieve $1 billion in annual revenue and $40
million in annual savings when the integration of the two companies is
complete. The acquisition is expected to deliver value creation benefits
immediately from combined sales and operating capabilities and to improve 2013
EBITDA (a non-GAAP measure of earnings before interest, taxes, depreciation
and amortization). The Company will go to market under the Standard Register
corporate umbrella and will rapidly integrate its operations. WorkflowOne will
initially operate as a subsidiary of Standard Register. Joseph P. Morgan, Jr.,
president and chief executive officer of Standard Register, will lead the
combined company. Timothy A. Tatman, former president and chief executive
officer of WorkflowOne, will serve in an advisory capacity through the
integration.
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