tag:blogger.com,1999:blog-25275484803101336502024-03-08T06:32:42.004-05:00 The Target ReportThe deal log for the evolving printing, packaging, paper and related graphic communications industries<br>
Published by Graphic Arts Advisors, M&A advisors & consultantsMark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comBlogger150125tag:blogger.com,1999:blog-2527548480310133650.post-22967329956881500652024-03-07T18:24:00.014-05:002024-03-07T18:58:36.774-05:00Stationers in Turmoil – February 2024 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiv3gYpAoFPhYFdT0k7jXctwqCqXwLpLEjpvsb619oNfUgGHOAbtrUb0W6r5ytt-VDVK5KlL_Mhxsr6R8PPkh59i4kFH9gEj2vkhXymf3nn_5QmZ7wutL-zAgSoOsNe5dy1fmPBFQUSzu_hi2ia9sBnUOL91h_oGSGHTjhnp3Yu3DDNkGnTZCa6y9En8ss/s6424/Valentine%20Card%20w%20Roses,2.Not%20Happy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="4195" data-original-width="6424" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiv3gYpAoFPhYFdT0k7jXctwqCqXwLpLEjpvsb619oNfUgGHOAbtrUb0W6r5ytt-VDVK5KlL_Mhxsr6R8PPkh59i4kFH9gEj2vkhXymf3nn_5QmZ7wutL-zAgSoOsNe5dy1fmPBFQUSzu_hi2ia9sBnUOL91h_oGSGHTjhnp3Yu3DDNkGnTZCa6y9En8ss/w449-h293/Valentine%20Card%20w%20Roses,2.Not%20Happy.jpg" width="449" /></a></div><br /><span style="font-family: arial; font-size: large;">The Stationers across the country are up in arms! Shock waves hit this specialty corner of the printing industry on Valentine's Day, certainly ironic timing for printers and print distributors that specialize in messages beautifully printed on beautiful paper. Workers at the Crane Stationery division of Mohawk Fine Papers were notified the day before Valentine’s Day that they were laid off effective immediately. Social media buzzed among the stationery cognoscenti that the employees were locked out of the company and their email was turned off. Remote workers received the same message via a FedEx letter. The Crane website went offline, except for the cryptic message “We are Taking a Moment to Reflect” and a bizarre quote, given the circumstances, from Coco Chanel that “Fashion Changes, But Style Endures.” Orders in progress from designers and printers that rely on Crane came to a screeching halt. Customers searched, to no avail, for information about when, and if, the company might resume operations and deliver those orders. The event is a small echo of the waves of change roiling the paper industry. <br /><br />The wave that was the impetus for the Crane shutdown came across the ocean from the Italian papermaker Fedrigoni, which acquired the assets of <a href="https://www.lesprom.com/en/news/Fedrigoni_acquires_certain_assets_of_US-based_Mohawk_Fine_Papers_111973/" target="_blank">Mohawk Fine Papers</a>. The Fedrigoni Group is a manufacturer of specialty papers, self-adhesive materials, and RFID solutions. Founded in 1888, the company was acquired by Bain Capital in 2018. Despite the holiday, there was no love in the air when Fedrigoni reached the cold-hearted decision that the Crane Stationery division was not of any interest to them going forward. No funeral notice, no proper burial, just shut it down. <br /><br />However, there may be more to this than meets the eye at first glance from the perspective of the aggrieved stationers. Fedrigoni made it clear in their press release that Mohawk Fine Papers was facing financial challenges and that they, Fedrigoni, were effectively the white knight in this situation, not the bad guys. In the press release announcing the deal, Fedrigoni noted that the sale process was “initiated by a financial institution, following a period of significant financial distress that affected the U.S.-based company in the past months.” There is no ambiguity in that statement; Mohawk was forced to the marriage alter by its lender and/or equity investors. Further positioning itself as the savior of the Mohawk company, Fedrigoni added that the “transaction entirely cleared the new company from existing indebtedness, allowing to preserve the majority of existing jobs, industrial activities, and customer relationships.” As we know at GAA from our work with financially challenged companies in the printing industry, the sudden shutdown of the Crane Stationery subsidiary may have been an unfortunate, but necessary, sideshow to the main event, which was saving Mohawk Fine Papers as an ongoing enterprise. <br /><br />Crane Stationery has its own storied past. Its founder, Stephen Crane, participated in the Boston Tea Party, and Paul Revere used Crane paper for his engraved banknotes which helped finance the American Revolution. Shortly thereafter, Crane was printing currency and many other types of official documents. After a long and winding history that eventually led to the formation of the Crane Currency company, the manufacturer of specialty papers used to print paper money for more than 50 countries around the globe, the company was acquired in December 2017 by Crane Co. a similarly named but unrelated global engineered technology and manufacturing company best known for its ubiquitous toilet fixtures found in millions of homes, offices and factories. However, separate from the manufacturing of the currency papers, the rights to manufacture the well-known Crane’s Bond, a wonderful 100% cotton writing paper, had been sold off to Neenah Paper back in 2009. (For more, see <a href="https://www.thetargetreport.com/2018/01/will-real-crane-please-stand-up.html" target="_blank">The Target Report: Will the Real Crane Please Stand Up? – December 2017</a>.) <br /><br />In one more twist of the Crane legacy, in April 2018, Mohawk Fine Papers purchased Crane Stationery, including the printing operation in North Adams, Massachusetts. When Covid hit the country in 2020, the social events that drove the invitational business of Crane Stationery were canceled. Mohawk management then got into a spat with the Governor of Massachusetts over the essential nature of its printing business and the decisions about operating the plant. The Covid shutdown came shortly after the bankruptcy of Crane’s largest single customer, Schurman Fine Papers, the parent company of Papyrus mall-based retail stationery stores. Mohawk decided to close the Massachusetts factory, laid off over 200 employees and moved the remainder of the business to its Cohoes, New York, operation. <br /><br />There may yet be redemption for the Crane Stationery company and its customers. WPS Holdings, an upstate New York investment firm, has announced plans to acquire and restart the Crane Stationery company. As of this date, the deal is not definitive as WPS attempts to extricate and separate the Crane business from Fedrigoni’s Mohawk Fine Paper company. <br /><br /><u><i>Mills and Converting Plants Closed </i></u><br /><br />The papermaking industry continues to rationalize production capacity and capabilities. Announcements in February brought down the curtain on several other facilities. Mohawk’s converting plant in Ashtabula, Ohio, midway between Erie and Cleveland, was also hit in the Fedrigoni Valentine’s Day massacre. Employees there learned at the end of their workday that their jobs were eliminated, effective immediately and that the plant was shutting down permanently at the end of the week. In its letter to the dismissed employees, Mohawk indicated an exemption from the 60-day WARN Act advance notice requirement due to “very recent and unforeseen circumstances” which is often an indication that the company doing the layoffs is under significant financial stress, known as “faltering” in WARN-Act speak. <br /><br />Canadian papermaking company Cascades announced that it was closing three facilities that it deems no longer competitive now that its facility in Bear Island, Virginia, is up and running. The recently idled corrugated plant in Trenton, Ontario, will be permanently closed. Two corrugated converting facilities, in Ontario and Connecticut, will be closed as well. The announcement was not one of doom and gloom, however, but rather a message of repositioning production into other facilities, including Bear Island, with available capacity and more modern equipment. <br /><br /><u><i> Paper Mill Changes Hands </i></u><br /><br />In an expression of faith in the future prospects of fiber-based packaging, Clearwater Paper acquired the bleached paperboard facility in Augusta, Georgia, from Graphic Packaging. The transaction value was reported as approximately $700 million, based on adjusted EBITDA of $100 million. Clearwater justified the price paid with its projection that EBITDA would reach $140 to $150 million annually by the end of 2026. <br /><br />Clearwater Paper was founded in 2008, as the papermaking spin-off from the Potlatch Corporation. Having jettisoned its papermaking operations, Potlatch fully transitioned itself into a timberland real estate investment trust with timber sawmill operations. The Clearwater name was not new to the industry – Potlatch traces its roots back to 1900 when Frederick Weyerhaeuser and a group of investors founded the Clearwater Timber Company to purchase prime white pine lands in North Central Idaho. The Clearwater name was retired in 1931 when the Great Depression forced the merger of several companies into the consolidated Potlatch Forests company. <br /><br />Freed from the Potlatch forest operations, Clearwater Paper acquired tissue product companies and is now a leading provider of tissue products for many private label store brands, as well as paperboard products used in packaging. Gone from the company’s product roster are the fine printing paper grades of yore that Potlatch produced. Potlatch’s printing papers included my go-to coated sheets back in my printing operations days: the workhorse number one paper Vintage Velvet, and the wonderfully smooth and true-white premium paper, Quintessence Dull. <br /><br /><u><i>Paper Industry Transition </i></u><br /><br />Papermaker Nekoosa, headquartered in Kimberly, Wisconsin, announced the launch of its new Dye Sublimation Transfer Paper. The specialty substrate is designed to take advantage of the growth in the dye sublimation printing process. The new paper works to transfer digitally printed images to hard surfaces including ceramics, metal, glass, wood, and fiberglass, as well as fabrics used in apparel, flags, banners, and signs. The new product is paper used for printing, yes, but it is not paper for printing brochures and the like. Instead, the new paper is used for the dye sublimation process of printing on everything else. (For more, see <a href="https://www.thetargetreport.com/2023/11/on-product-printing-promotes-protects.html" target="_blank">The Target Report: On-Product Printing Promotes & Protects – October 2023</a>.) <br /><br /> It remains to be seen what additional changes will be made by Fedrigoni at Mohawk. Unlike the discontinued Potlatch coated sheets, my favorite uncoated paper, Mohawk Superfine, is still in production. However, we can say with confidence that the acquisitions, plant closures, repurposing of mills, and introduction of new paper products supporting new printing technologies will continue as the industry accommodates the changes in the printing and packaging industries. (For more, see <a href="https://www.thetargetreport.com/2022/06/paper-industry-in-transition-may-2022-m.html" target="_blank">The Target Report: Paper Industry in Transition – May 2022</a>.)</span><div><span style="font-family: arial; font-size: x-large;"> </span><div><span style="font-family: arial; font-size: large;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<td class="xl6815200" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2024 February - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9315200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7415200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
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<td class="xl7615200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7615200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9215200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7015200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7615200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9215200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7015200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7715200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7015200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7015200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7615200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Prisma<br />(Port co. CenterGate Capital)</td>
<td class="xl8815200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Phoenix, AZ</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Spectrum Printing</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Tucson,
AZ</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/29/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.poweredbyprisma.com/prisma-expands-new-markets/#:~:text=Prisma%20Graphic%2C%20LLC%20(%E2%80%9CPrisma,LLC%20(%E2%80%9CSpectrum%E2%80%9D)%20in" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Prisma<br />(Port co. CenterGate Capital)</td>
<td class="xl8815200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Phoenix, AZ</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Capital Printing</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Austin,
TX</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/29/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.poweredbyprisma.com/prisma-expands-new-markets/#:~:text=Prisma%20Graphic%2C%20LLC%20(%E2%80%9CPrisma,LLC%20(%E2%80%9CSpectrum%E2%80%9D)%20in" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Image360, Middle River<br />(New franchisee)</td>
<td class="xl8815200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Middle River, MD</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Image360, Middle River</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Middle River, MD</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/28/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/118364-image360-middle-river-under-new-ownership/?utm_source=newsletter&utm_medium=email&utm_campaign=daily" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Brook + Whittle<br />(Port co. Genstar Capital)</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Guilford, CT</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">PouchIt</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/26/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://brookandwhittle.com/brook-whittle-acquires-pouchit/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Welch Packaging Group</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elkhart, IN</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Innovative Packaging Solutions</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">York,
PA</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/24/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes & displays</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thepackagingportal.com/industry-news/welch-packaging-acquires-innovative-packaging-solutions-of-york-pa/#:~:text=20%20Feb%202024-,Welch%20Packaging%20acquires%20Innovative%20Packaging%20Solutions%20of%20York%2C%20PA,and%20Mike%20Rentzel%20of%20IPS." target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fedrigoni</td>
<td class="xl8815200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 103pt;" width="137">Verona, Italy</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Mohawk Fine Papers</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cohoes,
NY</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/23/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper manufacturing</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lesprom.com/en/news/Fedrigoni_acquires_certain_assets_of_US-based_Mohawk_Fine_Papers_111973/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl6615200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">RGS ReproGraphic Solutions</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Las
Vegas, NV</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/23/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.wideformatimpressions.com/article/crisp-imaging-inc-acquires-rgs-reprographic-solutions/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Veritiv<br /><span class="font715200">(Port co. Clayton, Dubilier &
Rice)</span></td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Vivabox</td>
<td class="xl6615200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rockville, MD</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/21/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bespoke packaging</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ir.veritiv.com/newsroom/Press-Release-Details/2024/Veritiv-Acquires-Vivabox-Solutions/default.aspx" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Jamestown Container</td>
<td class="xl8815200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Buffalo, NY</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Midwest Box</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/19/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.jamestowncontainer.com/jamestown-container-companies-acquires-midwest-box-co/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, White Plains<br />(New franchisee)</td>
<td class="xl8815200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Spokane, WA</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Standard Printworks</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Spokane,
WA</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/19/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2024/02/19/us-marine-corp-veteran-clinton-neal-buys-115-year-printing-business-standard-printworks-opens-minuteman-press-franchise-in-downtown-spokane-wa/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Inland Press<br />(Div. Detroit Legal News Co)</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Detroit, MI</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphics East</td>
<td class="xl6615200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Roseville, MI</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/19/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.linkedin.com/posts/brad-thompson-211353a_detroit-legal-news-company-activity-7165696006955655168-LK2J/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Magazine Print Unit, Div. LSC<br />(Port co. Atlas Holdings)</td>
<td class="xl6515200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Warrenville, IL</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/12/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asset Purchase</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Magazine & catalog printing</td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-kodi-collective-from-lsc-communications/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Kodi Collective, Div. LSC<br />(Port co. Atlas Holdings)</td>
<td class="xl6515200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Nashville, TN</td>
<td class="xl8915200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/12/24</td>
<td class="xl8715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stock Purchase</td>
<td class="xl6715200" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Marketing execution services</td>
<td class="xl9015200" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-kodi-collective-from-lsc-communications/" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915200" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Quad</td>
<td class="xl6615200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$3,220</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sussex, WI</td>
<td class="xl9815200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">DART Innovation</td>
<td class="xl6615200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Morrisville,
NC</td>
<td class="xl8915200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/6/24</td>
<td class="xl8715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715200" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">In-store digital media </td>
<td class="xl9015200" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.quad.com/newsroom/quad-enters-the-in-store-retail-media-network-marketplace-with-the-acquisition-of-dart-innovation" target="_blank">Link</a></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215200" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6915200" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8115200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8115200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6815200" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> </span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_18631" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6718631" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7318631" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6918631" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6518631" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7018631" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6618631" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6518631" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6518631" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6518631" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7118631" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7218631" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7618631" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7618631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7718631" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2024 February - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7718631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7718631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7618631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7218631" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7918631" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8018631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8018631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8018631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8018631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8318631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7218631" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6818631" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8118631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7518631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7218631" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6818631" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6818631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9118631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8618631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7218631" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6818631" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8118631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7518631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7218631" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6818631" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6818631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Ford Press, Inc. <br />dba Eastern Impressions</td>
<td class="xl9018631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/21/24</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">24-11602</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">West
Caldwell, NJ</td>
<td class="xl8418631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl8218631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">New Jersey<br />Newark</td>
<td class="xl8518631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Stacey L. Meisel</td>
<td class="xl8518631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Russell L. Low</td>
<td class="xl8618631" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl7818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7218631" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6818631" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6818631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Alpha Omega Printing, Inc.</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/6/24</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">24-10118</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Roswell,
NM</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">10th</td>
<td class="xl8518631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">New Mexico<br />Albuquerque</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Robert
H. Jacobvitz</td>
<td class="xl8418631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">R.
