Ennis Inc. Executes Agreement to Merge Wright Business Graphics Into a Wholly Owned Entity of Ennis
Ennis Inc., Midlothian, Texas, announced the signing of an agreement to merge Wright Business Graphics with a wholly owned entity of Ennis in a stock merger transaction that is expected to close on or before Sept. 30, 2018, pending approvals.
Wright Business Graphics is a printing company headquartered in Portland, Ore. The majority stockholder, Jim Wright, began the company back in 1970 and built it into the large, highly diverse print communication organization that exists today. Wright has seven locations in Oregon, Washington and California, with its main facility located in Portland, Ore.
The business produces forms, pressure seal, packaging, direct mail, checks, statement processing and commercial printing. Wright had approximately $58 million in sales for its fiscal year ended March 31, 2018 and sells mainly through distributors and resellers. Wright will continue in all of its current locations, and Dan Adkison will continue in his current role as president/chief operating officer of Wright Business Graphics. The purchase price will be paid 55 percent in cash and 45 percent in stock (based on the weighted average share price of the Ennis’ common stock for the previous 30 trading days). Ennis believes the transaction will be accretive to its shareholders.
“We are delighted to have the opportunity to combine the Wright organization with the other operations of Ennis," Keith Walters, chairman, president and CEO of Ennis stated. "Jim Wright has built an excellent company over the past four decades and we are delighted that he chose to merge his company into the Ennis organization. We were very impressed with the type, caliber and condition of the equipment at these facilities, some of which had been recently rebuilt in Portland due to a roof collapse. With this acquisition we will continue to be the preeminent provider of all types of printed products and services to the West Coast. The addition of packaging, statement processing and direct mail will add to the overall capabilities of our existing operations, which should help us to continue to penetrate additional markets throughout the United States.”
The operations will continue to operate as Wright Business Graphics and related brand names. All of the facilities will continue their normal operations in their current locations.
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