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April 7, 2014
07:07 EDTQUADQuad/Graphics to acquire Brown Printing for $100M
Quad/Graphics and Brown Printing jointly announced a definitive agreement whereby Quad/Graphics will acquire Brown, which serves premier publishers and catalogers with printing, distribution and integrated media solutions. The acquisition will enhance Quad/Graphics’ position as a leader in the printing industry. The transaction is subject to customary regulatory clearances and is expected to close in 2H14. Both Quad/Graphics’ board of directors and Brown’s parent company Gruner + Jahr and its shareholders approved the transaction. Quad/Graphics is purchasing Brown for $100M and intends to use cash on hand or draw on its revolving credit facility to finance the acquisition. Brown expects to generate approximately $350M in revenues during FY14. Quad/Graphics expects that the acquisition will be accretive to earnings and that the purchase price multiple will be less than four times adjusted EBITDA after taking into account anticipated synergies.
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