• For those of you who were not aware of this:
    Livingstone Inks Deal for Chris
    Fowler International
    July 2008
    Livingstone
    Partners’ Industrial team has completed the successful sale of global financial
    print services group, Chris Fowler International (CFI), to Spanish-owned
    document, print and information management company Service Point Solutions.
    Leveraging its teams in London and Madrid, Livingstone advised the management
    and shareholders of CFI. 


    Headquartered in
    the UK and with wholly owned subsidiaries in Hong Kong and New Jersey, USA, CFI
    specializes in high quality, fast turnaround financial research printing
    services to blue chip organizations in major financial centres across the UK,
    European, US and Asia.


    Service Point
    Solutions (SPS) will profit from CFl’s expertise in financial printing to add
    to its portfolio of existing products, as well as more exposure and contacts within
    the large investment banks – a market they are not selling into currently.


    Kevin Eyers, MD at CFI, said of the deal: “Service
    Point is an excellent fit to carry on the name and services we have worked hard
    to build at Chris Fowler.”

    SPS provides digital
    reprographics and document management services for the infrastructure,
    industrial, public and services sectors. It employs over 3,000 people across
    the eight countries including the UK, US, Spain, France, Germany, Holland,
    Belgium and Norway. The acquisition will also strengthen SPS’ presence in the
    Asian market.



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    Phillip
    McCreanor, head of the Industrial team at Livingstone London commented: “Financial
    printing fits well into SPS’ existing business offering. Its strong management
    team will ensure that CFI’s services are integrated properly into the business,
    allowing it to grow and contribute to the enlarged group’s ongoing success.”
  • The Color Company (TCC), a graphic imaging services enterprise
    based in the U.K., with approximately 10 locations in the U.K. (primarily in
    London) and with one location in NYC, is rumored to have inked a deal to
    acquire SP USA’s accounts receivable and SP USA’s customer contracts.
    If this is
    true, this will be an interesting story to follow. 
    When I
    visited TCC’s web-site, I did not see any indication that TCC offers A/E/C
    reprographics services or OnSite (FM) services, and both of those segments were
    reportedly the largest revenue drivers in SP USA’s business.

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    Someone has
    also indicated that Kevin Eyers, the former Managing Director of SP USA, is involved
    with TCC, but, at this point, that’s simply speculation.  (if this is true, that would be really,
    really interesting!)



    UPDATE, Weds, Nov 27, 7:00 am:


    After we put up the above post, we sent off an e-mail to The Color Company.  Below, you’ll see the e-mail we sent AND the response we received:

    THE EMAIL I SENT TO THE COLOR COMPANY:
    From: joel salus
    [mailto:joel.salus@mac.com]
    Sent: 26 November 2013 14:51
    To: New York
    Subject: Service Point USA
    Hi,
    I’m an industry blogger, my blog is
    located at http://reprographics.blogspot.com
    I was told this morning – by someone
    else in my industry in the U.S. – that The Color Company has purchased the
    assets of Service Point USA.
    Is that true?
    Thanks,
    Joel Salus
    THE RESPONSE
    I RECEIVED FROM THE COLOR COMPANY
    From: Greig Fairclough
    Subject: RE: Service Point USA
    Date: November 27, 2013 3:39:21 AM EST
    To: joel salus , New York
    Dear Joel,
    Thank you for your mail.
    We have no comment to make at this time.
    Your article speculates we could be working with a Kevin
    Eyers which is untrue.
    We also do know AEC reprographics and on site and near
    site print facilities for our clients being the leading reprographics company
    in Central London.
    Kind Regards,

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    The Color Company
  • Happy Thanksgiving to all who’ve taken the
    time to visit the Reprographics 101 Blog.


