Tuesday, September 15, 2015
On March 12, 2015, we put up a post on Repro 101 about the bankruptcy filing of Standard Register.
Here’s a link to that post:
In August, Taylor Corp, one of the largest privately owned companies in the U.S., controlled by billionaire Glen Taylor, completed its acquisition of Standard Register’s business and assets.
Below my comments you will find:
(1) a story written in June, right after the Judge approved the acquisition
(2) a story written in August, right after Taylor Corp completed the acquisition
(3) Information about Taylor Corp
Blog Publisher’s Comments:
Until I read about Taylor Corp, I had no idea who that company was, and reading about the company was quite interesting. From a nostalgia perspective, back in the mid 1970’s, when our reprographics business was slow (due to a recession in the building industry in our operating area), we added an offset printing division (sold in 1981) and we added miscellaneous services such as business cards (by catalog) and invitations and stationery (by catalog). [Note: as our reprographics business recovered … and began to grow again … we later got rid of those distractions (business cards, invitations and stationery)]. One of the catalogs we kept at our customer service counter was a sales-aid catalog from Carlson Craft. I had no idea, back then, that Carlson Craft was the company that Glen Taylor joined when he was still a very young guy … and that it was, evidently, the first of the Taylor Corp owned companies (it wasn’t owned by Glen Taylor back then.) Even though we decided to exit the offset printing, and by-catalog stationery, invitation and business card business, I do well remember that Carlson Craft was an outstanding supplier. Every order we submitted to Carlson Craft came back perfect, as ordered, and their over-the-phone customer service was simply spectacular. 40 years later, I now learn that that company was the first of the Taylor-owned enterprises, and that Taylor Cop is owned by a billionaire! Congrats to Glen Taylor, his family and the rest of the Taylor Corp management team on their acquisition of Standard Register. Hope ya’ll do well with that deal!
By David Phelps Star Tribune JUNE 17, 2015 — 9:51PM
(1) Taylor Corp. buys Ohio-based Standard Register Co. for $307 million. Deal was approved Wednesday by a bankruptcy judge.
Taylor Corp. of North Mankato, Minn., on Wednesday acquired the assets of Standard Register Co., an Ohio communication services firm, for more than $307 million.
The deal was approved by U.S. Bankruptcy Judge Brendan Shannon after a bankruptcy auction in which Taylor Corp. negotiated a deal with the previous top bidder for the company, which had 2013 revenue of $719 million.
Standard Register, which has 3,500 employees, gives the North Mankato company product lines that include printed forms and communications services in the fields of health care, commercial business, financial services and industrial markets.
“While Standard Register has encountered financial challenges, I have no doubt its best days are ahead,” said Deb Taylor, Taylor Corp.’s CEO. “Together we’ll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products and services.”
It was not immediately clear if Taylor Corp. would continue Standard Register’s operations in Dayton, Ohio, or consolidate all or portions of the acquisition with Taylor’s existing companies. However, Deb Taylor did say that Taylor Corp. would be adding Standard Register’s employees to its workforce.
Taylor Corp. is the holding company for the diversified portfolio of billionaire businessman Glen Taylor, who also owns the Minnesota Timberwolves and Lynx professional basketball teams and the Star Tribune.
Taylor Corp. has more than 80 subsidiaries and 9,000 workers. It provides graphics and communications support in some of the same sectors as Standard Register, including financial services and health care. It also has clients in the automotive, insurance and retail sectors.
Standard Register filed for Chapter 11 bankruptcy protection last March and immediately announced its sale to Silver Point Capital, a Connecticut-based hedge fund that already had an ownership stake in the company, for $275 million.
Taylor Corp. subsequently negotiated a deal with Silver Point to pay $2 million over its bid, according to court filings.
Standard Register, which was founded in 1912, has printing facilities and distribution centers across the United States and in Mexico.
On its website, Standard Register said its services “improve the way our customers communicate with and serve their customers, employees and stakeholders.” The company said its goal is to enhance the reputations of its corporate clients.
Final approval of the sale is subject to resolution of outstanding objections by various creditors and the settlement of a complaint filed against Silver Point by Standard Register’s official creditors committee.
Taylor Corp. said the deal is expected to close in 45 to 60 days.
The Associated Press contributed to this report.
August 03, 2015 08:15 AM Eastern Daylight Time
(2) Taylor Corporation Completes Acquisition of Standard Register
NORTH MANKATO, Minn.--(BUSINESS WIRE)--Taylor Corp., one of the U.S.’s largest privately held companies, announced today that it completed its acquisition of the assets of Standard Register (OTC BB: SRCT). The combined company has more than 12,000 employees working in more than 80 companies with operations in 32 states and nine countries.
“The successful close officially turns the page for Standard Register’s customers and employees and moves us into a new chapter that we believe is strengthened as a combined organization,” said Deb Taylor, chief executive officer of Taylor Corp. “Moving forward together, we have an even broader range of communications services, products and technologies, and an experienced team dedicated to providing the highest quality customer service in the industry. As we integrate the two companies, we are finding even more ways to provide value to our customers.”
Taylor Corp. was the successful bidder for Standard Register through a bankruptcy auction held June 19, 2015. Standard Register’s Chapter 11 case will conclude when all claims are settled.
About Taylor Corp.
Leveraging the diverse capabilities of its more than 80 companies around the world, Taylor Corporation, one of the largest privately held companies in the U.S., helps millions of consumers celebrate events and milestones and enables businesses – including more than half of the Fortune 500 – to express their brands and differentiate themselves in the marketplace. Headquartered in North Mankato, Minn., Taylor Corp. owns world-class companies in the U.S., Canada, Mexico, the United Kingdom, France, India, China, Bulgaria and the Philippines. For more information, visit www.taylorcorp.com.
(3) Taylor at a glance:
For over 40 years, Taylor and its family of companies have been a premier provider of powerful and intuitive products, services and expertise — this includes the interactive, printing and marketing solutions that have helped build some of the world’s most popular brands. It also includes strategic business thinking that saves money and creates value. Today, we are one of the largest privately held companies in the United States, known for our ability — and agility — to rapidly respond to the changing needs of our customers.
Taylor is one of the top 3 graphics communications companies in North America.
More than 80 subsidiaries make up the Taylor family, spanning 30 states, 9 countries and Puerto Rico.
Taylor has been a family-owned business since 1975, transforming one small business into a second-generation interactive print and marketing solutions provider that spans over 40 years.
As of 2015, Taylor had more than 1000+ patents and patent applications worldwide.
Over 50% of today’s Fortune 500 businesses are served by Taylor companies.
Across the organization, Taylor employs more than 12,000 professionals.
Link to Taylor Corp web-page where names and profiles of Taylor-owned companies are provided:
Posted by Joel Salus at 11:08 AM