Industry Consolidation -- A Quiet Buyer's Market

“Also, in today’s environment, struggling companies just can’t hold on very long,” Cohen adds. “Buyers know that these companies will, in all likelihood, just shut their doors rather than get sold to a competitor or restructure.”

What does the back end of this economic saga hold for M&A players? Cohen feels it’s too early to speculate, but he does expect a thinning of the ranks. Printers with the wherewithal to invest in new equipment and technology—those that aren’t over-leveraged, were well-positioned before the recession, boasted a history of reinvestment and a prudent capital structure—will be the ones left standing. But, will they be looking to cut bait?