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  • “One of the attorneys (at the Mass
    Department of Corporations)
    just pointed out that they are (Service Point
    USA, Inc. is) a domestic corporation. Service is effected by serving the
    resident agent
    or other officer of the corporation. They (vendor/creditors who want to file lawsuits
    against SP USA, Inc.)
    may also go
    to court and request an order of notice if they cannot obtain service any other
    way pursuant to M.G. L. c223 section 37.”
    For
    further information, contact:
    Corporation Division

    Secretary of the
    Commonwealth
    One Ashburton Place,
    Room 1717

    Boston, MA 02108-1512

    Main Number (617)
    727-9640, and 2850

    Fax: (617) 742-4538

    Hours: M-F 8:45-5:00
    Blog
    Publisher’s comment:

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    This
    means that, if one cannot serve Kevin Eyers (who is listed as SP USA’s
    registered agent), the only other alternative would be to serve the only other “officer
    of the corporation” who is located in the U.S., and that person is attorney
    Richard Snyder who is with a law firm, the firm of Duane Morris, in Boston.  Mr. Snyder is listed (in SP USA’s filings
    with the Mass Department of Corporations) as the “Secretary” of SP USA.
  • There’s another article that’s been published about Service Point USA,
    this one on myprintresource.com.  This
    one is authored by Ed Avis, Managing Director of the IRgA.  Date article was created: Nov 21, 2013.

    Beginning of the article:
    Service Point
    USA was a major reprographics firm on the East Coast until November 8, when it
    suddenly shut its doors. About 100 employees spread over 7 locations lost their
    jobs, and countless clients scrambled for new providers of repro services.
    Service Point
    USA was a major reprographics firm on the East Coast until November 8, when it
    suddenly shut its doors. About 100 employees spread over 7 locations lost their
    jobs, and countless clients scrambled for new providers of repro services.
    The situation
    is still fluid, and many questions remain. But one thing has become clear: The
    people behind the reprographics industry reveal their best side during a
    crisis. Ironically, during what could be a dark moment in the industry, its
    strength is revealed.
    To access the
    complete article, click on this link:

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  • Contributed by a blog-visitor from Germany:
    Hi Joel,
    I have collect some information about the chairman of SPS and the
    companies, which he presented. Propably only a small selection.
    Service Point Solutions Spain, Mr. José Manuel Arrojo – Chairman
    of the Board
    Mr. José Manuel Arrojo presented  the Aralia Asesores, S.L ,
    a limited liability Spanish company,. Mr. Arrojo has been the sole
    director of Aralia Asesores, S.L. since 2005 and is the owner of 69.86% of its
    capital. The corporate purpose of Aralia Asesores, S.L. is to invest in
    companies and supply management and financial advice to companies. The company
    was incorporated in 1993. Aralia Asesores, S.L. business address is at Goya, 19
    – 3º C, 28001 Madrid, Spain, Tel: 34 915784323. Mr. Arrojo has been Aralia
    Asesores, S.L.’s representative on the Amper board since 2008. Mr. Arrojo
    is Chairman of TviKap AB, Amper’s controlling shareholder.
    Tvikap AB is a corporation organized in the Kingdom of Sweden. It is
    headquartered in Stockholm, with its principal place of business located at
    Tvikap AB, Höllandargatan 27, SE, 113 59 Stockholm, Sweden, Tel: + 34 91
    7450746. Tvikap’s principal business is managing investments for institutional
    and private clients. Tvikap is privately held, owned by more than forty Spanish
    corporate and individual investors and has no majority or controlling owner.
    Tvikap is organized in Sweden solely for tax reasons.
    Sources: (Links):
    Regards

