M&A REPORT -- New Era of Consolidation

"Consolidated Graphics never paid any crazy multiples," Colville notes. "We found that the good companies with really good management teams...understood what a fair valuation for their company was and that, long term, the prospect of joining the industry leader was what made sense.

"I would say that, in terms of their expectations, the companies that we're looking at buying...I think those owners would suggest that we're talking about fair valuations. I don't know if it's as much their expectations coming down to earth as much as it is two interested parties wanting to make a great deal that's of interest to both parties."