PI 400 -- M&A Activity - Acquisitions Yield To Slow Economy

Kelmscott Communications and Nationwide Graphics were active buyers in the 1998-1999 M&A frenzy. Nationwide worked the phones and cold-called potential sellers. Kelmscott had a full-time scout on the road looking for good target companies. Both companies ran space ads touting their acquisition programs and asking sellers to call in. Both made several acquisitions each year. Now, they are dormant buyers. Both are private companies and only their managers, shareholders and their lenders know their financial performance.