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    A friend of SP Germany employees
  • Since
    I first heard of Innerworkings, I’ve followed the company on and off, mostly
    off.  But, quite recently, I noticed that
    Innerworking’s share price had fallen quite a bit, so I decided to look a bit
    further.
    After
    the company released its Q3 2013 numbers, which were disappointing and missed
    analysts’ estimates considerably, I read the transcript of the company’s
    earnings call, which was posted on seekingalpha.com the morning after the
    earnings call took place.  I can
    generally follow information, comments, questions and answers about companies
    involved in printing services, print management services and
    reprographics services, but, for the life of me, the comments made by the
    company’s officers, during the earnings call, seemed to be full of spin.  To the point where I got lost.  After I read the transcript, I found an
    article about the company, put up on seekingalpha.com on September 25th,
    several weeks before INWK released its Q3 2013 numbers.  Wow, the author of that article was dead on,
    when he placed INWK in “the Danger Zone.”
    Description of the company:
    InnerWorkings,
    Inc. (InnerWorkings) is a provider of global print management and promotional
    solutions to corporate clients across a range of industries. The Company’s
    software applications and database create a solution that stores, analyzes and
    tracks the production capabilities of the Company’s supplier network, as well
    as quote and price data for print jobs. The Company offers a range of print,
    fulfillment and logistics services. The Company procures printed products for
    clients across a range of industries, such as retail, financial services, hospitality,
    non-profits, healthcare, food and beverage, broadcasting and cable, education,
    transportation and utilities. Utilizing the Company’s technology and database,
    the Company provides its clients a global solution to procure and delivers
    printed products. In August 2013, the Company announced that it has acquired
    EYELEVEL, a global provider of permanent retail displays and store fixtures.
    On September 25th, 2013,
    Innerworking’s share price closed at $10.01.
    On November 7th, this “note”
    appeared on seekingalpha.com under “market currents” …
    “InnerWorkings
    collapses on slashed guidance, flurry of downgrades”
    InnerWorkings (INWK -36.7%) shares shed more than a third of their value after
    the company missed on the bottom line in Q3 and slashed guidance.
    With just 1 quarter remaining,
    management cut full-year guidance to revenue of $865M-$880M from $910M-$940M
    (consensus of $913.9M) and EPS of $0.16-$0.20 from $0.45-$0.50 ($0.45). The
    damage was attributed to weak customer results at
    acquired Production Graphics and a “slower ramping expected in Q4 of the
    larger new enterprise deals landed earlier in 2013.”
    Rubbing salt
    into the wound, William Blair, Craig-Hallum, and Barrington Research downgraded the stock to Hold/Perform.
    On November 22nd, 2013,
    Innerworking’s share price closed at $6.89.
    Above, I referred to this article, take a
    look:
    Danger Zone: InnerWorkings
    Sep 25 2013,
    Article authored by David Trainer
    InnerWorkings
    (INWK), a new addition to the Most Dangerous Stocks for September, is in
    the Danger Zone this week. INWK is a classic “roll-up” story that
    enriches corporate and Wall Street insiders while destroying shareholder value.
    The company is buying up competitors in the fragmented print management
    industry to boost EPS and give the illusion of growth.
    Wall Street
    Executing the “Roll-up” Strategy
    Wall Street
    firms can profit enormously from roll-up plays because they result in lots of
    acquisitions and stock trading activity. At the heart of most roll-up plays,
    there is a company that buys up lots of other companies within a fragmented
    industry with the stated goal of creating efficiencies, economies of scale
    and/or more bargaining power with suppliers, customers and/or regulators.
    Read
    the rest of David’s article at this link (the article is very interesting):

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  • I’ll give 100 to 1 odds that what happened to
    SP USA won’t happen to SP UK.
    As I’ve stated several times before this on
    my blog, the decision to abruptly and totally shut down SP USA was one of the
    dumbest decisions, if not THE dumbest decision, that I’ve observed in my 40+
    year involvement in the reprographics business and industry.
    The reason why I’m writing this blog post
    this morning  – – –  Early this morning, I received an e-mail from
    one of SP UK’s current team members.

    (My comments will resume below the e-mail):
    Hi Joel,
    I just wanted to write you a quick message to say thank you
    for your blog.
    As an employee of Service Point UK, it is the only source
    we have for accurate information on what is currently happening within our
    company.  The staff are just not being talked to just now –
    management and sales staff have all been conference calls but these have been
    (IMO) filled with misinformation and rhetoric. The message they’ve to convey to
    clients, if asked, is that SPUK is a completely separate entity from SPS Spain
    and remains unaffected.  The amazing thing is that nobody is asking any
    questions – they all just believe what they are told.
    Any staff with a computer can easily find out this
    isn’t strictly true. Anyway SP USA had a similar set-up to SP UK and it hasn’t
    done them any good!  We know that SPUK is owned by GPP (in administration)
    which in turn is owned by SPS Spain.  We know that the assets of SP UK were offered as guarantees for the
    loans taken out by SPS Spain.  Whenever we ask anything – we’re told
    everything is fine in UK and we are strong.
    We’ve to believe that SPS Spain applying for creditor
    protection and shortly after that GPP being put into administration is complete
    coincidence.  We’ve to believe that GPP being in administration will not
    affect us one bit.  We’ve also to believe that the sudden and unexpected
    redundancies of colleagues that has happened over the last two weeks is
    completely unrelated.  As is the re-branding to UDO, which has apparently
    been the result of extensive market research.
    The way we’ve ‘purchased’ machinery in the past few years
    means we don’t actually own them and so don’t have many assets.  


