Blackford Capital acquires Dickinson Press |
Written by Taylor Berglund |
Wednesday, 19 August 2015 09:03 AM America/New_York |
Dickinson Press, a full-service book manufacturer and printing services provider, was sold Tuesday to Blackford Capital’s Michigan Prosperity Fund. With Dickinson's ability to print on thin, lightweight paper for Bible publishers, the company brings a unique customer base to Blackford. Blackford Capital is a national private equity firm headquartered in Grand Rapids, Michigan. The Michigan Prosperity Fund invests exclusively in Michigan companies in order to generate high equity returns and support the state's economy. Martin Stein, founder and managing director at Blackford, was pleased with the acquisition. “Dickinson is a trusted partner to the world’s most renowned religious publishing companies, and the company has a presence in other market segments such as media groups, financial and manufacturing businesses and education,” Stein said. “Increased growth through add-on acquisitions as well as penetration in these markets will be a focus for the sales team moving forward, as well as expansion efforts focused on other adjacent segments such as automotive, healthcare and higher education that are designed to diversify the company’s client base.” Dickinson operates out of a 120,000-square-foot facility and employs 120 people in West Michigan. The company produces books and printed materials, including Bibles, dictionaries, reference books, novels, children's books and a variety of other printed literature for the religious, business and education markets. Dickinson’s management team will remain in place with Ray Sevin continuing in his role as president and CEO. “We’re very pleased to join forces with the Blackford Capital team,” Sevin said. “After 130 years of successful business operations, we’re looking forward to broader opportunities and the benefit of leveraging additional operational expertise for our employees, customers and partners. With the Midwest representing roughly 50 percent of the U.S. print market, Dickinson provides convenient access to many of the top customers and suppliers in the industry. Blackford has the right resources and talent to bring our business to the next level of performance.” Investment banking firm New Direction Partners represented Dickinson Press in the sale. New Direction Partners also will be partnering with Blackford and Dickinson moving forward. |