CGX's M&A Criteria -- Wanted: Industry Leaders

LAST MONTH marked my third anniversary heading up mergers and acquisitions at Consolidated Graphics (CGX), and it feels like three months instead of three years. This may be due partly to the fact that we have been very busy on the M&A front. For example, in the last year and a half alone, we have acquired companies with more than $320 million in revenues, increasing sales at Consolidated Graphics by 33 percent during this period. And what is most exciting about all of this activity is that we have maintained our traditional discipline and have only acquired commercial printing companies that are generally recognized as industry leaders: Annan & Bird, The Hennegan Co., Pikes Peak Lithographing, Cyril-Scott Co. and PBM Graphics, for example.