“We have engaged AlixPartners to help us with integration planning and synergy alignment. They provided valuable counsel for our strategic restructuring and have a deep understanding of our company and markets,” Morgan said.
In addition to creating one of the largest printing and print management companies in North America, the combination:
Increases customer diversification and penetration in our strategic markets with more than 12,000 customers
Serves most of the nation’s largest bank holding companies and financial services companies
Creates a $300 million healthcare patient-centric communications business
Establishes Standard Register among the top 10 label manufacturers in North America, and
Adds a top 15 promotional products business
“By joining forces with Standard Register, we will be able to provide our customers with deeper capabilities across a broader range of products and services than ever before,” said Tatman. “I am very excited about the future of our combined companies.”
BofA Merrill Lynch served as financial advisor to Standard Register and Perella Weinberg Partners advised WorkflowOne.
Renewal and Expansion of Credit Facility
In conjunction with the transaction, Standard Register announced it has completed an early renewal and an expansion of its credit facility. The Company entered into a five-year $125 million senior-secured asset-based credit facility that provides additional liquidity and the ability to capitalize on opportunities to grow the company. The new facility amends and extends the existing credit facility, which was due to mature on March 31, 2014. The facility is secured by the Company’s existing and future working capital assets. Proceeds will be used for financing working capital, expanding investment and for general corporate purposes of the newly combined company. Bank of America, N.A. is the Lead Arranger for the credit facility.