CONSOLIDATED GRAPHICS -- The Art of Acquisition

Kelmscott was, of course, one of a number of consolidator rollups that flashed onto the scene in the late 1990s. When the recession and 9/11 hit, virtually all of the non-CGX consolidators fell on hard times, filed for bankruptcy, were split back up and sold/folded, or backed away completely from the M&A landscape. Ground-shaking mergers were still taking place--World Color with Quebecor; Moore with Wallace, then Donnelley--but the transactional climate had shifted.