Business forms specialist Ennis (NYSE: EBF ) announced today that it executed a definitive agreement to acquire the assets of Folder Express from Wright Printing. It is expected to close on the transaction by September 30, subject to normal closing conditions.
Noting the acquisition allows Ennis to expand its geographic footprint with its own folder operations, Chairman, CEO, and President Keith Walters said, "Although these products are sold through our normal sales channel of independent distributors, Folder Express' go to market strategy is differentiated from our other folder operations bringing many new customers. Overall we feel very excited to bring the Folder Express brand to our existing distributor channel while delivering Folder Express customers access to the entire Ennis network."
Folder Express generated approximately $20 million in annual sales during the most recent calendar year and will continue to operate under the Folder Express brand name.
Headquartered in Midlothian, Texas, Ennis is one of the largest private-label printed business product suppliers in the United States.