Lakeside Book Company (“Lakeside”) and ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) (“ALJ”) jointly announced today that they have entered into a definitive agreement for Lakeside’s acquisition of all of the issued and outstanding shares of common stock of ALJ’s wholly-owned subsidiary Phoenix Color Corp. (“Phoenix”). Headquartered in Hagerstown, Maryland, Phoenix is a specialty printer of book components, children’s books, and other print-related products with printing facilities in Indiana and Maryland.
The transaction is expected to close during the second calendar quarter of 2022, subject to customary closing conditions and regulatory and stockholder approvals.
“We know Phoenix well as a recognized leader in book components. Adding their team’s capabilities to Lakeside’s service offerings will enable our publishing customers to conveniently manage book and cover printing in one place,” said Dave McCree, Lakeside’s Chief Executive Officer. “We are always looking for ways to make the printing supply chain more efficient for publishers and this transaction would be a significant step in that direction.”
“The combination of Phoenix’s component production capabilities and Lakeside’s book manufacturing services would provide customers the benefits of streamlined order processing, scheduling and speed of delivery. Lakeside has been a key Phoenix customer for a number of years, and we are confident Lakeside will be a good home for the exceptional Phoenix team,” said Marc Reisch, Chairman and Chief Executive Officer of Phoenix.
“Phoenix has been a terrific member of the ALJ family of companies. While we are sad to lose the Phoenix team, we are excited that we have found a synergistic home for the business that will enable it to enhance its services to its customers,” added Jess Ravich, Chief Executive Officer of ALJ.
https://www.prnewswire.com/news-releases/lakeside-book-company-and-alj-regional-holdings-inc-enter-into-definitive-agreement-for-the-acquisition-of-phoenix-color-301475656.html