Matthew Bristol</td>
<td class="xl8618631" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7218631" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6818631" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8918631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7518631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7518631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6818631" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /><span style="text-align: left;"> </span></div><div align="center" id="Target Report_18631" x:publishsource="Excel"><div align="center" id="Target Report_21094" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7621094" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
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<tr class="xl7421094" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6821094" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2024 February - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6821094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6821094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7421094" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7721094" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7721094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7821094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7821094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7921094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7921094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl8021094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7721094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Mohawk Paper - Converting facility</td>
<td class="xl7321094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/15/24</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6921094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Ashtabula,
OH</td>
<td class="xl6721094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mohawk
Paper</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cohoes, NY</td>
<td class="xl6921094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/15/24</td>
<td class="xl7021094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Paper
converting</td>
<td class="xl8921094" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://finance.yahoo.com/news/mohawk-fine-papers-shutdown-leaves-214700324.html" target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Sheridan Wisconsin - Printing facility</td>
<td class="xl7321094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/28/24</td>
<td class="xl9121094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Madison,
WI</td>
<td class="xl6721094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">CJK
Group</td>
<td class="xl7221094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/14/24</td>
<td class="xl8821094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Educational book manufacturing<br />(Formerly Webcrafters)</td>
<td class="xl8921094" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/cjk-group-closing-sheridan-madison-wisconsin-book-printing-plant/" target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Crane Stationery</td>
<td class="xl7321094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/14/24</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Cohoes, NY</td>
<td class="xl6721094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mohawk
Paper</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cohoes, NY</td>
<td class="xl6921094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/14/24</td>
<td class="xl8821094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Stationery printing</td>
<td class="xl8921094" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.iberkshires.com/story/74454/Crane-Stationery-Future-Uncertain.html?fbclid=IwAR1b6bjqP6rXKIIhbW73GF5ZCTQCWnekrP9DDhTG8dCV1acyX4FEVBoC54#:~:text=The%20New%20York%20company%20closed,was%20to%20continue%2C%20and%20remotely." target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Cascades - Corrugated Facility</td>
<td class="xl9021094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Jan-24</td>
<td class="xl9121094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Trenton,
ON</td>
<td class="xl6721094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cascades</td>
<td class="xl9121094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kingsley Falls, QC</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/13/24</td>
<td class="xl7021094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
mill</td>
<td class="xl8921094" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cascades.com/en/news/cascades-announces-optimization-its-containerboard-operations" target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Cascades - Corrugated Facility</td>
<td class="xl7321094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/24</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6921094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Belleville,
ON</td>
<td class="xl6721094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cascades</td>
<td class="xl9121094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kingsley Falls, QC</td>
<td class="xl6921094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/13/24</td>
<td class="xl7021094" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
converting plant</td>
<td class="xl8921094" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cascades.com/en/news/cascades-announces-optimization-its-containerboard-operations" target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6521094" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6521094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6621094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Cascades - Corrugated Facility</td>
<td class="xl7321094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/24</td>
<td class="xl9121094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Newtown,
CT</td>
<td class="xl6721094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cascades</td>
<td class="xl9121094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kingsley Falls, QC</td>
<td class="xl6921094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/13/24</td>
<td class="xl7021094" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
converting plant</td>
<td class="xl8921094" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cascades.com/en/news/cascades-announces-optimization-its-containerboard-operations" target="_blank">Link</a></td>
<td class="xl8121094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7421094" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6521094" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7221094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7221094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7221094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6721094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6521094" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-29227909811440838202024-02-07T22:58:00.021-05:002024-02-07T23:20:41.313-05:00Paper-Based Journalism is Melting Away – January 2024 M&A Activity<div><span style="font-family: arial;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIkU2gIYrUEb2NBtrS2zfPV9sYILaBYWu49cl7xG_cYxNp78bL4kskyoVrVTRA91_dQ1q37__W7bbAgQPpRGZ5w0BWVlUvvdY0l5u4kIgsCzx-n_OuobofA9aWNpS40K_H-U00YY6cV15Ow0D8yf9CP_DaguQ1KUOovLtTJ4AGDpZ1ySqHSRoaGdJH9Cc/s3773/Melting%20Newspaper.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3465" data-original-width="3773" height="394" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIkU2gIYrUEb2NBtrS2zfPV9sYILaBYWu49cl7xG_cYxNp78bL4kskyoVrVTRA91_dQ1q37__W7bbAgQPpRGZ5w0BWVlUvvdY0l5u4kIgsCzx-n_OuobofA9aWNpS40K_H-U00YY6cV15Ow0D8yf9CP_DaguQ1KUOovLtTJ4AGDpZ1ySqHSRoaGdJH9Cc/w429-h394/Melting%20Newspaper.Cropped.jpg" width="429" /></a></div><br /></span></div><span style="font-family: arial;"><span style="font-size: large;">The churn in newspaper ownership continues unabated. While some newspapers simply close up, there remains a robust market as local publications are scooped up by new players. As it has always been, newspaper ownership confers a certain position of power and influence on the owners. The allure of being the next William Randolph Hearst is still present, wielding sway over politics, art, and social norms. Billionaires and multi-millionaires are drawn to the newspaper business, despite the risk of financial failure and diminishment of their fortunes.<br /><br />However, one overriding trend is clear, and that is that eventually time-sensitive news will not be printed. In each and every instance, the new owners understand and articulate the need to transition news from a print-based delivery mechanism to a digital online channel. They are buying printed newspapers as the vehicles to the future of news. <br /><br /><u><i>Print & Digital News Compete in Baltimore </i></u><br /><br />The citizens of Baltimore are not yet sure what to make of the latest change at their beloved metro newspaper, The Baltimore Sun. Ownership of the paper’s parent company, <a href="https://www.axios.com/2024/01/16/baltimore-sun-sold-sinclair-david-smith" target="_blank">Baltimore Sun Media</a>, has flipped again, this time to local businessman David D. Smith. The new owner is the family scion and executive chairman of the Sinclair Broadcast Group, the second-largest owner of television stations in the United States, measured by number of stations owned. The Sinclair Broadcast Group issued a statement that Smith purchased the paper personally, and that the television and entertainment giant was not involved in the transaction to acquire the newspaper. Nonetheless, Smith suggested that future partnership opportunities and synergies between the TV stations and the newspapers were possible. <br /><br />The ownership of the Baltimore Sun has bounced around for years, and for nearly four decades has not been owned locally. Smith’s purchase changes that. Not only will Baltimore’s newspaper now have local ownership, other Maryland papers, including those serving Annapolis and Towson, were included in the transaction. <br /><br />Smith partnered with conservative commentator Armstrong Williams to purchase the company. Williams is an author of several books on race relations in America, is a syndicated columnist and hosts a nationally syndicated television program. Williams and Smith have worked together since 2013 on the purchase and sale of multiple television stations, and for a while Williams was principal owner of the largest African-American-owned group of televisions stations in the US. With headquarters in nearby Washington DC, Williams adds to the aura of local ownership conferred in the transaction. <br /><br />Smith grew up in Baltimore, graduated from Baltimore City College, and has a track record of funding local good government measures aimed at corruption in Baltimore City. Despite his well-known interest in and support of conservative politics, Smith promised that they “have one job, to tell the truth, present the facts, period. That’s our job.” Co-owner Williams noted that “We just want to get back to journalism. We want to show that newspapers can work if you have the right partnership.” The paper’s publisher and editor-in-chief chimed in and expressed his hope that the new ownership will continue the Sun’s tradition of holding city government officials accountable via its investigative journalism, for which the paper has received multiple Pulitzer Prizes. <br /><br />For those of us in the printing and paper-based industries, the most important aspect of the transaction may rest on Smith’s assertion that he plans to grow subscriptions and advertising for The Sun and the other publications by focusing on local and community news and by “boosting the use of video and social media and integrating technology in ways that other print media companies have been unable to do.” Backroom functions will continue to be provided by Alden’s Tribune Publishing company. No intent to acquire printing assets was mentioned. <br /><br />Wealthy hotelier and Democratic politician, Stewart Bainum Jr., had previously attempted a conversion of The Baltimore Sun to the nonprofit model. Despite the commitment of $200 million of his own money, the effort failed. In response, he founded The Baltimore Banner, named after the famous star-spangled banner, the flag that flew over Baltimore’s Fort McHenry during the War of 1812 and which gave its name to our national anthem. The Baltimore Banner launched in 2022 with 42 journalists, with plans to eventually employ 100 full-time journalists. The Banner has hired some former Baltimore Sun journalists, as well as a former president of The Economist magazine. The Baltimore Banner is an all-digital publication, no printing or paper required. <br /><br /><u><i>Technology Company Acquires Print-Based Businesses </i></u><br /><br />CherryRoad Media acquired the assets of <a href="https://www.graphicartsadvisors.com/single-post/graphic-arts-advisors-finds-strategically-aligned-buyer-and-announces-the-sale-of-page-1-printers-to" target="_blank">Page 1 Printers</a>*, a combination coldset web and full-color sheetfed printing company located in Slayton, Minnesota. The acquired company served the local newspaper, publication and general commercial print and mail markets. CherryRoad Media, based in Parsippany, New Jersey, was founded in 2020 with the mission to acquire, start-up, and build local news organizations with resident journalists in the communities it serves. Building its network of newspaper via acquisitions by the summer of 2023 to over 80 publications in 17 states, CherryRoad was primed to begin printing its own papers and acquired its first print operations with the purchase of Gannett’s printing operation in Hutchinson, Kansas. The acquisition of Page 1 Printers is the company’s second purchase of an existing print operation and supports CherryRoad’s interest in providing more print products, including color publications, to its network of newspapers. <br /><br />CherryRoad Media is the newly-formed newspaper publishing division of the much larger CherryRoad Technologies. Founded in 1983 as an information technology company, CherryRoad Technologies is primarily focused on providing cloud-based information and communication services to local governments, public sector services including first responders, K-12 schools and higher education institutions, transportation systems, healthcare networks, as well as select private sector companies. <br /><br />While certainly not eschewing print, as evidenced by the investment in two printing operations, the CherryRoad Media division clearly envisions that its added-value expertise in delivering digital technology to local organizations will be the connective tissue between the technology parent and the delivery of local news. As stated on its website, the company’s goal “is to bring secure, easily accessible, and affordable digital innovations to the communities where we work, live, and play.” Printed newspapers are the vehicle, digital transformation is the destination. <br /><br /><u><i>Alternative Ownership Models Link Print to Digital</i></u><br /><br />Alternative models of ownership of local newspapers have emerged in tandem with the decline in revenues as advertising migrates to digital forms of communication. The Daily Iowan, the independent student newspaper owned by the University of Iowa, purchased two weekly local newspapers from Woodward Communications. The two papers, the <a href="https://www.niemanlab.org/2024/01/a-student-newspaper-in-iowa-just-bought-two-local-weeklies/" target="_blank">Mount Vernon-Lisbon Sun</a> and the <a href="https://www.niemanlab.org/2024/01/a-student-newspaper-in-iowa-just-bought-two-local-weeklies/" target="_blank">Solon Economist</a>, will now be operated under the auspices of the university’s School of Journalism and Mass Communication. With a combined total staff of only seven full-time employees, the acquired papers will get an assist from the more than 100 student journalists that work on The Daily Iowan serving the university’s student population. <br /><br />Notably, the curriculum at the University of Iowa’s School of Journalism and Mass Communication is replete with courses about the business of media, ethical considerations in journalism, digital and gaming culture, video production, audio production, photography, newscast production, and narrative sports journalism, among other topics. But no courses are listed that focus on the delivery of news via the print medium. The two purchased local newspapers will continue to print weekly editions, and presumably will provide a link to the tradition of ink-on-paper as the next generation of journalists inexorably transition local news to digital media. <br /><br />In addition to university ownership and partnerships, there are other trials underway in the effort to transform and save the integrity of local news reporting. Some are experiments at big-city papers, such as the switch to nonprofit status at The Salt Lake Tribune. Another alternate model is a sale to the National Trust for Local News, founded specifically to save local newspapers. (For more, see <a href="https://www.thetargetreport.com/2023/08/116-laps-around-fenway-park-barefoot.html" target="_blank">The Target Report: 116 Laps Around Fenway Park, Barefoot – July 2023</a>.) In one model that has gained traction, local public broadcasting stations have acquired local papers, bringing their electronic media expertise to the local news business. <br /><br /><u><i>Impact on Printing and Paper Industries </i></u><br /><br />The fate of the newspaper publishing business in Canada has been similar to the decline in the US and hit another failure point in January. Black Press Ltd. filed for creditor protection under the Canadian Bankruptcy and Insolvency Act, shortly thereafter filing for Chapter 15 protection in the US to secure its interests in Hawaii, Alaska, and Washington State. The company plans to restructure its debt and remain in business, publishing its newspapers while working through the insolvency proceedings. The company has lined up a buyer group that has made a stalking horse bid for the 94 newspapers it publishes in Canada, mostly in British Columbia, plus several titles in the US. In court documents, the company noted that it will be cutting costs by consolidation of its print operations. <br /><br />Paper Excellence, the latest successor in a long line of owners of the Catalyst mill located in Crofton on Vancouver Island, has announced that the mill will indefinitely cease papermaking operations. In October, 2022, Paper Excellence announced the cessation of papermaking at this mill. Canadian federal government funding forestalled the shutdown, but after a two-year delay, it appears that the mill will now cease papermaking for the foreseeable future and operate only as a pulp mill. The machines at the Crofton mill primarily manufactured newspaper grades of paper. </span><br /><br /><span style="font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Page 1 Printers in this transaction.</span></span><div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_29081" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8229081" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl8229081" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8229081" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8629081" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8729081" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9829081" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8629081" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8729081" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9829081" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8529081" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8829081" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9829081" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8429081" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9729081" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8229081" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7429081" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6929081" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2024 January - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9529081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7629081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9529081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7429081" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7729081" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7829081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7829081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9429081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7229081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7829081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9429081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7229081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7229081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7229081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7829081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl8029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">The Daily Iowan</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Iowa
City, IA</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Mount Lisbon Sun (2 Titles)<br /><span class="font8" style="font-size: 11pt;">(Prop. Woodward
Communications)</span></td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"> Mount Vernon, IA</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/30/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.niemanlab.org/2024/01/a-student-newspaper-in-iowa-just-bought-two-local-weeklies/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Salem One<br />(Port co. Granite Creek Capital)</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$38.6</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Winston-Salem, NC </td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">iTek</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Concord,
NC</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/22/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://salem-one.com/press-checknewsletter/salem-one-expands-market-presence-strategic-acquisition-itek-graphics/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl9029081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Page 1 Printers</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Slayton,
MN</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/22/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Publication printing</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.graphicartsadvisors.com/single-post/graphic-arts-advisors-finds-strategically-aligned-buyer-and-announces-the-sale-of-page-1-printers-to" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">BindTech</td>
<td class="xl9029081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Nashville, TN</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Eckhart & Co</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Indianapolis,
IN</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/18/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book binding & finishing</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/117908-bindtech-llc-acquires-eckhart-co/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sherburne Partners</td>
<td class="xl9029081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Digital Color Concepts</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mountainside
NJ</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/17/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/sherburne-partners-invests-in-digital-color-concepts-302037009.html" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">David D. Smith</td>
<td class="xl9029081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Baltimore, MD</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Baltimore Sun Media<br />(Prop. Alden Global Capital)</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Baltimore, MD</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/16/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Regional newspaper</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.axios.com/2024/01/16/baltimore-sun-sold-sinclair-david-smith" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Winbrook</td>
<td class="xl9029081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Billerica, MA</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Brandmark Creative</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mashpee,
MA</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/12/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Managed print & promo</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.pr.com/press-release/904007" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Thrive Screen Printing</td>
<td class="xl9029081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 103pt;" width="137">Phoenix, AZ</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Night Owls Print Shop</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Houston,
TX</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/11/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Screen printing apparel</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prunderground.com/thrive-screen-printing-raises-the-level-of-talent-with-recent-acquisition/00324960/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6629081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Pressworks</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Plain
City, OH</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Post Printing</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mister,
OH</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/10/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.dailyadvocate.com/2024/01/10/pressworks-and-post-printing-announce-deal/#:~:text=PLAIN%20CITY%20%E2%80%94Pressworks%2C%20Inc.,commercial%20printers%20in%20the%20region." target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Max Solutions<br /><span class="font8" style="font-size: 11pt;">(Port co. Jefferson Capital
Partners)</span></td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Bristol, PA</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bellwyck Packaging</td>
<td class="xl6729081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Toronto, ON</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/8/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & labels</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20240108164944/en/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Digital Print Solutions</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richfield, OH</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Americas Print Show</td>
<td class="xl6729081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cleveland, OH</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/4/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing industry trade show</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://americasprintshow.com/wp-content/uploads/2024/01/APS_Press-Release_DPSAcquisition_January042024.pdf" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Vivid Impact</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Louisville,
KY</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Impressions</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Louisville,
KY</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.linkedin.com/pulse/vivid-impact-advances-innovation-presence-acquisition-sam-campitella-dfjte/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mittera</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$572.4</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Des
Moines, IA</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Brooke Graphics</td>
<td class="xl6529081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elk Grove Village, IL</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Dye sublimation printing</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://mittera.com/brooke-graphics/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl6729081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DRSi / G&H Print</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Bellevue, WA</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.ocbj.com/services/crisp-imaging-acquires-two-washington-based-printers/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Flywheel Brands</td>
<td class="xl6729081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hixson, TN</td>
<td class="xl10029081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Dynamic Decals / Bespoke Printing</td>
<td class="xl6729081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hixson,
TN</td>
<td class="xl9129081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/24</td>
<td class="xl8929081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing & promo</td>
<td class="xl9229081" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.einpresswire.com/article/678833557/flywheel-brands-inc-embarks-on-a-new-era-with-strategic-acquisition" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7029081" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Runbeck Election Services<br />(Port co. Black Mountain)</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Global Mobile</td>
<td class="xl6529081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl9129081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/2/24</td>
<td class="xl8929081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9329081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6829081" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Voting software app</td>
<td class="xl9229081" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/runbeck-election-services-acquires-global-mobile/" target="_blank">Link</a></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7429081" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7029081" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8329081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9629081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9629081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8329081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9629081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7029081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9629081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6929081" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_29081" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
