Supremex Acquires Illinois-based Forest Envelope Group for $1.8 Million
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Supremex, a North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, on May 1 announced the acquisition of the assets of Forest Envelope Group. Founded over 40 years ago, Forest Envelope is a regional leader in specialty envelope manufacturing and lithography located in Bolingbrook, Illinois, in the Greater Chicago area.
The transaction was concluded for a total consideration of approximately US$1.8 million, on a cash-free and debt-free basis, subject to customary adjustments, financed through the Company's existing credit facility.
"The acquisition of Forest Envelope is an excellent fit with our current operations in the U.S. Midwest region," said Stewart Emerson, President and CEO of Supremex. "Forest Envelope has a solid reputation for providing high-quality products, top-tier customer service and on-time delivery.
"Given its close proximity to our existing plants in Naperville and Chicago, we intend to integrate Forest Envelope's activities into these facilities over the next 90 days.
"The transition should be seamless for customers and, in fact, provide them access to additional capacity and a significantly broader product offering. We expect this tuck-in operation to rapidly yield synergies within our U.S. Envelope network," Emerson concluded.
