Dec 1 2010
Cenveo, Inc. (NYSE: CVO) announced today that through its subsidiaries, the Company has acquired Impaxx, Inc., the sole owner of Gilbreth Packaging Solutions, Inc. from affiliates of Aurora Capital Group, a Los Angeles private equity firm.
Gilbreth operates a state of the art facility located in Croydon, Pennsylvania and has approximately 75 employees. Gilbreth uses multiple printing technologies as a full-service manufacturer and marketer of full body shrink sleeves ("FBSS"), tamper evident neck bands and medical & electronic tubing. Gilbreth is a pioneer in the FBSS industry and leverages its expertise by serving over 150 customers in a wide variety of industries with an emphasis on the personal care, pharmaceutical, nutraceutical, energy drink and food & beverage markets. Gilbreth's major customer base includes a number of blue chip consumer product companies. The terms of the transaction were not disclosed.
Robert G. Burton, Sr., Cenveo Chairman and Chief Executive Officer stated:
"The acquisition of Gilbreth expands our specialty packaging into the growing shrink sleeve market. Gilbreth's product line complements Cenveo's existing offerings and will create immediate cross-selling opportunities for both companies' customers. The acquisition of Gilbreth, with its strong market reputation and strategic niche product offerings, is another example of how we intend to continue to grow our company by acquiring leaders in high growth sectors of the packaging industry. We expect this acquisition to be accretive to earnings and will be deleveraging to our balance sheet. I am pleased to welcome the Gilbreth team to the Cenveo family while also looking forward to working with them as we continue to create the industry leading platform."