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

Both of these companies have proven that, with good management, a disciplined acquisition program and planned integration, roll-ups in the printing industry can work rather well.

Business conditions among some formerly active buyers have led to their withdrawal from the M&A market. One example, Mail-Well, has announced that it is out of the acquisition game pending the divestiture of its label and forms divisions. The proceeds of these transactions will enable the company to pay down debt; CEO Paul Reilly has indicated that he hopes to be back in the M&A arena in 2002. Mail-Well was the most active of all buyers in 1998 when it completed 28 transactions.