Ennis Inc. Signs Letter of Intent to Acquire the Custom Envelope Division from Cenveo
The company expects to pay approximately $47.25 million in cash for the assets of the CED and assume certain trade liabilities. CED generated approximately $40 million in sales in the previous fiscal year.
We are very pleased to add these two brands and locations to the Ennis family," said Keith Walters, chairman, president and CEO of Ennis Inc. "It is very important to expand our envelope capabilities and production on the east coast to complement our products and capabilities in the middle of the country and the West coast. These products are sold through our normal sales channel of independent distributors, so these two businesses complement our current business model. Overall we feel very excited to bring the WISCO and NIC brands to our distributor channel."