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<div align="center" id="Target Report_32329" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6732329" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7332329" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6932329" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6532329" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7032329" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6632329" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6532329" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6532329" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6532329" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7132329" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7232329" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7632329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7632329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7732329" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2024 January - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7732329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7732329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7632329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7232329" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7932329" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8032329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8032329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8032329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8032329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8332329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6832329" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8132329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7232329" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6832329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6832329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Dusobox</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1/29/24</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">24-00391</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Orlando,
FL</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8532329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Middle FL<br />Orlando</td>
<td class="xl8532329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Tiffany P. Geyer</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Michael
A. Nardella</td>
<td class="xl8632329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
cartons & displays</td>
<td class="xl7832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6832329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6832329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Flawless Screen Printing, LLC</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1/15/24</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">24-50019</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Morgan
City, LA</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8532329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Western LA<br />Lafayette</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">John
W. Kolwe</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Thomas
St. Germain</td>
<td class="xl8632329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Screen
printing apparel</td>
<td class="xl7832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6832329" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8132329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7232329" style="display: none; mso-height-alt: 500; mso-height-source: userset;">
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8132329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7232329" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6832329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6832329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Charis Books, LLC</td>
<td class="xl9032329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/29/24</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">24-10170</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Abita
Springs, LA</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8532329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern LA<br />New Orleans</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Meredith
S. Grabill</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Wayne
M. Aufrecht</td>
<td class="xl8632329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Self-publishing
book printer</td>
<td class="xl7832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6832329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6832329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Mail Print LLC</td>
<td class="xl9032329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/20/24</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">24-10280</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Las
Vegas, NV</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">9th</td>
<td class="xl8232329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Nevada<br />Las Vegas</td>
<td class="xl8532329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Natalie M. Cox</td>
<td class="xl8432329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Guinness
Ohazuruike</td>
<td class="xl8632329" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6832329" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8132329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
15 Filings:</td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7232329" style="display: none; mso-height-alt: 500; mso-height-source: userset;">
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8132329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7232329" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6832329" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6832329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Black Press Ltd. </td>
<td class="xl9032329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/15/24</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">24-10044</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Surrey,
BC</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl8532329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Delaware<br />Wilmington</td>
<td class="xl8532329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Mary F. Walrath</td>
<td class="xl8432329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Stanley
B. Tarr</td>
<td class="xl8632329" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newspaper
publishing & printing</td>
<td class="xl7832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7232329" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6832329" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8932329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7532329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6832329" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_32329" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_2302" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl732302" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl732302" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl732302" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl802302" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl812302" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl822302" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl832302" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl832302" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl932302" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl852302" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl842302" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl842302" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl732302" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl712302" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl722302" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl722302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl672302" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2024 January - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl672302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl672302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl722302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl712302" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl742302" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl742302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl752302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl692302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl692302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl752302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl762302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl692302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl692302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl762302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl772302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl742302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl712302" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl652302" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl652302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl662302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Paper Excellence - Papermaking operations</td>
<td class="xl882302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Jan-24</td>
<td class="xl902302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl682302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Crofton,
BC</td>
<td class="xl892302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">Paper Excellence Group</td>
<td class="xl902302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richmond, BC</td>
<td class="xl682302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1/25/24</td>
<td class="xl862302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Papermaking mill</td>
<td class="xl872302" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cbc.ca/news/canada/british-columbia/vancouver-island-paper-mill-1.7095393" target="_blank">Link</a></td>
<td class="xl782302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl712302" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl652302" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl652302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl662302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Quad/Graphics - Printing facility</td>
<td class="xl702302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/4/24</td>
<td class="xl902302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl682302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Saratoga
Springs, NY</td>
<td class="xl792302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Quad
Graphics</td>
<td class="xl902302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sussex, WI </td>
<td class="xl682302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1/22/24</td>
<td class="xl862302" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Magazine & catalog printing</td>
<td class="xl872302" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/quad-closing-saratoga-springs-printing-plant-bolingbrook-mailing-facility/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2024-01-22" target="_blank">Link</a></td>
<td class="xl782302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl712302" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl652302" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl652302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl662302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Quad/Graphics - Mail processing facility</td>
<td class="xl702302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/24/24</td>
<td class="xl902302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl682302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bolingbrook,
IL</td>
<td class="xl792302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Quad
Graphics</td>
<td class="xl902302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sussex, WI </td>
<td class="xl682302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1/22/24</td>
<td class="xl862302" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Mail processing & logistics</td>
<td class="xl872302" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/quad-closing-saratoga-springs-printing-plant-bolingbrook-mailing-facility/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2024-01-22" target="_blank">Link</a></td>
<td class="xl782302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
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<td class="xl652302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl922302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl922302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl792302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl652302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl652302" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-25849436017356513622024-01-07T15:38:00.014-05:002024-01-07T15:55:26.826-05:00Climb Another Peak? – December 2023 M&A Activity<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg8CPy4QUphUvCki-r7r1uLebNN95SjYSeW1yGgE1i5BPsvAxJlXmq4ryfW9RI6nxEAA1y71Gd5kbu0DxpkpHWGvOERCQ8-rxQM3N2fJKEAUUECGCBU5nKwfd93ytfu9bfXDV8-ICOA-Tgr6sMUkM9jO17aCJz5x3ekjKpbdQbHOVOAv1TrFFeO-yF4NM/s4032/Mountain%20Climber.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2688" data-original-width="4032" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg8CPy4QUphUvCki-r7r1uLebNN95SjYSeW1yGgE1i5BPsvAxJlXmq4ryfW9RI6nxEAA1y71Gd5kbu0DxpkpHWGvOERCQ8-rxQM3N2fJKEAUUECGCBU5nKwfd93ytfu9bfXDV8-ICOA-Tgr6sMUkM9jO17aCJz5x3ekjKpbdQbHOVOAv1TrFFeO-yF4NM/w447-h297/Mountain%20Climber.jpg" width="447" /></a><br /><br /><span style="font-family: arial; font-size: large;">Global M&A activity in 2023 fell approximately 20% compared to 2022, according to Bain & Co, a global business consulting firm. Within that larger context, deals completed in 2023 by private equity firms were off a whopping 35% from the level reached in 2022. Strategic deals, in which one operating company buys another operating company, were down 14%. The general consensus is that the primary culprit was higher interest rates which made deals more expensive to finance. Layer that higher funding cost on top of sellers’ expectations of a higher enterprise value driven by the past decade of low interest rates, and a value perception mismatch developed. That mismatch drove down the number of successfully completed M&A deals. <br /><br /><u><i>How Did Our Industry Measure Up? </i></u><br /><br />To find out how the printing, packaging, and related industries fared in M&A terms for the 2023 calendar year, we updated our stats from our annual review which we publish each September that covers the trailing twelve months ended in August each year (See <a href="https://www.thetargetreport.com/2023/09/the-target-report-annual-review-august.html" target="_blank">The Target Report Annual Review: 2023 </a>M&A Activity). Our analysis revealed that the trend in deals in the printing, packaging, and related industries, measured by the number of transactions announced in 2023, very closely tracked the decline in overall global strategic transactional activity. M&A deals in our corner of the business world declined 14.3% from 2022, an almost spot-on match to global trends. Maybe we should not be surprised, as the same mismatch between buyer’s higher funding costs and sellers’ expansive value expectations was evident in the industries we follow and work in. <br /><br />Several distinct, but closely related, trends became apparent to us at Graphic Arts Advisors as summer progressed into autumn. The following are our observations on the M&A market in the lower middle market for printing and packaging companies as we close out 2023. <br /><br /><i><u>What Happened #1 </u></i></span><i><span style="line-height: 110%;"><span style="font-family: arial; font-size: large;"><u>–</u></span></span></i><span style="font-family: arial; font-size: large;"><i><u> The End of Post-Covid Demand</u></i><br /><br />The pent-up demand from the Covid shutdown was unleashed in 2022. The increase in demand impacted many sectors of the economy including printing, packaging, and related graphic communication companies. During the past year, we had the privilege to speak candidly with many owners who reported that their companies had enjoyed significant boosts to revenue in 2022, as compared to the prior year. Reported increases were often in the 20% to 25% range, and some even higher. When the disciplined expense management and reduced headcount that Covid made necessary met those higher revenues, profits at many companies soared. <br /><br />As 2023 unfolded, the pent-up demand was satiated. Demand and production capacity are reasonably back in balance. With the benefits from the post-Covid demand bubble behind them, many companies struggled to repeat their 2022 financial performance. Nonetheless, after the heady days of 2022, some sellers had expectations of an unending upward growth curve. For many, as 2023 progressed, it became clear that the curve was flattening or turning downward. Unable to support an ongoing 20% growth story, some owners became disenchanted with their exit prospects and withdrew from the market. <br /><br /><u><i>What Happened #2 </i></u></span><i><span style="line-height: 17.6px;"><span style="font-family: arial; font-size: large;"><u>–</u></span></span></i><span style="font-family: arial; font-size: large;"><u><i> Supply Chain Equilibrium </i></u><br /><br />The severe paper and substrate shortage of 2022 required intense management attention. Companies that were able to buy available stock did so and built up excessive levels of inventory. A label printing company we know leased an entire additional building to house the massive amount of additional pressure sensitive roll stock they had purchased. It got to the point in 2022 that companies in the US West and Southwest had purchased so much paper that skids were being stored outside. On visits to several companies, I saw parking lots full of paper, lightly covered with plastic wrap, an unthinkable practice on the rainy and snowy east coast that I call home. <br /><br />Companies that managed to maintain sufficient inventory to keep the presses running enjoyed sudden pricing power that had been absent from the industry for decades. For a few months last year, I heard stories that reminded me of the good times I experienced as an owner of a commercial printing company in the 1990’s when customers without hesitation paid big premiums to rush preparation of proofs or extend press time availability. For some buyers last year, negotiating pricing was not their goal; if you had paper, you got your price. <br /><br />As the supply of paper and other substrates normalized in 2023, market pricing discipline has returned, putting pressure on the top and bottom lines. For some companies that built up large inventories of paper at the peak of the shortage, the cost of working off high-priced inventory puts more downward pressure on margins. As a result, some owners decided it was better to withdraw from the market until revenue, profits, and inventory levels normalize. <br /><br /><u><i>What Happened #3 </i></u></span><i><span style="line-height: 17.6px;"><span style="font-family: arial; font-size: large;"><u>–</u></span></span></i><span style="font-family: arial; font-size: large;"><u><i> The Landing is Not Soft for Everyone <br /></i></u><br />Over the past eight months, we have seen a noticeable uptick in companies that are experiencing financial challenges. Beginning in May 2023, the number of bankruptcies filed in our industry has notably increased, mostly in the commercial printing segment. The majority of those that declared bankruptcy filed for immediate liquidation under Chapter 7, rather than attempt to resurrect the company under a Chapter 11 proceeding. <br /><br />In the packaging segment, some minor cracks have appeared. Although the segment remains very attractive to investors, there were several bankruptcy filings by companies in the corrugated carton and display business, indicative of some stress occurring in the fringes. One bankruptcy filed in 2023 was by a flexible packaging company, the first that we have noted in this segment for several years. <br /><br />In addition, there has been an increase in the number of non-bankruptcy plant and company closures. The percentage of transactions that result in a tuck-in has also increased, which we believe is clearly indicative of overcapacity and softer market conditions. While not at the level to ring alarm bells, the trend is clear, an increasing number of companies are struggling. <br /><br />It had to happen, and it is. Companies that survived due to the Covid stimulus payments are now running on empty. It is not a torrent, but our work assisting owners of companies experiencing financial challenges has increased significantly, and it appears that there will be more to come. (See <a href="https://www.thetargetreport.com/2023/10/is-soft-landing-in-sight-september-2023.html" target="_blank">The Target Report: Is a Soft Landing in Sight? – September 2023</a>). If opportunities to acquire and tuck-in the business from challenged companies becomes more prevalent, that will negatively color buyers’ expectations of value. <br /><br /><u><i>What Happened </i></u></span><span style="font-family: arial; font-size: large;"><u><i>#4 </i></u></span><i><span style="line-height: 17.6px;"><span style="font-family: arial; font-size: large;"><u>–</u></span></span></i><span style="font-family: arial; font-size: large;"><u><i> Climb Another Mountain </i></u><br /><br />Add up all of the above and it makes perfect sense. Company owners that had reached peak performance, maybe their best ever, had a high number firmly planted in their mind. If they are subject to the trends enumerated above, a sinking feeling has set in that a sale of the company will not produce the number they were counting on, at least not now. <br /><br />As with all endeavors, there is always another peak in the distance. Forced by market conditions to climb down from the euphoria of the top, there is another summit to conquer. Even at advanced age when retirement beckons, the lure of that higher number summons. Reinvestment ensues, another capex and debt cycle begin, and ultimately a new higher exit goal is set. Some will try to climb that next mountain without a refresh of the production equipment. Like the mountain climber who does not have the right gear for the mission, trouble looms. In the meantime, as some owners set their sights on that next peak, they decided to withdraw from the market. <br /><br /><u><i>Reset Expectations for 2024 </i></u><br /><br />The unique trends that impacted the market for M&A transactions in 2023 all led to a value perception mismatch between sellers and buyers, depressing the number of completed transactions. <br /><br />In addition to the trends of the moment, some trends are timeless and inexorable. Owners will age out and some will not have a next generation family member eager to take over. Technology will progress and equipment will become obsolete. Presses will wear out. Content will continue to be digitized and delivered electronically. Macro-economic conditions will bear down on or push up all businesses, but not evenly. <br /><br />Sellers will continue to perceive the value of their companies at the top end of what is possible within their particular segment of the industry, and buyers will maintain their disciplined approach to valuation. Nonetheless, enough owners will decide that they have climbed their last hill and are ready to exit ownership. Even in a slower market that was down 14.3% year over year, 85.7% completed a transaction.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6826587" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 December - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9526587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7526587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9526587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7326587" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7626587" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7726587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7726587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9426587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7126587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7726587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9426587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7126587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7126587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7126587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7726587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CorrPak Group</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Zeeland,
MI</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Westpack Packaging Solutions</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Muskegon,
MI</td>
<td class="xl9126587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/21/23</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$0.8</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">363 Sale in Ch. 11</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes & fillers</td>
<td class="xl9226587" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.crainsgrandrapids.com/news/manufacturing/lakeshore-packaging-company-emerges-from-bankruptcy-under-new-west-michigan-owner/#:~:text=Now%2C%20Westpack%20has%20been%20acquired%20by%20Zeeland-based%20CorrPak,do%20business%20as%20Westpack%20Acquisitions%20LLC%20going%20forward." target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sentinel Capital Partners</td>
<td class="xl9026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Online Labels Group<br />(Port co. Tenex Capital Mngt.)</td>
<td class="xl6526587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7226587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sanford,
FL</td>
<td class="xl9126587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/19/23</td>
<td class="xl8926587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9226587" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/sentinel-capital-partners-recapitalizes-online-labels-group-302019131.html" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Monotype
Imaging Holdings</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Woburn,
MA</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Colophon Foundry</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">London,
UK</td>
<td class="xl9126587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/19/23</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Type foundry (fonts)</td>
<td class="xl9226587" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.monotype.com/company/press-release/acclaimed-colophon-foundry-joins-monotype-family" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Panther Premier Print Solutions</td>
<td class="xl6526587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sioux Falls, SD</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Advertising Arts</td>
<td class="xl6526587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sioux Falls, SD</td>
<td class="xl9126587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/18/23</td>
<td class="xl8926587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Screen & wide format printing</td>
<td class="xl9226587" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.pantherg.com/2023/12/18/panther-expands-reach-with-acquisition-of-advertising-arts/" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">EP Graphics</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$28.2</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Berne, IN</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Democrat Printing & Litho</td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Little Rock, AR</td>
<td class="xl9126587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/18/23</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Publication & catalog printing</td>
<td class="xl9226587" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://talkbusiness.net/2023/12/democrat-printing-lithographing-co-joins-partnership-with-indiana-company/" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Allied Printing Services</td>
<td class="xl9026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Manchester, CT</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">XL Color</td>
<td class="xl6626587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Bloomfield, CT</td>
<td class="xl9126587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/17/23</td>
<td class="xl8926587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide-format printing</td>
<td class="xl9226587" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.alliedprinting.com/weve-expanded-our-large-format-capabilities/" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Müller Martini Group</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Zogingen<br />Switzerland</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Hunkeler Group </td>
<td class="xl6526587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Wikon,
Switzerland</td>
<td class="xl9126587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/6/23</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Finishing equipment</td>
<td class="xl9226587" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mullermartini.com/en/newsroom-en/news/2023/pi-2424-muller-martini-and-hunkeler-join-forces-for-the-future/" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Spectra Systems</td>
<td class="xl6526587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$22.0</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Providence, RI</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cartor Security Printers</td>
<td class="xl6526587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$20.5</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Wolverhampton,<br />UK</td>
<td class="xl9126587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/4/23</td>
<td class="xl8926587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$19.0</td>
<td class="xl9326587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Security document printing</td>
<td class="xl9226587" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.proactiveinvestors.co.uk/companies/news/1035279/spectra-systems-bolsters-bottom-line-with-key-acquisition-of-cartor-holdings-limited-1035279.html" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6926587" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8026587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sonoco</td>
<td class="xl6626587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$6,820</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hartsville, SC</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Inapel Embalagens</td>
<td class="xl6626587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$7,300</td>
<td class="xl7226587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sao
Paulo, Brazil</td>
<td class="xl9126587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/1/23</td>
