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Cenveo Inc Enters into Definitive Agreement to Purchase National Envelope

Wednesday, 21 Aug 2013 04:51pm EDT 

Cenveo Inc announced that it has entered into a definitive agreement to acquire substantially all of the operating assets of National Envelope (National or the Company). In conjunction with Cenveo's agreement, Hilco Receivables has agreed to acquire substantially all the accounts receivable and Southern Paper has agreed to purchase the inventory of the Company. Cenveo's purchase price is expected to consist of approximately $20 million of cash and $5 million of Cenveo common stock. The closing is subject to Bankruptcy Court approval and customary closing conditions. National Envelope filed Chapter 11 on June 10, 2013 in order to facilitate a sale. Pursuant to the definitive agreements with Cenveo and its partners, the Company will request the US Bankruptcy Court for the District of Delaware to authorize the Company to proceed with the sale on September 13, 2013. Macquarie Capital acted as Cenveo's exclusive financial advisor in connection with the transaction. Hughes Hubbard & Reed LLP acted as Cenveo's legal advisor on the transaction. National and Cenveo assure its customers that a smooth integration is expected and that orders will continue to be produced and shipped in the normal course of business. 

Company Quote

-0.05 -1.37%
11 Jul 2014