Consolidation--The Ties That Bind?

Some of the most ardent independents have few qualms about the large "roll-up" companies. In fact, John Spenlinhauer, chairman and CEO of Spencer Press, feels his standalone company has benefitted from the merger and acquisition activity.

"Because of all the mergers, we're probably doing better," he says. "A lot of printing buyers don't want to be caught up with [consolidators] who are running multiple plants. The advantage that we have is that the owners are right here [at the plant]. It's much more of a personal relationship that you have with customers; they're not just one of the many. And there's a degree of stability in dealing with an independent."