Visant Corp. and Phoenix Color Corp. Enter into Merger Agreement
Visant Corp. and Phoenix Color Corp. announced that they have signed a definitive agreement and plan of merger. Following the proposed merger, Phoenix Color—a book-component manufacturer serving primarily the trade, professional reference and education segments—will operate as a wholly owned subsidiary of Visant, a marketing and publishing services enterprise.
The deal is anticipated to close by the end of the first calendar quarter of this year. The total purchase consideration, subject to post-closing conditions, is $219 million. Houlihan Lokey acted as financial advisor to Phoenix Color in the transaction.
“We are very excited at the prospect of having Phoenix Color join the Visant Publishing Services business,” says Marc Reisch, CEO of Visant Corp. “Their outstanding facilities in Hagerstown, Md., and Rockaway, N.J., stand to further strengthen the efficiency and flexibility of our book-component production platform, providing significant value to both companies’ publishing customers.”
“We are honored and excited to join the Visant family of premier graphic arts and publishing services companies. The combination will lead to even higher levels of service to which our customers have grown accustomed,” says Louis LaSorsa, CEO of Phoenix Color Corp.