<td class="xl8926587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9326587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6726587" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl9226587" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2023/12/01/2789524/26553/en/Sonoco-Acquires-Inapel-Embalagens-Ltda.html" target="_blank">Link</a></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7326587" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6926587" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8326587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9626587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9626587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8326587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9626587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6926587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9626587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6826587" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_26587" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_26587" x:publishsource="Excel"><div align="center" id="Target Report_31251" x:publishsource="Excel"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1404px;"><colgroup><col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col><col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col><col class="xl6731251" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col><col class="xl7331251" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col><col class="xl6931251" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col><col class="xl6531251" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col><col class="xl7031251" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col><col class="xl6631251" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col><col class="xl6531251" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col><col class="xl6531251" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col><col class="xl6531251" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col><col class="xl7131251" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col><col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col></colgroup><tbody><tr class="xl7231251" height="47" style="height: 35pt; mso-height-source: userset;"><td class="xl7631251" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7631251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7731251" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 December - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7731251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7731251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7631251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7231251" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7931251" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8031251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8031251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8031251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8031251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8331251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231251" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831251" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231251" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831251" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9131251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8631251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231251" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831251" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231251" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831251" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">McClelland Press, Inc.</td>
<td class="xl9031251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/16/23</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-12062</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Alexandria,
VA</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl8231251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern VA<br />Alexandria</td>
<td class="xl8531251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Klinette H. Kindred</td>
<td class="xl8431251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sean
E. Underwood</td>
<td class="xl8631251" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl7831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231251" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831251" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Dothan Printing & Lithographing, Inc.</td>
<td class="xl9031251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/4/23</td>
<td class="xl8431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-11347</td>
<td class="xl8431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dothan,
AL</td>
<td class="xl8431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8231251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Middle AL<br />Dothan</td>
<td class="xl8531251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Christopher L. Hawkins</td>
<td class="xl8431251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cameron
A. Metcalf</td>
<td class="xl8631251" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl7831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231251" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6831251" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831251" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_31251" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_31251" style="font-size: x-large;" x:publishsource="Excel"><div align="center" id="Target Report_1461" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl721461" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl721461" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl721461" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl791461" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl801461" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl811461" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl821461" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl821461" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl921461" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl841461" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl831461" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl831461" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl721461" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl701461" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl711461" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl711461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl661461" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 December - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl661461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl661461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl711461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl701461" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl731461" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl731461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl741461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl681461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl681461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl741461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl751461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl681461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl681461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl751461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl761461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl731461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl701461" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl771461" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl771461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl651461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Catapult ME</td>
<td class="xl871461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Feb-24</td>
<td class="xl891461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl671461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN</td>
<td class="xl881461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">None</td>
<td class="xl691461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl871461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-23</td>
<td class="xl851461" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Commercial printing</td>
<td class="xl861461" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/catapult-me/" target="_blank">Link</a></td>
<td class="xl781461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl701461" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl771461" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl691461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl691461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl691461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl911461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl771461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br />Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-72528820512067424752023-12-07T17:44:00.025-05:002023-12-07T18:43:34.479-05:00The One-Two Punch Platform– November 2023 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6nfPv3vXUKiXHYuOwn4yEddGu8F4Yk3AFFM8sRzqbGf0-xGtCTB24VKhOdKdiZJkDQkrhApM37Ze9mupRbxcdvhxqZ9WuREWI1_1pH6jJG3JhudzSaf4t1tzt9t7-j7cA4j4IpVgxTZovo0Bmgq8KOYAiR__xioTuSu64-UbDDTlucMT9jJFJ78ehuy4/s4213/Boxing%20Gloves.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2575" data-original-width="4213" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6nfPv3vXUKiXHYuOwn4yEddGu8F4Yk3AFFM8sRzqbGf0-xGtCTB24VKhOdKdiZJkDQkrhApM37Ze9mupRbxcdvhxqZ9WuREWI1_1pH6jJG3JhudzSaf4t1tzt9t7-j7cA4j4IpVgxTZovo0Bmgq8KOYAiR__xioTuSu64-UbDDTlucMT9jJFJ78ehuy4/w453-h277/Boxing%20Gloves.Cropped.jpg" width="453" /></a></div><span style="font-family: arial; font-size: large;">Core Industrial Partners is back in the ring, re-entering the packaging market as a contender in the emerging roll-up of the folding carton business. In 2020, the Chicago-based private equity fund had acquired TCG Legacy, a commercial printing and packaging company in Raleigh, North Carolina. Intended as Core’s platform entry into the print and packaging business, TCG Legacy soon added-on MedLit Graphics, a packaging and labeling company based in Windsor, New Jersey. Rather than continue to build out the TCG Legacy platform, Core soon thereafter exited the investment, in 2022, selling the renamed MedLit Solutions to Resource Label Group. <br /><br />At the opening bell of its return to folding carton business, Core Industrial announced its investment in <a href="https://coreipfund.com/news/core-industrial-partners-announces-investment-in-century-box/" target="_blank">Century Box</a>, a folding carton manufacturer based in Methuen, Massachusetts. As is often the case with private equity deals, partnering with Core Industrial represents the first institutional equity investment for Century Box, a family-owned company. The second generation owners of Century Box stated that they had specifically sought out a financial partner with packaging industry experience and expertise to fund and expedite the company’s next phase of growth. Core Industrial fit the bill. <br /><br />Century Box, which was founded in 1978, operates from two facilities that together are over 200,000 square feet dedicated to folding carton production. The company utilizes a large format offset press and two narrow web presses to produce folding cartons for private-label store-brand food and consumer products. A complement of large format die‑cutters and folder‑gluers enable complete in-house production capability. Automated windowing is a specialty of the company, which supports the company’s focus on supplying food product cartons. <br /><br />In its announcement of the deal, Core Industrial Partners clearly articulated that Century Box was only the first round in its re‑entry to the packaging industry. Strategic initiatives and complementary acquisitions were planned. Less than a week later, the fund made good on its promise and announced round two, the acquisition of <a href="https://coreipfund.com/news/core-industrial-partners-furthers-its-investment-thesis-into-folding-carton-packaging-sector-with-the-acquisition-of-general-converting/" target="_blank">General Converting</a>, a folding carton manufacturer in Bolingbrook, Illinois. <br /><br />General Converting brings geographic and customer diversity to Core’s new platform company. Operating from a 122,000 square foot facility, the acquired company also serves the food industry, with added penetration into the confectionery segment. Additional markets served include pharmaceuticals, cosmetics, and fragrance, as well as other consumer products. Printing is accomplished on sheetfed offset presses. Die-cutting and finishing are completed in‑house. <br /><br />Core Industrial Partners is not alone. In the past two years, private equity has moved aggressively into the highly fragmented business of manufacturing folding cartons. As we noted a couple years ago, the market for folding carton manufacturing had begun to heat up. In recent months, the purchase of box printing companies outpaced the number of deals that involved label printing companies. That had not occurred before in our eleven‑plus years of tracking and commenting on M&A activity in the printing, packaging, and related industries. (See <a href="https://www.thetargetreport.com/2022/04/label-roll-ups-are-red-hot-are-folding.html" target="_blank">Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022</a>). We expect that the keen interest from private equity firms in the folding carton business will continue unabated for the next several years. *<br /><br /><u><i>The Easy Pickings are Gone </i></u><br /><br /> The label business has been positively picked over. The most desirable fruit has been gathered. The owners of the diminishing number of label companies that remain independent are not ready to harvest the fruits of their labor. The valuations of desirable label printing companies, especially those with solid earnings and positive growth prospects, were sky-high relative to other segments in the printing and packaging industries. Many owners took advantage of the very favorable market conditions and sold out to one of the numerous PE-backed aggregators. As a result of the extensive consolidation, fewer highly desirable independent target label printing companies remain available for purchase.<br /><br />Resource Label Group, now funded by its third PE backer, Ares Management, announced its 30th acquisition with the purchase of <a href="https://www.resourcelabel.com/blog/2023/11/16/resource-label-group-completes-30th-acquisition-with-award-winning-coast-label-company/" target="_blank">Coast Label</a> in Fountain Valley, California. The acquired company produces specialized labels, such as durable industrial labels, sequential bar code labels, numbered machine identification labels, electrical system labels, inventory tracking stickers, traceability labels, and tamper evident labels. Notably, these are not the high-volume prime labels that characterized many of the earlier acquisitions completed by Resource Label Group. (See <a href="https://www.thetargetreport.com/2021/10/private-equity-fuel-consolidation-of.html" target="_blank">Private Equity Fuel$ Consolidation of Label Industry – September 2021</a>). <br /><br />Brook + Whittle, now funded by its third PE backer, Genstar Capital, announced the purchase of <a href="https://brookandwhittle.com/brook-whittle-acquires-flexoone-and-instocklabels/" target="_blank">FlexoOne</a>, a label printing company in Salt Lake City, Utah. The company specializes in small clear stickers and pressure sensitive labels that are used to indicate apparel sizes in retail environments. Other products include tamper evident labels, as well as some prime product labels. The acquisition of FlexoOne included the purchase of InStockLabels.com, an associated online sales channel. InStockLabels stocks over 4,000 label products that are sold via its website. The products include standard safety labels, color coding stickers, for-sale labels, as well as a complete range of clothing size stickers. Remarkably, the products are not the high-volume prime labels that distinguished the manufacturers that Brook + Whittle acquired in its initial roll-up deals. <br /><br />Eschewing the lure of private equity funding, OMNI Systems prides itself as being the largest privately owned label converter in the US. Headquartered near Cleveland, Ohio, the company announced the acquisition of <a href="https://www.omnisystem.com/hubfs/OMNI-Honeywell-Acquisition.pdf?hsLang=en" target="_blank">Honeywell’s Media Business</a>. The acquired business provides barcode labels, media tags, thermal label stock, RFID labels, and patient wristbands. OMNI Systems specializes in direct thermal stock, anti-theft tags, and preprinted barcode labels. It is worth noting that prime labels, while offered, are not front and center in the company’s offerings. <br /><br />Compared to the past several years, the number of deals announced in the label segment has declined markedly over the past year. Nonetheless, the PE‑backed label platforms continue to find some select, but potentially less juicy pickings.<br /><br /><span style="font-family: arial;"><span style="font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, currently represents a private equity fund seeking to acquire manufacturers of high-value folding cartons.</span></span></span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><span style="font-family: arial;"><span><div align="center" id="Target Report_7854" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl817854" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
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</colgroup><tbody>
<tr class="xl737854" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl697854" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 November - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl947854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl757854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl947854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl737854" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl767854" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl777854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl777854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl937854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl717854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl777854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl937854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl717854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl787854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl717854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl717854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl777854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl797854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, N. Conway<br />(Employee managers)</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Conway, NH</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Minuteman Press, N. Conway</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">North
Conway, NH</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/30/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/11/30/minuteman-press-franchise-in-north-conway-nh-transitions-from-retiring-owner-to-two-employees/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Brook + Whittle<br />(Port co. Genstar Capital)</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Guilford, CT</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">FlexoOne & InStock Labels.com</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Salt
Lake City, UT</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/29/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://brookandwhittle.com/brook-whittle-acquires-flexoone-and-instocklabels/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">InnoPak<br />(Port co. Emerald Lake Capital)</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Delaware, OH</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Albany Packaging</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Markham, ON</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/29/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20231128394625/en/Innovative-and-Eco-Friendly-Food-Packaging-Leader-Inno-Pak-Acquires-Albany-Packaging" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl677854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 163pt;" width="217">Hearst Connecticut Media Group<br />(Div. Hearst Communications)</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Norwalk, CT</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">RJ Media Group<br />(Record-Journal + 7 titles)</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Meriden,
CT</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/27/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Dirks, Van Essen)</span></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Regional newspaper</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dirksvanessen.com/press_release/hearst-ct-media-to-acquire-meriden-record-journal/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Star Group</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Minneapolis, MN</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Exhibit Edge</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Washington,
DC</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/27/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Generational Equity)</span></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Trade show exhibits</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/star-group-acquires-exhibit-edge-expanding-reach-and-boosting-capabilities-302001020.html" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Moss<br />(Port co. EagleTree Capital)</td>
<td class="xl897854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Franklin
Park, IL</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">MacroArt</td>
<td class="xl667854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">St
Neots, UK</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/17/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide & grand format printing</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mossinc.com/moss-expands-into-uk-with-macroart-acquisition/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl897854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Coast Label</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fountain
Valley, CA</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/16/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels & flexible packaging</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.resourcelabel.com/blog/2023/11/16/resource-label-group-completes-30th-acquisition-with-award-winning-coast-label-company/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Unicorr</td>
<td class="xl897854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Haven, CT</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TriState Container</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bensalem,
PA</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/9/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/unicorr-packaging-group-has-acquired-pennsylvania-based-tristate-container-corporation-expanding-its-geographic-footprint-and-manufacturing-capabilities-301981727.html" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Image360</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, KS</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Wrap it Up</td>
<td class="xl667854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, KS</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/8/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Vehicle graphics</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://kansascitymidtownks.image360.com/wrap-it-up" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Core Industrial</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">General Converting</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bolingbrook,
IL</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/8/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://coreipfund.com/news/core-industrial-partners-furthers-its-investment-thesis-into-folding-carton-packaging-sector-with-the-acquisition-of-general-converting/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Order My Gear</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dallas, TX</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DistributorCentral</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Gardner,
KS</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/7/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Distributor software</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.ordermygear.com/blog/in-the-news/ordermygear-acquires-distributorcentral/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Packaging Concepts ESOP</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Louis, MO</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Packaging Concepts</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Louis, MO</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/7/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags & flexible packaging</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://butcherjoseph.com/blog/esop/butcherjoseph-co-advised-packaging-concepts-inc-on-a-sale-to-its-employees" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Presidio Investors</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Austin, TX</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Almaden</td>
<td class="xl667854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Santa
Clara, CA</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/7/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20231107213050/en/Presidio-Investors-Expands-Portfolio-with-Acquisition-of-Almaden" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">OMNI Systems</td>
<td class="xl897854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl987854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">Mayfield
Village, OH</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Honeywell Media</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Fairfield,
OH</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/6/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label & tag printing</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.omnisystem.com/hubfs/OMNI-Honeywell-Acquisition.pdf?hsLang=en" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Graphic Packaging Group<br />(Affil. Data-Mail)</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Newington, CT</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Flexographic Print Solutions</td>
<td class="xl667854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rochester, NH</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/6/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/data-mail-launches-graphics-packaging-group-a-ata-mail-affiliate/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-11-06" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Target Print & Mail</td>
<td class="xl657854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tallahassee, FL</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bowman Promotional Specialties</td>
<td class="xl667854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tallahassee, FL</td>
<td class="xl907854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/2/23</td>
<td class="xl887854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Promotional distributor</td>
<td class="xl917854" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://targetprintmail.com/target-print-mail-expands-promotional-product-services/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707854" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Core Industrial</td>
<td class="xl657854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Century Box</td>
<td class="xl667854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Methuen,
MA</td>
<td class="xl907854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/2/23</td>
<td class="xl887854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687854" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl917854" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://coreipfund.com/news/core-industrial-partners-announces-investment-in-century-box/" target="_blank">Link</a></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737854" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl707854" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl827854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl827854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl697854" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_7854" x:publishsource="Excel"><span style="text-align: left;"><br /></span></div><div align="center" id="Target Report_7854" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_7854" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_11673" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6711673" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7311673" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6911673" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6511673" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7011673" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6611673" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6511673" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6511673" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6511673" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7111673" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7211673" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7611673" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7611673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7711673" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 November - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7711673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7711673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7611673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7211673" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7911673" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8011673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8011673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8011673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8011673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8311673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7211673" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6811673" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8111673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7511673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7211673" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6811673" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6811673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9111673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8611673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7211673" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6811673" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8111673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7511673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7211673" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6811673" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6811673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Cadore Miller Printing, Inc</td>
<td class="xl9011673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/25/23</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-15794</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hickory
Hills, IL</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7th</td>
<td class="xl8211673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern IL<br />Chicago</td>