    Anyway, please feel free to correct me on any of the above
    – it would be useful to know if our own research was flawed!
    Thanks again – I’ve kept most of my details
    private as ………. – hope you understand,
    Regards,
    SPUK Employee 
    SP UK will
    not be shut down.  SP UK is a valuable
    asset.  Now that SP’s lenders,
    apparently, control SP UK, they will (working with the administrator that’s
    managing the holding company that controls SP UK) do whatever they can do to
    preserve the value of the SP UK asset. 
    That does not mean that there will not be changes.  For it would be rare for lenders to not want
    to, at some point, convert to cash assets that have been pledged as collateral
    on loans previously made.  In other
    words, lenders don’t want to own the business, they just want to recover some
    (or all) of the money they are owed.  The
    only way for lenders to maximize the amount of money they will end up with is
    to preserve the value of SP UK until the lenders have a plan to realize
    (convert to cash) SP UK’s value.  And,
    I’m speaking of SP UK’s “enterprise” value, it’s value as an ongoing, operating
    business.  As to possible outcomes (for
    lenders to realize value), just a few that come quickly to mind:
    -SP UK could
    be sold to one or more buyers who already have interests in the reprographics
    business.
    -SP UK could
    be sold to one or more buyers who have not heretofore been involved in the reprographics
    business, but who are interested in getting involved in the reprographics
    business.
    One or more buyers?  Well, the operations could be split up and
    sold to different buyers. I don’t see that happening, but that can’t be totally
    ruled out.
    -The Lenders
    may choose to continue the operation of the SP UK business for more than just
    the short term.

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    The one thing that I’m positive won’t happen
    is that SP UK will not be shut down.  For
    anyone to repeat with SP UK what took place with SP USA would be absolutely ludicrous.
  • Autodesk
    reported its Q3 financial results, yesterday after the market closed.
      (Autodesk shares are up approximately 5%
    today).
    This
    morning, seekingalpha.com posted a transcript of yesterday’s earnings call.  Below, you will find a few excerpts from that
    transcript – Carl Bass’ comments about AutoDesk’s AEC business:
    Carl Bass – Chief Executive
    Officer, President and Director
    Thanks, Dave, and good afternoon, everyone. Our third
    quarter results were driven by strength in our core AEC and Manufacturing
    segments, as well as continued strong adoption of our suites.
    Our AEC business continues to perform well, driven by
    what looks to be a broad-based recovery in the commercial construction market.
    As we highlighted at our Investor Day last month, the construction vertical
    represents a significant opportunity, and we continue to gain momentum in that
    market. We also continue to broaden our BIM portfolio. Last quarter, we closed
    a couple of small acquisitions, bringing our BIM tools that further are — that
    further support our infrastructure projects. We’re also pleased with the
    adoption and usage of BIM 360. The anecdotal feedback we hear from our
    construction industry customers suggests it is the dawn of a new area in
    construction technology.

    Nota de Prensa
    Carlos García Conde
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    2013-11-15T19:23:00Z
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    Our highlight for the quarter was that we signed our
    biggest ever BIM 360 enterprise agreement worth over $1.5 million. This
    existing customer renewed its agreement with Autodesk for about 20% more in
    total billings than their previous contract. They will deploy BIM 360 as part
    of their strategic goal to transform their business and increase their
    competitive advantage. This is exactly the type of transaction that supports
    our long-term growth assumptions. We’ve only scratched the surface of the
    construction industry, and we’re well-positioned to tap further into that $7
    trillion market.
  • The “lending
    Group” SP USA Inc owes money to is now moving quickly to collect (and to
    preserve what’s left of) SP USA’s assets.
    See letter,
    at this link:
    We suspect
    that this letter is already being received by some of SP USA’s customers (and,
    eventually, all SP USA customers will receive this letter), and that this
    letter is being accompanied by another letter, demanding payment of SP USA’s
    accounts receivable.

    Nota de Prensa
    Carlos García Conde
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    2013-11-15T19:23:00Z
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    So begins
    the collection and liquidation of SP USA assets.



    UPDATE:

    Nota de Prensa
    Carlos García Conde
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