Evercore Investment Banking Pitch Book
Appendix
Selected Precedent Transactions - Printing Services
Date
Announced
2/23/10
1/25/10
02/27/08
2/12/08
10/16/07
07/17/07
06/14/07
01/03/07
12/27/06
12/20/06
12/20/06
10/31/06
10/31/05
5/17/04
11/8/03
01/20/03
6/20/00
5/15/00
1/15/00
9/30/99
7/19/99
7/14/99
6/29/99
4/1/99
Bowne
WorldColor
Pro Line Printing
Phoenix Color Corp.
Cardinal Brands
Commercial Envelope
ColorGraphics
Von Hoffman
Cadmus Communications
John H. Harland Company
Perry Judd's
Banta
Clarke American
New England Business Service
Moore Wallace
Wallace Computer
Reynolds & Reynolds Information Solutions
Cunningham Graphics International
American Business Products
At A Glance Inc.
World Color Press
Mernill Corp
Target
Big Flower Holdings
Mack Printing Company
Source: SDC, Company Slings, Capitall
EVERCORE PARTNERS
RR Donnelley
Quad/Graphics
RR Donnelley
Visant Corporation
RR Donnelley
Cenveo
Cenveo
RR Donnelley
Cenveo
M&F Worldwide
RR Donnelley
RR Donnelley
M&F Worldwide
Deluxe Corp
RR Donnelley
Moore Inc.
The Carlyle Group
Acquiror
Automatic Data Processing
Mail-Well Inc.
Mead Corp.
Quebecor Printing
DLJ Merchant Banking,
TH Lee Company
Cadmus Communications
18.
TEV
$481
1,428
122
219
123
230
105
413
433
1,658
176
1,212
800
782
3,681
1,286
360
190
306
550
Mean
Median
Max
Min
2,574
486
1,716
201
TEV / LFQ
Revenue
0.7x
0.5
NA
NA
0.6
1.4
0.6
NA
1.0
1.6
0.7
0.8
13
1.1
1.2
0.8
0.5
1.4
0.7
1.7
1.1
0.9
1.0
1.2
1.0x
1.0
1.7
0.5
Confidential
($ in millions)
EBITDA
10.3x
NA
NA
ΝΑ
8.2
7.0
ΝΑ
12.2
8.7
8.0
8.6
6.0
8.8
8.4
7.5
ΝΑ
8.8
6.7
7.9
7.1
7.5
7.4
ΝΑ
8.0x
7.9
12.2
4.3View entire presentation