<td class="xl8511673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">A. Benjamin Goldgar</td>
<td class="xl8411673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Eric
G Zelazny</td>
<td class="xl8611673" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl7811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7211673" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6811673" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6811673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Amazing Printing Incorporated</td>
<td class="xl9011673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/17/23</td>
<td class="xl8411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-61462</td>
<td class="xl8411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Woodstock,
GA</td>
<td class="xl8411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8211673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern GA<br />Atlanta</td>
<td class="xl8511673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Wendy L. Hagenau</td>
<td class="xl8411673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Danny
Coleman</td>
<td class="xl8611673" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7211673" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6811673" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8911673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7511673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7511673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811673" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_11673" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_11673" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_11673" style="font-size: x-large;" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_14766" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7614766" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7614766" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7614766" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8314766" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8414766" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8514766" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8614766" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8614766" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl9714766" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8814766" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8714766" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8714766" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7614766" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7414766" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7514766" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7514766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6714766" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 November - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6714766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6714766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7514766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7414766" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7714766" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7714766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7814766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7814766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7914766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7914766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl8014766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7714766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7414766" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8114766" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8114766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6514766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">TC Transcontinental - Packaging facility</td>
<td class="xl9114766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Feb-23</td>
<td class="xl9414766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6814766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Tomah,
WI</td>
<td class="xl9214766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">TC Transcontinental</td>
<td class="xl7214766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Montreal,
QC</td>
<td class="xl6814766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11/17/23</td>
<td class="xl8914766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Flexible packaging<br />(Formerly Coveris facility)</td>
<td class="xl9014766" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/tc-transcontinental-packaging-to-close-its-tomah" target="_blank">Link</a></td>
<td class="xl8214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7414766" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8114766" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8114766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6514766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">4 Color Press</td>
<td class="xl7314766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/9/23</td>
<td class="xl9414766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6814766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Fort
Worth, TX</td>
<td class="xl9314766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl9414766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl9114766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Nov-23</td>
<td class="xl7014766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl9014766" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/4-color-press/" target="_blank">Link</a></td>
<td class="xl8214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7414766" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8114766" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8114766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6514766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Duncan Press</td>
<td class="xl7314766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/12/23</td>
<td class="xl9414766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6914766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Canton, OH</td>
<td class="xl9314766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl9414766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl9114766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Nov-23</td>
<td class="xl7014766" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl9014766" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/duncan-press/" target="_blank">Link</a></td>
<td class="xl8214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7414766" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8114766" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8114766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6514766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Printpack</td>
<td class="xl9114766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-23</td>
<td class="xl9414766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6814766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Hendersonville,
NC</td>
<td class="xl6614766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">Printpack</td>
<td class="xl9414766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl6814766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">11/3/23</td>
<td class="xl7014766" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Flexible
packaging</td>
<td class="xl9014766" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.printpack.com/printpack-announces-plant-closure/" target="_blank">Link</a></td>
<td class="xl8214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7414766" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl8114766" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7214766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9614766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114766" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></span></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-68462539416514031912023-11-07T19:51:00.019-05:002023-12-04T23:10:53.871-05:00On-Product Printing Promotes & Protects – October 2023 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0teIK7HBt4XnG-aXfv6kOVW1G_4eoVtHSz091sJSQkBpdjn3VFlqdAoLa0KB06rp4AcX2zrrgQyneGHk0p159onBcF8z6mD-kRC7bXVBqWmjYxtV3Frjgtho8-ko4dLd89xf-5zkPVp3pzcJnZLrG8blzDloWZN0v0HOxPvmt_fAFIZkSIfm8SnkWTg4/s2726/Levi%20Tag.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2212" data-original-width="2726" height="331" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0teIK7HBt4XnG-aXfv6kOVW1G_4eoVtHSz091sJSQkBpdjn3VFlqdAoLa0KB06rp4AcX2zrrgQyneGHk0p159onBcF8z6mD-kRC7bXVBqWmjYxtV3Frjgtho8-ko4dLd89xf-5zkPVp3pzcJnZLrG8blzDloWZN0v0HOxPvmt_fAFIZkSIfm8SnkWTg4/w406-h331/Levi%20Tag.Cropped.jpg" width="406" /></a></div><br /></div><span style="font-family: arial; font-size: large;">Most of us do not have to read this label to instantly know that this patch is attached to a pair of the eponymous Levi Strauss original 501 denim blue jeans. The label and the look say it all, these are genuine Levi’s. <br /><br />Marlon Brando wore a pair of Levi’s 501s in the 1953 movie The Wild One, forever changing blue jeans from farmers’ garb to the ultimate symbol of counterculture cool. James Dean solidified the hip image in 1955 in the film Rebel Without a Cause when his jeans stood out in stark contrast to the letterman sweaters and poodle skirts then popular on high school campuses. Marilyn Monroe made the stitching of the backside pockets famous in a photo for Life Magazine. More recently, Steve Jobs, Bruce Springsteen, Kurt Cobain, and Barack Obama, among many others, all made Levi’s 501s their cool uniform of choice. Regardless of the wearer, we immediately know authentic Levi’s jeans because they sport the printed leather patch (or faux leather nowadays) with the two-horses logo sewn onto the waistband. Printing lets us know that we have the real deal. <br /><br />OpSec Group, headquartered in Lancaster, Pennsylvania, acquired <a href="https://www.opsecsecurity.com/news/opsec-group-announces-the-acquisition-of-global-trim/" target="_blank">Global Trim</a>. Based in Yorba Linda, California, Global Trim provides a wide range of custom labels, tags, stickers, and patches for branded apparel. The company’s labels adorn many of the brands we admire and purchase. Highly focused and dedicated solely to serve the needs of the apparel manufacturing industry, the company utilizes many production technologies, including woven labels, printed cloth labels, highly decorated printed hangtags, printed heat transfers, molded silicon, and yes, even leather patches that are printed and debossed. <br /><br />The buyer, OpSec Group, provides a range of services to protect brand identity and related intellectual property rights, including the management of trademark and brand licenses, monitoring compliance with government and brand regulations such as ethical sourcing requirements, product identification and traceability, enforcement of brand ownership, protection of online digital content, and product authentication technologies. Consistent with its corporate mission to protect intellectual property, with its acquisition of Global Trim, the company now provides distinctive product labels, hangtags, packaging, and other forms of identification that uniquely identifies its customers’ brands. Printing and imaging are integral to the recognition that we associate with the value of a product. <br /><br /><u><i>Brand Identity Meets On-Demand Mass Customization </i></u><br /><br />Avery Dennison has announced the acquisition of the <a href="https://www.averydennison.com/en/home/newsroom/press-releases/avery-dennison-signs-a-definitive-agreement-to-acquire-silver-crystal-group.html" target="_blank">Silver Crystal Group</a>. The acquired company manufactures custom sports jerseys that will match any jersey style, from any year, with any name and number, and with the exact fonts associated with the selected team. In the ultimate example of on-demand mass customization, the company has over 250 onsite mini-factories at sports arenas and major league stores where fans can order totally unique one-off versions of a personalized jersey at a user-friendly kiosk. The unique garment is produced on-site while customers watch the game. The jerseys are ready to be picked up when the game is over. Orders can also be placed on mobile and online e-commerce ordering platforms. It’s the apparel version of an automated on-demand white-paper workflow. (See <a href="https://www.thetargetreport.com/2021/06/on-demand-everything-may-2021-m-activity_7.html" target="_blank">The Target Report: On Demand Everything – May 2021</a>). <br /><br />Avery Dennison will be integrating the Silver Crystal Group into its Embelex division, hailed as a full-service end-to-end platform for on‑product branding, graphics, and trims. Technologies employed include printing of heat transfer graphics, woven labels and patches, embroidery, raised silicone screen printing, molded silicone, and welded screen printed plastic that can be embossed or debossed. <br /><br />The Silver Crystal acquisition follows Avery Dennison’s acquisition earlier this year of another company that specializes in textile labeling. In January, the company acquired Syracuse, New York-based <a href="https://www.averydennison.com/en/home/newsroom/press-releases/avery-dennison-signs-agreement-to-acquire-thermopatch.html" target="_blank">Thermopatch</a>, which specializes in labeling, embellishments, and heat transfers for sportswear, industrial laundry, workwear, and other fabrics that need to be labeled or branded. <br /><br /><u><i>On‑Product Printing Promotes Safety </i></u><br /><br /><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8qiSwcFDlsv9QM3QP7dhx-NUnaKDeFuqRKgXSak5XR9pwCIJmivaI-wf-fTl_Fk8-8DfN9zRRvz4pr_Cik_On92GSmqqr8PanAySp83mzzu75TJXOIAHonmPFarax3cpuoKp7ePNDM9E_IUcKUgSnGgV9HcIDmTwg582RTZIJq5aQLwrs_Co6jJam7Tg/s868/R.W.%20Hartnett%20Building.3.Philly.Silo.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="868" data-original-width="639" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8qiSwcFDlsv9QM3QP7dhx-NUnaKDeFuqRKgXSak5XR9pwCIJmivaI-wf-fTl_Fk8-8DfN9zRRvz4pr_Cik_On92GSmqqr8PanAySp83mzzu75TJXOIAHonmPFarax3cpuoKp7ePNDM9E_IUcKUgSnGgV9HcIDmTwg582RTZIJq5aQLwrs_Co6jJam7Tg/w264-h358/R.W.%20Hartnett%20Building.3.Philly.Silo.png" width="264" /></a></div>R-V Industries acquired the business of <a href="https://www.rvii.com/r-v-industries-inc-acquires-r-w-hartnett/" target="_blank">R.W. Hartnett</a>, located in Philadelphia, Pennsylvania. The acquired company manufactures on‑product printing equipment for the pharmaceutical, nutraceutical, and confectionery industries. Founded in 1879, the company was established on Philadelphia’s “Printers Row,” just two blocks from the historic printing shop operated by Ben Franklin. In the 1800’s, the company maintained an inventory of machine parts and specialized in the repair of printing, bookbinding, and related machines. Shortly after the company’s founding, the company introduced a three-roller ink mill under its own name, competing with the German and English ink mills of the day. With over 60 employees, the company had developed a reputation as excellent mechanics and engineers. <br /><br />In 1934, the Ford Gum Company, manufacturers of chewing gum and still in business today, asked the Hartnett engineers to design a machine that could print on gumballs. The success of the unique gumball printing machine led soon thereafter to the development of highly specialized printing presses that could print on tablets and capsules, a critical need for the burgeoning pharmaceutical business in and around Philadelphia. In 1949, the company applied for patents on the first tablet and capsule printing machines (it looks like an odd version of the Multilith offset press that I operated as a teenager). From the early 1950’s on, the company continued to develop patented machines capable of printing on little spherical-shaped objects, including not only pharmaceutical products, but jellybeans as well. <br /><br />The acquisition of R.W. Hartnett is R.V. Industries’ second move into the on‑product printing segment this year. In June, the company acquired the <a href="https://www.rvii.com/r-v-industries-inc-acquires-ackley-machine-corporation/" target="_blank">Ackley Machine Corporation</a> in Moorestown, New Jersey. The acquired company designs and manufactures machines that utilize rotogravure offset printing, with options to print in multiple colors and on both sides. Similar to its impact in other printing segments, inkjet technology has made inroads into the business of printing on objects that require non-contact marking. Lasers are employed in other machines for marking difficult-to-print object such as softgel tablets. <br /><br />The slow, but steady, secular decline of paper-based commercial printing continues to erode the traditional segments of the printing industry that produce brochures, magazines, catalogs, and newspapers. At the same time, developments in on‑product printing technology have increased the options for what can be printed and labeled, strengthening brand identities and improving product safety. (See <a href="https://www.thetargetreport.com/2016/08/how-do-you-print-golf-ball-july-2016-m.html" target="_blank">The Target Report: How Do You Print a Golf Ball? – July 2016</a>). Combined with on-demand customer interfaces that enable mass customization, new methods of on‑product printing continue to open up new opportunities in print.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial; font-size: large;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<table border="0" cellpadding="0" cellspacing="0" class="xl8124891" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
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<col class="xl8124891" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8524891" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
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<col class="xl9724891" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8424891" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8724891" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9724891" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8324891" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
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<col class="xl8124891" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
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<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6924891" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 October - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9424891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7524891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9424891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7324891" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7624891" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7724891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7724891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9324891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7124891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7724891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9324891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7124891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7824891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7124891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7124891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7724891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, White Plains<br />(New franchisee)</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">White Plains, NY</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Alloy Printing</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">White
Plains, NY</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/30/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/10/30/new-business-owner-chris-greene-buys-alloy-printing-opens-minuteman-press-franchise-in-white-plains-ny/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Paxton Media Group</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Paducah, KY</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Southern Illinoisan<br />(Prop. Lee Enterprises)</td>
<td class="xl6524891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Carbondale, IL</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/28/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.paducahsun.com/townnews/newspapers/paxton-media-group-acquires-the-southern-illinoisan-newspaper/article_ce94e162-7a44-54ed-a989-d86679b1ea47.html" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Kirkwood</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$64.0</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Wilmington, MA</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DGI Invisuals<br />Div. DGI Communications</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204);"><span style="font-family: Calibri, sans-serif; font-size: 12pt;">N. Billerica</span></td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/27/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.kirkwoodus.com/news.html" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">1Vision</td>
<td class="xl6524891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$45.0</td>
<td class="xl7224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Jackson,
MS</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Preferred Marketing Solutions<br />(Sub. Papa John's International)</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Louisville,
KY</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/26/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Marketing execution services</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/1vision-expands-its-reach-with-acquisition-of-preferred-marketing-solutions-301969787.html" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ian Bernstein</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Towaco, NJ</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Allstate Paper Box</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newark,
NJ</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/24/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Rigid boxes</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.packagingimpressions.com/article/allstate-paper-box-under-new-ownership/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=packaging-impressions-inbox&utm_medium=newsletter&utm_campaign=2023-10-24" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">OpSec Group</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$218.0</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lancaster, PA</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Global Trim</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Yorba Linda, CA</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/19/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels for apparel</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.opsecsecurity.com/news/opsec-group-announces-the-acquisition-of-global-trim/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$430.1</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Diamond Graphics</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bensalem,
PA</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail printing</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20231013233092/en/Ennis-Acquires-Eagle-Graphics-Inc.-and-Diamond-Graphics-Inc." target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6524891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$430.1</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Eagle Graphics</td>
<td class="xl6524891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Annville,
PA</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20231013233092/en/Ennis-Acquires-Eagle-Graphics-Inc.-and-Diamond-Graphics-Inc." target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Avery Dennison</td>
<td class="xl6624891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$8,280</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Glendale, CA</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Silver Crystal Group</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/11/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$30.0</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Apparel customization</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.averydennison.com/en/home/newsroom/press-releases/avery-dennison-signs-a-definitive-agreement-to-acquire-silver-crystal-group.html" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Labelink</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Anjou, QC</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Sheraton Labels</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Calgary,
AB</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/6/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labelink.ca/labelink-acquires-sheraton-labels-in-calgary/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Parmarco</td>
<td class="xl6624891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Roselle, NJ</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TLS Anilox</td>
<td class="xl6624891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Salzkotten,<br />Germany</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/6/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Mazzone & Assoc.)</span></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexo anilox roll services</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tlsanilox.com/en/2023/10/06/pamarco-completes-acquisition-of-tls-expanding-its-global-anilox-presence-into-continental-europe/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">ProMach<br /><span class="font8" style="font-size: 11pt;">(Port co Leonard Green &
Partners)</span></td>
<td class="xl6524891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Covington, KY</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Lofton Label & Packaging</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Inver Grove Heights,<br />MN</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/4/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label and flexible packaging</td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.promachbuilt.com/press-releases/promach-acquires-lofton-label-and-packaging/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">R-V Industries</td>
<td class="xl8924891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Honey Brook, PA</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">R.W. Hartnett</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Philadelphia,
PA</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/3/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Industrial printing equipment</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.rvii.com/r-v-industries-inc-acquires-r-w-hartnett/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Interstate Graphics</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Machesney Park, IL</td>
<td class="xl6724891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">Corpro Signs</td>
<td class="xl6624891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Loves
Park, IL</td>
<td class="xl9024891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/2/23</td>
<td class="xl8824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Retail signage </td>
<td class="xl9124891" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://igiprint.com/2023/10/02/interstate-graphics-acquires-corpro-signs/" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7024891" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Grimco</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fenton,
MO</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TubeliteDenco</td>
<td class="xl6524891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Apopka,
FL</td>
<td class="xl9024891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/2/23</td>
<td class="xl8824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9224891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6824891" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic supplies distributor</td>
<td class="xl9124891" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://connect.grimco.com/blog/tubelitedenco-is-now-part-of-grimco" target="_blank">Link</a></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7324891" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7024891" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8224891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9524891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9524891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8224891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9524891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7024891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9524891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6924891" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
<div align="center" id="Target Report_31886" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6731886" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7331886" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6931886" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6531886" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7031886" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6631886" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6531886" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6531886" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6531886" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7131886" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7231886" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7631886" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7631886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7731886" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 October - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7731886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7731886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7631886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7231886" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7931886" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8031886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8031886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8031886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8031886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8331886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231886" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831886" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231886" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831886" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Xpress Media Printing LLC</td>
<td class="xl9031886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/10/23</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-18258</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Miami,
FL</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8531886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Southern FL<br />Miami</td>
<td class="xl8531886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Laurel M. Isicoff</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">K.
