M&A Activity: The Invisible 'Tuck-in' Deals

When Quad/Graphics announced last fall that it was acquiring Baltimore-based Vertis Inc. for $258.5 million, the industry let out an impressed whistling sound. But, while the retail advertising insert business will be a huge coup for Sussex, WI-based Quad—Vertis posted about $1.1 billion in sales for 2012—it was easily the most noteworthy deal of the past 12 months.