MN Printing Co. Acquisition Forms $280M Biz
Shakopee-based Imagine! Print Solutions recently purchased a printing company in North Carolina for an undisclosed sum.
Classic Graphics, based in Charlotte, said the merger of the two private companies forms a $280 million company.
“Uniting the two companies creates a stronger entity,” Imagine President and Founder Bob Lothenbach said in a statement. “Blending the strengths and location of our company with those of Classic creates an optimal service and distribution model and leverages manufacturing and purchasing power for more competitive offerings to clients.”
According to the Shakopee Valley News, Imagine had about 850 employees a few months ago, 300 of whom were added in the last year alone, and in October it made plans to add 200 more. The company reportedly has about $200 million in annual revenue.
Imagine was founded in 1988 and Classic was founded in 1983. The North Carolina company said that Imagine will keep the Classic brand name intact and that Classic President David Pitts will remain president of Classic following the acquisition. Classic reportedly has about 300 employees.
“This is a logical move,” Pitts said in a statement. “Classic has enjoyed tremendous growth over our 30-year history. Combining the two companies provides clients access to wider and more sophisticated service offerings.”
Classic said the merger will create one of the largest privately owned commercial printing companies in the country.