Drake Ozment</td>
<td class="xl8631886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231886" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831886" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231886" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831886" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9131886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Trade Finishing and Graphic Services LLC</td>
<td class="xl9031886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/20/23</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-10881</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Austin,
TX</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8231886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Western TX<br />Austin</td>
<td class="xl8531886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Shad Robinson</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Christy
L. Heimer</td>
<td class="xl8631886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Trade
bindery</td>
<td class="xl7831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231886" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831886" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Scribe Media LLC</td>
<td class="xl9031886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/16/23</td>
<td class="xl8431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-10868</td>
<td class="xl8431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Austin,
TX</td>
<td class="xl8431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8231886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Western TX<br />Austin</td>
<td class="xl8531886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Shad Robinson</td>
<td class="xl8431886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Lynn
Hamilton Butler</td>
<td class="xl8631886" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Self-publishing
services</td>
<td class="xl7831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231886" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831886" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">G&C Direct Mail Marketing, Inc.</td>
<td class="xl9031886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/23</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-32349</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dallas,
TX</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8231886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern TX<br />Dallas</td>
<td class="xl8531886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Stacey G. Jernigan</td>
<td class="xl8431886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Victor
D. Vital</td>
<td class="xl8631886" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Direct
mail printing</td>
<td class="xl7831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231886" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6831886" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8931886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831886" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_31886" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_31886" x:publishsource="Excel"><span style="font-size: x-large;"><div align="center" id="Target Report_4073" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl754073" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl754073" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl754073" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl834073" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl844073" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl854073" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl864073" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl864073" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl864073" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl884073" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl874073" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl874073" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl754073" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl734073" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl744073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl744073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl674073" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 October - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl674073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl674073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl744073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl734073" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl764073" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl764073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl774073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl714073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl714073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl774073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl784073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl714073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl714073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl784073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl794073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl764073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Quad/Graphics - Printing facility</td>
<td class="xl914073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-23</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Effingham,
IL</td>
<td class="xl824073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Quad
Graphics</td>
<td class="xl934073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sussex, WI </td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">10/25/23</td>
<td class="xl894073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Direct mail printing<br />(Formerly Worldcolor facility)</td>
<td class="xl904073" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/quad-closing-effingham-direct-mail-printing-plant/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-10-25" target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">International Paper - Mill</td>
<td class="xl914073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Q4-23</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Orange,
TX</td>
<td class="xl824073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">International
Paper</td>
<td class="xl934073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Memphis, TN</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">10/18/23</td>
<td class="xl704073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Containerboard
mill</td>
<td class="xl904073" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/international-paper-announces-strategic-actions-301959856.html#:~:text=The%20company%20will%20permanently%20close,4%20machine%20in%20Pensacola%2C%20Fla." target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">EB Display Company</td>
<td class="xl724073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/14/23</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Massillon,
OH</td>
<td class="xl924073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl934073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">10/15/23</td>
<td class="xl704073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Retail
display & fixtures</td>
<td class="xl904073" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thebranfordgroup.com/EBDI1023?returnTo=%2F" target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Sappi - Paper mill</td>
<td class="xl914073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Q1-24</td>
<td class="xl934073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl694073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Stockstadt,<br />Germany</td>
<td class="xl924073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">Sappi</td>
<td class="xl934073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Johannesburg,<br />South Africa</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">10/10/23</td>
<td class="xl704073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Graphic
paper and pulp mill</td>
<td class="xl904073" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.sappi.com/sappi-concludes-consultation-process-at-stockstadt-mill-and-commences-consultation-process-on-future" target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">South Hill Enterprise</td>
<td class="xl914073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Oct-23</td>
<td class="xl934073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">South
Hill, VA</td>
<td class="xl924073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">Womack Publishing</td>
<td class="xl934073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chatham, VA</td>
<td class="xl684073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">10/4/23</td>
<td class="xl704073" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Community
newspaper</td>
<td class="xl904073" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.sovanow.com/articles/south-hill-enterprise-folded-into-sister-paper/" target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl804073" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl804073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl654073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Shields - flexible packaging plant</td>
<td class="xl914073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-23</td>
<td class="xl934073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Coldwater,
OH</td>
<td class="xl664073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">Novolex</td>
<td class="xl934073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hartsville, SC</td>
<td class="xl684073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">10/2/23</td>
<td class="xl704073" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Flexible
packaging and films</td>
<td class="xl904073" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://mercercountyoutlook.net/2023/10/11/novolex-to-close-its-coldwater-shields-factory/" target="_blank">Link</a></td>
<td class="xl814073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl734073" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl804073" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
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<td class="xl804073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl804073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl954073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl824073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
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<td class="xl804073" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-1860887334505467142023-10-07T22:01:00.010-04:002023-10-09T14:05:42.172-04:00Is a Soft Landing in Sight? – September 2023 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiqdFblerCh_gw_J1OWbBWfwi97dQsViGkiAnxMXM-nYAFXo8clrdRMrbb3HjIzrwC8A8OF_tZRo9FT82vI7IoNYLbj7d8xF2sWBEWE43HzzoIdfs_NMzn_v_wzlf82z0FvVzweAXsKggPxShlGchtcu9syieSU7in_vmE9O5QlESQ78a2SrruLrmJOh8/s4413/Soft%20Landing.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2437" data-original-width="4413" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiqdFblerCh_gw_J1OWbBWfwi97dQsViGkiAnxMXM-nYAFXo8clrdRMrbb3HjIzrwC8A8OF_tZRo9FT82vI7IoNYLbj7d8xF2sWBEWE43HzzoIdfs_NMzn_v_wzlf82z0FvVzweAXsKggPxShlGchtcu9syieSU7in_vmE9O5QlESQ78a2SrruLrmJOh8/w446-h247/Soft%20Landing.jpg" width="446" /></a></div><p> <span style="background-color: white;"><span style="font-family: arial; font-size: large;">[ˌsôf(t)
ˈlandiNG, ˌsäf(t) ˈlandiNG]</span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: arial; font-size: large;"><b><span style="color: black;">soft
landing</span></b><span style="color: black;"> (noun) · <b>soft landings</b> (plural
noun)<o:p></o:p></span></span></p>
<p class="MsoListParagraphCxSpFirst" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 0.25in; mso-add-space: auto;"><i><span style="color: black;"><o:p><span style="font-family: arial; font-size: large;"> </span></o:p></span></i></p>
<p class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 0.25in; mso-add-space: auto; mso-list: l0 level1 lfo1; tab-stops: list -15.0pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: arial; font-size: large;"><i><span style="color: black;"><span style="mso-list: Ignore;">1)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant: normal; font-variation-settings: normal; font-weight: normal; line-height: normal;"> </span></span></span></i><i><span style="color: black;">a controlled landing of a spacecraft during
which no serious damage is incurred.<o:p></o:p></span></i></span></p>
<p class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 0.25in; mso-add-space: auto;"><i><span style="color: black;"><o:p><span style="font-family: arial; font-size: large;"> </span></o:p></span></i></p>
<p class="MsoListParagraphCxSpLast" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: .25in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 0.25in; mso-add-space: auto; mso-list: l0 level1 lfo1; tab-stops: list -15.0pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="font-family: arial; font-size: large;"><i><span style="color: black;"><span style="mso-list: Ignore;">2)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant: normal; font-variation-settings: normal; font-weight: normal; line-height: normal;"> </span></span></span></i><i><span style="color: black;">in economics, a cyclical slowdown in economic
growth that avoids recession. A soft landing is the goal of a central bank when
it seeks to raise interest rates just enough to stop an economy from
overheating and experiencing high inflation, without causing a severe downturn.</span></i></span></p>
<span style="font-family: arial; font-size: large;"><br />We noted last month in our annual review of printing, packaging, and related industry transactional activity that the past twelve months were characterized by a dip in the number of deals announced. This was the case in almost every category that we track, except for modest upticks in commercial printing, specialty products, and supplies distribution. (See <a href="https://www.thetargetreport.com/2023/09/the-target-report-annual-review-august.html" target="_blank">The Target Report Annual Review: 2023 </a>M&A Activity). Nonetheless, within the context that overall deal activity has cooled off from prior years, there is still a steady cadence of deals across all sectors, some of which will be transformative to our industry over the long term. <br /><br />The classic signs of turbulence ahead have been in abeyance. Tuck-in transactions, in which the seller’s plant is closed and the business moved to the buyer’s production facility, were at or near historic lows. There were fewer bankruptcy filings in our industry this past year than in any year since we began The Target Report twelve years ago. The number of non-bankruptcy plant closures increased slightly, but remained close to the low point we recorded in 2022. As of this writing, the US economy, and our industry along with it, has avoided the hard landing that many predicted as the government largess ran out and interest rates increased.<br /><br />Lest we be too sanguine about the certainty of a soft landing, we must note that in conversations with owners over the past six months, some tell us that the landing from Covid has not been smooth. Customers have begun to re-assert pricing pressure now that last year’s supply chain issues have mostly been sorted out and paper is generally available as needed. Lenders are more watchful and loan defaults have increased. Wages are increasing. Instead of a crash landing, we see a long tail of minor bumps and dips as the impact of the Covid pandemic and subsequent excesses is worked out over time. That is the view through the windshield, at least in the absence of a surprise event that might trigger a precipitous drop. Keep your seatbelts on, just in case. <br /><br /><u><i>Paper Manufacturing </i></u><br /><br />After a couple weeks of rumors that a deal was afoot, Smurfit Kappa, based in Dublin, Ireland, announced a merger with US-based <a href="https://ir.westrock.com/press-releases/press-release-details/2023/Statement-re-Smurfit-Kappa-and-WestRock-Announce-Transaction-to-Create-a-Global-Leader-in-Sustainable-Packaging/default.aspx" target="_blank">WestRock</a>. When completed, the new company, to be named Smurfit WestRock, will have revenue of $34 billion and adjusted EBITDA of $5.5 billion. Despite being the smaller of the two, Smurfit shareholders will hold a majority of the combined shares and Smurfit senior management will lead the company which will be headquartered in Dublin. The North and South American operations will remain based in Atlanta, Georgia. The merger brings together two integrated paper producers with paper mills, packaging plants, and forestry operations. <br /><br />WestRock itself is the result of the consolidation of the paper industry in the US, with origins dating back to 1846. Along the way, the operations of the Mead Paper Company and RockTenn were brought into the fold, among other acquisitions. (See <a href="https://www.thetargetreport.com/2015/02/the-end-of-line-for-meadwestvaco.html" target="_blank">The Target Report: The End of the Line for MeadWestvaco – January 2015</a>) <br /><br />Smurfit Kappa was established as a box-maker in Ireland in 1934. In 1998, Smurfit merged with Chicago-based Stone Container, after which the company was acquired by private equity firm Madison Dearborn Partners. Subsequently, the company merged with Kappa Packaging and then returned to the public markets in 2007. The pending deal with WestRock will create the largest publicly held global paper and packaging business. The new entity will be a global fiber-based business operating in 42 countries, with 67 mills, approximately 500 converting operations, and 100,000 employees. <br /><br /><u><i>Paper Distribution </i></u><br /><br />Paper distribution is also in transition. Clayton, Dubilier & Rice (CD&R), one of the granddaddies of private equity, recently announced that it had entered into a definitive agreement to acquire <a href="https://www.cdr-inc.com/news/press-release/cdr-acquire-veritiv" target="_blank">Veritiv</a>. With revenue in 2022 of $7.1 billion, Veritiv looms large in the supply chain for many printing and packaging companies. In just the corrugated segment alone, in 2022 Veritiv distributed hundreds of millions of boxes that represented more than 4 billion square feet of corrugated material and more than 400,000 tons of kraft paper. In the fine printing papers segment, Veritiv sold and delivered more than 485,000 pallets of paper. In an indication of confidence in its ability to maintain profitable control over the paper supply chain, CD&R is paying a 31% premium over Veritiv’s 30-day trailing average share price. <br /><br /><u><i>Paper Mills Closing </i></u><br /><br />The shuttering of paper mills continues unabated. Domtar, a division of the Paper Excellence Group, announced that it is indefinitely shutting down operations at its pulp and paper operations at its <a href="https://www.businesswire.com/news/home/20230906888159/en/Domtar-to-Indefinitely-Idle-Espanola-Mill" target="_blank">Espanola mill</a> located on the Spanish River in Ontario, Canada. The mill had been up for sale in anticipation by Domtar that it would be required to divest certain mills in order to gain approval from the Canadian Competition Bureau to purchase Resolute Forest Products. While Domtar was not required to sell this particular mill, and the deal with Resolute closed earlier this year, no buyer for the Espanola Mill has been found to date. <br /><br />Citing years of high costs and ongoing operating losses, Domtar is mothballing the pulp and papermaking operations at Espanola. The closure will take approximately 280,000 tons of softwood kraft pulp and 69,000 tons of specialty papers out of the supply chain. According to Domtar, the pulp from the Espanola mill is used to manufacture tissue and towel products, but more importantly to our readers, the pulp from Espanola is well-suited for and also used for medical packaging, coated and uncoated specialty products, printing and writing paper grades. <br /><br />The closure of the Domtar Espanola mill follows right on the heels of WestRock’s announcement in August that it is permanently ceasing operations at its paper mill in Tacoma, Washington. This closure took 510,000 tons of kraft and white top liner and bleached pulp production capacity out of the market. WestRock noted high operating costs and the need for significant capital investment as factors in its decision to close the mill. <br /><br />Six days before the WestRock announcement to close the Tacoma mill, UPM Communication Papers announced its plan to permanently close its paper mill in Plattling, Germany. The closure of the Plattling mill will result in a reduction from the market of 380,000 tons of uncoated publication paper and 215,000 tons of coated publication paper. UPM cited the need to align its graphic paper capacity with a profitable level of customer demand. <br /><br /><u><i>Landing the Paper Airplane </i></u><br /><br />The recent merger of Smurfit Kappa with WestRock, the move of Veritiv to a private equity platform, and the closures of paper and pulp mills are just the latest in a long string of transactions that are transforming the amount and type of paper supply to the printing and packaging industries. (See <a href="https://www.thetargetreport.com/2022/06/paper-industry-in-transition-may-2022-m.html" target="_blank">The Target Report: Paper Industry in Transition – May 2022</a>) <br /><br />As with the larger economic picture, it appears that the paper market has managed a soft landing. However, the recent transactions and plant closures suggest that the consolidation and rationalization of production capacity will produce some turbulence along the way.</span><div> <div><br /><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_7917" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl817917" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl817917" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl817917" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl857917" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
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<col class="xl847917" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl877917" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl977917" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl837917" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl967917" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl817917" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl737917" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl697917" colspan="9" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 833pt;" width="1105">2023 September - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl757917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl947917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl737917" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl767917" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl777917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl777917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl937917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl717917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl777917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl937917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl717917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl787917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl717917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl717917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl777917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl797917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Modern Litho</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$50.6</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Jefferson City, MO</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Direct Impaqt</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Columbia,
MO</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/26/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/modern-litho-expands-with-addition-of-direct-impaqt-of-columbia-missouri-301937074.html" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Durst Group</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brixen,
Italy</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Aleph</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Como,
Italy</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/19/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Inkjet printers</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.durst-group.com/en/Stories/durst-group-strengthens-its-strategic-focus-on-sustainable-digital-printing-solutions-with-acquisition-of-aleph-srl" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$631.0</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Joe Christensen</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$87.0</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lincoln, NE</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/19/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Publication printing</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-select-business-assets-of-joe-christensen-inc/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mason Wells</td>
<td class="xl657917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milwaukee, WI</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Accord Carton</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Alsip,
IL </td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/18/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.masonwells.com/mason-wells-acquires-accord-carton/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl677917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 163pt;" width="217">Western States Envelope & Label</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Butler,
WI</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Vision Envelope</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Charlotte,
NC</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/13/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Envelope manufacturing</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/western-states-envelope-and-label-acquires-vision-envelope/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Cooper Watson</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Easton,
PA</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Tower Products</td>
<td class="xl657917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Easton,
PA</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/13/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pressroom chemicals</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.towerproducts.com/News%20Release%20Tower%20Products%20Inc.%20Acquired%20by%20Cooper%20Watson%20LLC%20Sept%2013,%202023.pdf" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Charlotte Publishing Company<br />(Affil. North State Media)</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Charlotte,
NC</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Charlotte Print Operations<br />(Div. McClatchy)</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Charlotte,
NC</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/12/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Newspaper printing</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://nsjonline.com/article/2023/09/north-state-journal-group-completes-acquisition-of-charlotte-printing-facility/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Smurfit Kappa</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$12,270</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dublin,
Ireland</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">WestRock</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$20,720</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Norcross, GA</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/12/23</td>
<td class="xl897917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$11,000</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper & packaging</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ir.westrock.com/press-releases/press-release-details/2023/Statement-re-Smurfit-Kappa-and-WestRock-Announce-Transaction-to-Create-a-Global-Leader-in-Sustainable-Packaging/default.aspx" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Valsoft</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DemandBridge</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hunt
Valley, MD</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/11/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Distributor software</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.valsoftcorp.com/news/valsoft-corporation-enters-the-marketing-automation-space-with-the-acquisition-of-demandbridge/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Welch Packaging Group</td>
<td class="xl657917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elkhart, IN</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">AtCorr Packaging Products</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Glasgow,
KY</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/11/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://atcorrpackaging.com/wp-content/uploads/2023/09/AtCorr-Press-Release-FINAL.pdf" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Greif</td>
<td class="xl667917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$5,410</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Delaware, OH</td>
<td class="xl677917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">ColePak</td>
<td class="xl667917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Urbana,
OH</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/7/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated box partitions</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.greif.com/greif-acquires-51-of-colepak-llc/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Beaufort Media Group</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sumter, SC</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Lowcountry Local Media<br />(2 titles)</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bluffton,
SC</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/6/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dirksvanessen.com/press_release/beaufort-media-group-acquires-lowcountry-local-media/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Wick Communications</td>
<td class="xl897917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sierra Vista, AZ</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Arizona Daily Sun<br />(Prop. Lee Enterprises)</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Flagstaff,
AZ</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/5/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Regional newspaper</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dirksvanessen.com/press_release/wick-communications-to-acquire-flagstaffs-arizona-daily-sun-from-lee-enterprises/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Cahaba Media Group</td>
<td class="xl667917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Birmingham, AL</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphics Pro<br />(Prop. National Business Media)</td>
<td class="xl657917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl727917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Westminster,
CO</td>
<td class="xl907917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/1/23</td>
<td class="xl887917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing industry publisher</td>
<td class="xl917917" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://cahabamedia.com/cahaba-media-group-acquires-graphics-pro-graphics-pro-expo/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl707917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl807917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$631.0</td>
<td class="xl727917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Worzalla</td>
<td class="xl657917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$87.0</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stevens Point, WI</td>
<td class="xl907917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/1/23</td>
<td class="xl887917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl927917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl687917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book manufacturing</td>
<td class="xl917917" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-worzalla-adding-to-its-sheridan-family-of-print-facilities/" target="_blank">Link</a></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl737917" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl707917" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl827917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl827917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl707917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl957917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl697917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><div><span style="font-family: arial;"><br /></span></div><div> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
<div align="center" id="Target Report_14360" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6714360" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7314360" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6914360" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6514360" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7014360" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6614360" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6514360" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6514360" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6514360" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7114360" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7214360" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7614360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7614360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7714360" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 September - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7714360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7714360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7614360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7214360" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7914360" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8014360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8014360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8014360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8014360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8314360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7214360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6814360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7514360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7214360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6814360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6814360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Westpack Holdings, Inc.</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/1/23</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-02033</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Muskegon,
MI</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6th</td>
<td class="xl8214360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Western MI<br />Grand Rapids</td>
<td class="xl8514360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Scott W. Dales</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">A.
