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!
Read
on….
(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.
Facts:
3
Taylor is one
of the top 3 graphics communications companies in North America.
80+
More
than 80 subsidiaries make up the Taylor family, spanning 30 states, 9
countries and Puerto Rico.
40+
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.
1000+
As of 2015,
Taylor had more than 1000+ patents and patent applications worldwide.
50%
Over 50% of
today’s Fortune 500 businesses are served by Taylor companies.
12,000 +
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:
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Reprographics 101 