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

So, the dealmakers are hard at work...we're just not getting wind of it on the national level. Bob Cronin, managing partner of M&A consulting firm The Open Approach, points out that business is brisk on the label and packaging end, but a lion's share of today's deals involve just books of business.

"It's a difficult to robust market, depending on the vertical and product segment," Cronin says. "The last few years have been difficult for print providers. The economy is one factor, but the fundamentals of the industry and its value proposition have changed. Those who understand the impact of change may still prosper by providing new value solutions to the customer. And, those who believe it is a short-term market downturn and have failed to adjust will fail."