Todd Almassian</td>
<td class="xl8614360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
boxes & fillers</td>
<td class="xl7814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7214360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6814360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7514360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7214360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6814360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6814360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">SalesRup Media, Inc.<br />dba Texas Real Estate Magazine</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/9/23</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-32003</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Granbury,
TX</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8214360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern TX<br />Dallas</td>
<td class="xl8514360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Michelle V. Larson</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Donald
E. Hood</td>
<td class="xl8614360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Magazine
publishing</td>
<td class="xl7814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7214360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6814360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8114360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Canada
Insolvency Filings:</td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7514360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7214360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6814360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6814360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Metroland Media Group<br />(Sub. Nordstar Capital LP)</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/15/23</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mississauga,
ON</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8514360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Superior Court<br />Ontario</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8414360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Steven
L. Graff</td>
<td class="xl9014360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 180pt;" width="239">Newspaper publishing (70+ titles)</td>
<td class="xl7814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7214360" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6814360" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8914360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7514360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7514360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6814360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_22767" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7322767" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7322767" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7322767" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8022767" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8122767" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8222767" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8322767" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8322767" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8322767" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8522767" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8422767" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8422767" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7322767" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7122767" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7222767" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7222767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6722767" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 September - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6722767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6722767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7222767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7122767" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7422767" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7422767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7522767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7022767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7022767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7522767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7622767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7022767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7022767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7622767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7722767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7422767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7122767" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7822767" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7822767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6522767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Angstrom Graphics</td>
<td class="xl8722767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Oct-23</td>
<td class="xl8922767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6822767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl6622767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">None</td>
<td class="xl8922767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl8722767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sep-23</td>
<td class="xl6922767" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8622767" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/angstrom-graphics/" target="_blank">Link</a></td>
<td class="xl7922767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7122767" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7822767" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7822767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6522767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Domtar - Kraft paper mill</td>
<td class="xl8722767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Nov-23</td>
<td class="xl8922767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6822767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Espanola,
ON</td>
<td class="xl8822767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">Paper Excellence Group</td>
<td class="xl8922767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richmond, BC</td>
<td class="xl6822767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">9/6/23</td>
<td class="xl6922767" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Kraft
pulp & specialty paper mill</td>
<td class="xl8622767" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230906888159/en/Domtar-to-Indefinitely-Idle-Espanola-Mill" target="_blank">Link</a></td>
<td class="xl7922767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7122767" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7822767" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9122767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9122767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9222767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7822767" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div></span></div></div></div><div><span style="font-family: arial; font-size: large;"><br /></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-15984361972288612622023-09-08T21:54:00.000-04:002023-09-12T23:35:55.624-04:00The Target Report Annual Review – August 2023 TTM M&A Activity<div><span style="font-family: arial; font-size: large;"><u><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlLFzhKsDcT2s76b1MSc6T3nIJ-dIz2Na6sgLP8AAWRfVIX-yI42wMVnw3aQ4ftVAgGY8vLdt3oXEi8aBB_jJuMIBUeYronGWOw4LfGr5yH8a9sJ2OfK32mskio1VhKV7OQLN1BOvyHAIH8whxgIoiFJMr-DVz4TPqD287RTfvHcXUpfmD5Eqs9ajKXP0/s5616/Compass.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3744" data-original-width="5616" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlLFzhKsDcT2s76b1MSc6T3nIJ-dIz2Na6sgLP8AAWRfVIX-yI42wMVnw3aQ4ftVAgGY8vLdt3oXEi8aBB_jJuMIBUeYronGWOw4LfGr5yH8a9sJ2OfK32mskio1VhKV7OQLN1BOvyHAIH8whxgIoiFJMr-DVz4TPqD287RTfvHcXUpfmD5Eqs9ajKXP0/w443-h295/Compass.jpg" width="443" /></a></div><br /></u></span></div><span style="font-family: arial; font-size: large;"><u><i>Navigating the Soft Landing</i></u></span><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">As readers of <i>The Target Report</i> know, we view the printing, packaging, and related industries from the perspective of M&A transactional activity. Over the past twelve years, we have chronicled, logged, and commented on the robust merger and acquisition activity in the print-centric business segments. At the end of August each year, we take a break from our monthly commentary based on the prior month’s deal activity and look back at the past twelve months. If past is prologue, and to a reasonable extent we believe it is, then we hope to provide a high-level macro perspective on what the deal activity tells us about where the industry is headed. Which segments have experienced more, or less, deal activity? What are the trends in the buyers’ rationale to complete these acquisitions? Are acquirers adding facilities to their networks, or opportunistically folding acquisitions into their existing facilities? What does all this tell us about the potential future transactional activity within each print segment? </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">We review, categorize, sort, count, and chart the data we have collected, comparing the trailing twelve months (“TTM”) ended this August to the prior twelve months. This year we have included the prior four years to provide a visual bridge over the pandemic period. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In pure numeric M&A terms, deal activity during the past twelve months was off 13.1% from last year and was the same as the pandemic year, based on our analysis of the twelve months ended August 2020. We identified approximately 192 transactions of interest during the past twelve months; exactly the same number we tracked in the period ended August 2020, when many companies took the biggest hit from Covid, and dealmakers hit the brakes. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In April of this past year, we noted an exceptionally slow month in terms of number of deals, the least number of deals in any of the 140 months during which we tracked print & packaging M&A up to that point. We asked the question at the end of April: Was this an aberrant month, or were we headed into deeper turbulent waters? Will we navigate to the elusive soft landing? (<a href="https://www.thetargetreport.com/2023/05/sudden-drop-off-april-2023-m-activity.html" target="_blank">See The Target Report: Sudden Drop-Off – April 2023</a>) The answer is still not clear, but the data indicates some ripples that warrant paying attention, as does the recent increase in the restructuring part of our consulting practice here at Graphic Arts Advisors. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">As might be expected, deal activity tends to drop off every year as we head into the summer months. We can clearly see this annual trend in the chart below, as well as the impact of the outbreak of Covid as illustrated by the red line. There was also a dip in the beginning of 2022 when the Omicron variant caused a déjà vu shutdown. We also noted a pronounced and uncharacteristic slump in deal activity during the beginning months of 2019, for reasons that were never clear, at least not to us. The most recent trailing twelve months, noted by the heavy black line, indicates that deal activity is recently running below average, exceeded on the downside only during the immediate post-breakout Covid period. <br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZXQLrIjAmJ-mC8Js6Wr-XjdqWlYY6jCBjy4IfFbDgIKkoTzUC5U_7yq1TEMuKDk1R5M_ZN-XDnO_-IBJcLZmBKRD2xxnbynULSc1PHw3M0hUqLDsBTICy6EF7iP8N0XhgFKacXZH2ysH6CRo_9vRPd1V3pkcB55d-Yv99n25r6gv1rJyCBwtCsAm8SBA/s3314/2023.08.5-Year%20TTM.Transactional%20Seasonality.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2167" data-original-width="3314" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZXQLrIjAmJ-mC8Js6Wr-XjdqWlYY6jCBjy4IfFbDgIKkoTzUC5U_7yq1TEMuKDk1R5M_ZN-XDnO_-IBJcLZmBKRD2xxnbynULSc1PHw3M0hUqLDsBTICy6EF7iP8N0XhgFKacXZH2ysH6CRo_9vRPd1V3pkcB55d-Yv99n25r6gv1rJyCBwtCsAm8SBA/w640-h418/2023.08.5-Year%20TTM.Transactional%20Seasonality.png" width="640" /></a></div><br />The chart above showing gross counts of publicly announced M&A deals provides a general view of the industry. However, as we know, the printing industry is not monolithic and in order to understand the market better, we categorize all the deals we have logged over the past twelve years by segment. We then dig deeper into the packaging, commercial printing, direct mail, and wide-format printing businesses, seeking to understand the rationale behind each deal, and gestalt the results by segment. We also analyze bankruptcy filings and non-bankruptcy plant closings to determine in which segments the business challenges are most pronounced. <br /><br /> The next chart breaks down the M&A transactions over the past five years into all the segments we track in <i>The Target Report</i>.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsXGxhCUXn6Tvz3vf3g4u4DF8DmioEZcoP0shijXGoN4ZiWA-B9AKVWTpaU6uqjFJDy-4JizxOHVprlG2AB1ocoIgrpUuvdlwYNpYt_WUaQ6bVZ8mDBO_HePQZ-houRmx18dYhq1OBnh7hVMkxNiW5WMENtwuHVLoVY_l7wrOS0U-nRGiX46HOagW2Y1A/s3644/2023.08.5-Year%20TTM.Transactional%20Activity.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2984" data-original-width="3644" height="524" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsXGxhCUXn6Tvz3vf3g4u4DF8DmioEZcoP0shijXGoN4ZiWA-B9AKVWTpaU6uqjFJDy-4JizxOHVprlG2AB1ocoIgrpUuvdlwYNpYt_WUaQ6bVZ8mDBO_HePQZ-houRmx18dYhq1OBnh7hVMkxNiW5WMENtwuHVLoVY_l7wrOS0U-nRGiX46HOagW2Y1A/w640-h524/2023.08.5-Year%20TTM.Transactional%20Activity.png" width="640" /></a></div><br /><u><i>Commercial Printing </i></u><br /><br />Our annual deep dive into the rationale behind the transactions in the commercial printing segment suggests that the commercial printing business has been reasonably stable, even a bit upbeat. The percentage of deals that were structured as tuck‑ins stayed at approximately 30%, the same percentage as in 2022, in contrast to 79%, 44% and 48% of the deals that were tuck‑ins during 2019, 2020, and 2021, respectively. In these tuck-in transactions, the customers of the acquired company are transitioned to the buyer’s production facility. Buyers will often leave the disposition of the plant and equipment to the seller, or to the seller’s agent, avoiding responsibility for trade and other debt, and possibly cherry-picking certain equipment that is needed or desirable for the smooth continued servicing of the acquired customers. In our opinion, a higher percentage of tuck‑ins is indicative of overcapacity and financial stress, with the consequential result that there were fewer buyers willing to acquire an operating company within that segment of the industry.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy3J5R_hzNNOvWVDuUKa9RkazgtpvQHs6U-pDpAGLWeoeXR9V8tfa9k85AXkyJg7ZaMDSjp1QqRi7CHFv6oBKvHOpi9T1DKR9CUGfVvgyji4QYcS-Tmp6q-PQNF5AtM2EplR2jegtU-HtR_PYV9X7kgVouHiyMUjsU2xeOyzbneMjC-cdazU7xs9q9cag/s3314/2023.08.5-Year%20TTM.Commercial.Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy3J5R_hzNNOvWVDuUKa9RkazgtpvQHs6U-pDpAGLWeoeXR9V8tfa9k85AXkyJg7ZaMDSjp1QqRi7CHFv6oBKvHOpi9T1DKR9CUGfVvgyji4QYcS-Tmp6q-PQNF5AtM2EplR2jegtU-HtR_PYV9X7kgVouHiyMUjsU2xeOyzbneMjC-cdazU7xs9q9cag/w640-h416/2023.08.5-Year%20TTM.Commercial.Transaction%20Rationale.png" width="640" /></span></a></div></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">There were 22 acquisitions in the commercial printing segment where the acquired facility was important to the buyer and will remain in operation, as-is-where-is. Notably, twelve of these were sold to “new entry” owners that were not previously invested in the commercial printing industry. This is in stark contrast to the number of transactions in commercial printing that were completed by new entrants in 2019, only two. Clearly, something has changed: outsiders are once again interested in, and more important, they are investing in the printing industry. Printing is not dead.<br /><br />Digging a little deeper, we looked for instances in which buyers cited geographic expansion and/or adding new services as the rationale behind their acquisitions. We also noted whether a private equity sponsor was involved.