MN Printing Co. Makes 2nd Acquisition In A Month
Imagine! Print Solutions announced Tuesday that it has acquired Charlotte, North Carolina-based Creative Marketing Solutions (CMS) in a deal that is expected to bring the company’s total sales to $300 million.
The Shakopee-based printing company reportedly earned $200 million in 2012 revenue. Earlier this month, Imagine acquired Charlotte-based Classic Graphics, raising its annual revenue to $280 million. Although Imagine didn’t disclose the purchase price of CMS, it said that the deal is expected to increase its annual revenue by $20 million and will expand its mailing and marketing services.
“We are excited about the expertise that Creative Marketing Solutions brings in mailing and fulfillment,” Bob Lothenbach, president and founder of Imagine said in a statement. “This supports our commitment to providing our clients [with] an integration of marketing services through a single point of contact.”
CMS, which bills itself as a full-service graphic communications firm, will move its operations to Classic’s Innovation Park headquarters in North Carolina as early as this week.
An Imagine spokeswoman told Twin Cities Business that CMS will operate under the Classic moniker (which, when acquired by Imagine, retained its name) and that Dick Kittle, CMS’ former owner and managing partner who is retiring, is selling the building where its offices were located, thus necessitating the move to Classic’s headquarters. She added that Classic is retaining “the majority” of CMS’ employees—22 people will be moving to its headquarters.
“This is a logical move,” David Pitts, president of Classic, said in a statement. “Classic has enjoyed an enduring relationship with CMS. Having them on our team provides clients access to a wider array of service options.”
Founded in 1988, Imagine employed approximately 1,150 prior to acquiring CMS. The firm is one of Minnesota’s five-largest commercial printers based on companywide revenue.