Mergers and Acquisitions: M&A’s Class Struggle

"The two mega-deals (Quad/Worldcolor, RR Donnelley/Bowne) do not herald a renewed spate of M&A activity in the printing industry," notes Harris DeWese, chairman of Compass Capital Partners and a leading transactional consultant. "They were deals that enabled the buyer to gain much greater market share in the segments they serve—financial in the case of Donnelley buying Bowne, and long-run publications and catalogs for Quad in the Worldcolor deal.