</span></div><div><span style="font-family: arial; font-size: large;"><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYI9ddJaP1GXqgUomGDHJt-mD1AFWjDg-Kis7_Qe7y9L99gZtgOl7QKwBT8itEY4kTnMYksAYFEKdVPQ4THb0mJnXZcu1Rvf7MBmCY5WkrgJ92JC42Pk5ntzWKHu_bEUeo0G5Z4nKkJ4gE9FUou5630o8OWnAFGdaEr-FCpUYl8GPzlXcM5H-_82GSqGI/s3314/2023.08.5-Year%20TTM.Commercial%20Transaction%20Attributes.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYI9ddJaP1GXqgUomGDHJt-mD1AFWjDg-Kis7_Qe7y9L99gZtgOl7QKwBT8itEY4kTnMYksAYFEKdVPQ4THb0mJnXZcu1Rvf7MBmCY5WkrgJ92JC42Pk5ntzWKHu_bEUeo0G5Z4nKkJ4gE9FUou5630o8OWnAFGdaEr-FCpUYl8GPzlXcM5H-_82GSqGI/w640-h416/2023.08.5-Year%20TTM.Commercial%20Transaction%20Attributes.png" width="640" /></a></div><br />Adding to the company’s geographic footprint is still the most often cited reason for completing a transaction. Geography was followed closely by the desire to add a new service, most often a wide format or promotional specialty company. In addition to a select group of national consolidators, there has emerged a number of serial acquirers that are executing a strategy to grow regionally in a hub-and-spoke fashion with a highly competent commercial printing company at the center (see <a href="https://www.thetargetreport.com/2022/07/commercial-print-awakes-from-m-slumber.html" target="_blank">The Target Report: Commercial Print Awakes from M&A Slumber – June 2022</a>)<br /><br />Many owners we talk with in the commercial printing segment have told us that their companies did quite well in the second and third quarter of 2022, and that positive performance continued in the first quarter of 2023. Of late, we hear that some owners are now experiencing a moderation in demand. We hear less about labor issues, although finding well-trained operators is still a common problem. Paper supply is no longer a widespread concern, except that, for some owners, there is a need to work off excess inventory that was purchased at inflated pricing. We are beginning to hear that customers are no longer accepting price increases with the ease experienced last year when just having paper stock was sufficient to land an order without a price objection. (We hear similar comments across the various printing and packaging segments, not just from commercial printers.)<br /><br /> With Covid squarely in the rearview mirror, owners that had put their exit plans on hold are now back in the market actively seeking a buyer or preparing for a sale process. Simply put, the average owner’s age is a strong driver to bring their company to market. Rather than commit to another round of capital equipment spending with its related long-term debt, many owners are opting to cash out.<br /><br /> Our candidate for the most interesting transaction in the commercial printing segment during the past twelve months was not one specific deal, but rather the series of transactions completed by private equity funds. The return of financially-driven outside investor interest in the commercial printing business is indicative of both healthier profits across the sector, as well as a social recognition that despite challenges from electronic media, print remains, and is likely to remain, a vital element of marketing and other communications. (See <a href="https://www.thetargetreport.com/2022/10/private-equity-pieces-together-print.html" target="_blank">The Target Report: Private Equity Pieces Together Print & Packaging – September 2022</a>)<br /><br /><u><i> Packaging</i></u><br /><br />For the third year in a row, the packaging business is again the most active among the segments we track. However, consistent with the reduction in overall deal activity, we found 43% fewer publicly announced transactions in the packaging segments we track. The red hot market for label printing companies has finally cooled off a bit. We hear that buyers are being cautious due to the higher interest rates and possible future economic headwinds. The cherry companies have been picked off and consequently there are fewer stellar opportunities that fit the PE-backed platforms. Nonetheless, transactions involving label printing companies still top the chart.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcu3RZfW3PEXpGTaoq1STJ0arXDWy7RZVsj960XZQ3F52RAYYvIBKWeQNnTtEiusnrUuJwYBXUtomvb-NMK2mrDlJTCdqQjfJEAML1YIK9_kNcZL-jZJ1TJQpjbKktb-7ZT6CGRa9oU46XqHFQSTiXaTd0PKiuN6W3uR5Sitf2tU9HKCgsl4pAOm1rAIY/s3314/2023.08.5-Year%20TTM.Packaging%20Transaction%20Segments.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcu3RZfW3PEXpGTaoq1STJ0arXDWy7RZVsj960XZQ3F52RAYYvIBKWeQNnTtEiusnrUuJwYBXUtomvb-NMK2mrDlJTCdqQjfJEAML1YIK9_kNcZL-jZJ1TJQpjbKktb-7ZT6CGRa9oU46XqHFQSTiXaTd0PKiuN6W3uR5Sitf2tU9HKCgsl4pAOm1rAIY/w640-h416/2023.08.5-Year%20TTM.Packaging%20Transaction%20Segments.png" width="640" /></a></div><br />There has been a steady uptick in the number of transactions in which folding cartons are the primary product of the target company. We foresaw this trend and noted this in past <i>Target Reports</i>. We believe that the interest in folding cartons will continue to increase as private equity funds that look for the recurring revenues inherent in most packaging companies seek alternatives to the higher multiples in the label and flexible packaging businesses. Larger established folding carton companies have also been active consolidators. Social trends extolling the use of more sustainable fiber-based packaging also favor the folding carton. (See <a href="https://www.thetargetreport.com/2022/04/label-roll-ups-are-red-hot-are-folding.html" target="_blank">The Target Report: Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022</a>)<br /><br />Owners and investors in the packaging industry tell a very different story than those in commercial printing, when they talk about their rationale for completing an acquisition. Of the 53 transactions that we recorded over the past twelve months in the packaging segment, only one was reported to be a tuck-in and that was the consolidation of a small plant into a nearby existing operation. In most of the deals, the buyers noted that the acquisition of an additional production facility as the critically important reason to complete the deal. Furthermore, the expansion of the company’s geographic footprint was mentioned as very important to the buyer.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXStHMrMtIgNxoFWlFqmSpi-B29is3K7EG5DVWtbdhCb6SmRt9ln6fR4McCsq91BgxFSjDfL4vVIlKz9KafckGoNYw7s7bfGhuq0_iPWTYl62KPfIB1VBpQDvoksrY49X1g_Ejvc047SRWL-4Fw3GV_W-Hqh8SfEXPS8hBkbpmA3RUjfP20pJAzTnco6w/s3314/2023.08.5-Year%20TTM.Packaging%20Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXStHMrMtIgNxoFWlFqmSpi-B29is3K7EG5DVWtbdhCb6SmRt9ln6fR4McCsq91BgxFSjDfL4vVIlKz9KafckGoNYw7s7bfGhuq0_iPWTYl62KPfIB1VBpQDvoksrY49X1g_Ejvc047SRWL-4Fw3GV_W-Hqh8SfEXPS8hBkbpmA3RUjfP20pJAzTnco6w/w640-h416/2023.08.5-Year%20TTM.Packaging%20Transaction%20Rationale.png" width="640" /></span></a></div><span style="font-family: arial;"><div style="font-size: x-large;"><span style="font-family: arial; font-size: x-large;"><br /></span></div><span style="font-size: large;">Private equity was involved in 30 of the 53 total transactions in packaging, 57% of the total. In absolute terms, private equity’s decrease of twenty two transactions accounted almost entirely for the total decrease of deal activity in the packaging segment. Last year fifteen new players entered the packaging business, nine of which established brand new investment platforms in packaging. In contrast, during the past twelve months, there were only three new entrants, only one of which formed a new PE‑backed platform.</span></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7ZMYqHLUnO5ojUb-QAz8uppfXGauXGsdc7-7yNkpLw_kvRR3CDA1v7qLFEWsaVJv_k5SzDtc7PrwwlESrpXoUI7HAih6jPPcW2BAsa1aToeUOz2oCYFBIjEQ6L8CQJD9Iee8e2VnLAFjn8asFMRHFsCfY9DfeYTeGwpckIAOSNYDGFiJO8OgAa0mbSvM/s3314/2023.08.5-Year%20TTM.Packaging%20Transaction%20Attributes.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7ZMYqHLUnO5ojUb-QAz8uppfXGauXGsdc7-7yNkpLw_kvRR3CDA1v7qLFEWsaVJv_k5SzDtc7PrwwlESrpXoUI7HAih6jPPcW2BAsa1aToeUOz2oCYFBIjEQ6L8CQJD9Iee8e2VnLAFjn8asFMRHFsCfY9DfeYTeGwpckIAOSNYDGFiJO8OgAa0mbSvM/w640-h416/2023.08.5-Year%20TTM.Packaging%20Transaction%20Attributes.png" width="640" /></span></a></div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial;"><span style="font-size: large;">In 22 instances, geographic expansion or diversity of the acquired locations was noted as a key element in the buyer’s logic. An expanded geographic footprint continues to loom large in buyers’ expressed logic for completing acquisitions.</span></span></div><div><span style="font-family: arial; font-size: large;"><br />Our candidate for the most interesting transaction in the packaging segment during the past twelve months was the purchase of Impression Paragraph, a folding carton manufacturer, by Canada-based Supremex. The acquisition marks Supremex’s fifth move into the folding carton business, all examples of the company’s laser-focused execution of its strategic diversification plan to acquire packaging companies and supplement its legacy core envelope business. (See <a href="https://www.thetargetreport.com/2023/02/the-box-is-back-january-2023-m-activity.html" target="_blank">The Target Report: The Box is Back – January 2023</a>)<br /><br /><u><i>Wide-Format and Related Digital Products</i></u><br /><br />For our purposes in forming a picture of the various market segments that comprise the overall print-centric industries, we separate out companies that produce mostly wide-format and related products from the more generalized commercial printing segment. We include retail display and trade show graphic production in this category, as well as reprographics, indoor architectural environment graphics, and home décor products produced on wide-format equipment.<br /><br />As noted in prior <i>Target Reports</i>, the salad days for wide format printing are over. Digitally printed banners and wraps are no longer unique, flatbed printing devices are ubiquitous, and the high margins that came with being an early entrant offering large inkjet prints have been compressed by competition. Entry-level equipment is no longer expensive, flatbed cutters and other finishing technology are widely installed. Differentiation in the wide-format business has moved from those that had first-mover advantage to businesses that have perfected more complex online direct-to-customer systems, robust planning and installation capabilities, or value-added services such as printing on canvas for use as home or office décor.<br /><br /> As the wide format business matures, we find that buyers are going down the same road traveled in past decades by commercial printing companies; growth via acquisition, driven mostly by the stated desire to add a production facility. We can ascertain that the overall financial health of the segment is positive from the relatively small number of transactions that are structured as a tuck‑in. <br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieTxDnw0SGNiTKFz9QvWzqDbT2gB5RsBbFxltRKjgph7abPNB3ZqA1k2_Pl_3G3WO1Y677-GDKG98eTUFSnul_GS07-l9ANeKaq4BmzDV5kk3qOHthKlsXfF11wwxVn7hojUNotEjQA3X1KeSnAps4_Rjd931J5w--tWTs8oEK_TmELteaJyj_LQwD_8k/s3314/2023.08.5-Year%20TTM.Wide-Format.Transaction%20Rationale.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieTxDnw0SGNiTKFz9QvWzqDbT2gB5RsBbFxltRKjgph7abPNB3ZqA1k2_Pl_3G3WO1Y677-GDKG98eTUFSnul_GS07-l9ANeKaq4BmzDV5kk3qOHthKlsXfF11wwxVn7hojUNotEjQA3X1KeSnAps4_Rjd931J5w--tWTs8oEK_TmELteaJyj_LQwD_8k/w640-h416/2023.08.5-Year%20TTM.Wide-Format.Transaction%20Rationale.png" width="640" /></a></div><br />We noted 12 publicly reported transactions in the wide format segment during the past twelve months, consistent with the number we found in 2022, 2021, and 2019, 14, 13, and 12, respectively. Only 2020 was an aberration from the norm, with 24 noted transactions. Several private equity-backed platforms are active in the wide format segment, which leads us to expect that deal activity will continue apace over the next several years. The minimal number of tuck‑ins, bankruptcies, and plant closures all are factors that indicate a stable path ahead, absent any major economic disruption that might once again shut down entertainment venues and retail establishments.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBrhAJeXbjGlPtuHK-uhwtXoKoxiNX07yN7YOgLCrna-qAqcFD4gBkUQjyr-QfEjq3IH2TSiIFchv7ZTEgaJHZGM7HW4CVt6fwdM-6ZoNkxSWjTJSMk8DC7H2UkhLU_0y6FBApRL734uU5zZr38klv_b6f_Akt2uBdirHCDfC1NIQfPaqtAEYuEXpOy9M/s3314/2023.08.5-Year%20TTM.Wide-Format.Transaction%20Attributes.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBrhAJeXbjGlPtuHK-uhwtXoKoxiNX07yN7YOgLCrna-qAqcFD4gBkUQjyr-QfEjq3IH2TSiIFchv7ZTEgaJHZGM7HW4CVt6fwdM-6ZoNkxSWjTJSMk8DC7H2UkhLU_0y6FBApRL734uU5zZr38klv_b6f_Akt2uBdirHCDfC1NIQfPaqtAEYuEXpOy9M/w640-h416/2023.08.5-Year%20TTM.Wide-Format.Transaction%20Attributes.png" width="640" /></a></div><br />Our choice for the most interesting transaction in the wide format segment during the past twelve months was the acquisition of Advanced Digital Services by Crisp Imaging, the latest in a long list of acquisitions completed by the California-based company. Crisp is an exemplar of the convergence theory in the printing industry: the integration of various printing technologies, digitally connected, enabling print companies to offer a more comprehensive range of services and solutions. Crisp Imaging added five acquisitions in 2022 alone, with a total of eight companies purchased since 2021. For some reprographers, the familiarity with wide-format monochrome printing devices and digital workflows became the foundation upon which to build a more robust business that offered a wide variety of services to a diverse client base. It was a small leap from the digital production of technical drawings to more generalized digital color wide-format printing. Crisp clearly is treading ahead on that pathway. (See <a href="https://www.thetargetreport.com/2023/04/crisp-imaging-adds-to-west-coast.html" target="_blank">The Target Report: Crisp Imaging Adds to West Coast Network – March 2023</a>) <br /><br /><u><i>Direct Mail </i></u><br /><br />In our lexicon and analysis, direct mail printing companies are in a class by themselves, apart from the more generalized undifferentiated “job-shop” commercial printing companies that may offer some mailing capabilities. Many direct mail shops also manage, manipulate, store, and utilize data to drive improved results for their customers. Some have expanded into full-service marketing support companies, blending digital communication channels with mail campaigns. <br /><br />Transactional activity in the direct mail printing segment held steady over the past twelve months, with a total of six deals announced, versus 4, 8 and 9 during the prior three years, respectively. Indicative of the overall positive health of the direct mail segment, there were no tuck‑ins. In another sign of a healthy print segment, two new entrants bought into the segment, both PE-backed and representing new platforms.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfq6Bz9WXT404cNHn1WU44ZWkjFnALneKnToBiDgsY69zis262U6P-e6JZ39gjXdfCTjZDNCKNuhD7DWgrsMbp5PShDJbDb-c6WH7Sq4usDn040qKTdwLuzE0IKPVl0gFW-v9PyGAeIX7CDP5nzeHNQdSzy_LisW5aBtKZt6i65Nzrn541gNH3fhL-sHs/s3314/2023.08.5-Year%20TTM.Direct%20Mail.Transaction%20Rationale.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfq6Bz9WXT404cNHn1WU44ZWkjFnALneKnToBiDgsY69zis262U6P-e6JZ39gjXdfCTjZDNCKNuhD7DWgrsMbp5PShDJbDb-c6WH7Sq4usDn040qKTdwLuzE0IKPVl0gFW-v9PyGAeIX7CDP5nzeHNQdSzy_LisW5aBtKZt6i65Nzrn541gNH3fhL-sHs/w640-h416/2023.08.5-Year%20TTM.Direct%20Mail.Transaction%20Rationale.png" width="640" /></a></div><br />Similar to the wide format segment, the reason that owners gave most often for completing a transaction was simply to expand by adding an additional facility. All the other factors we track clustered together evenly as drivers for buyer behavior. In only one of the direct mail transactions did the buyer mention adding a service element as their rationale to move forward with the deal, indicating that most buyers believe that they already have the requisite services necessary to serve their customers. Rather, they are adding facilities to increase capacity and expand their company’s footprint within the direct mail business.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqXKDeKytMDOIxfZbGoNxVovE9OfYwUFmgEeq6KuzkJ91orE-ZD2Bn-qLu66FCPa-ymUJioEE9-qzVGup9Kgy60Xs5Mdu64AwiOg8Uv7WECtZR-I87sfrJsPHluR9Zb_9XXpsS5E688t8WA03CWwPj_OqIiIoQSMEiA9TVXgHtLwJYhPOcri2ZA2Vpsi0/s3316/2023.08.5-Year%20TTM.Direct%20Mail.Transaction%20Attributes.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3316" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqXKDeKytMDOIxfZbGoNxVovE9OfYwUFmgEeq6KuzkJ91orE-ZD2Bn-qLu66FCPa-ymUJioEE9-qzVGup9Kgy60Xs5Mdu64AwiOg8Uv7WECtZR-I87sfrJsPHluR9Zb_9XXpsS5E688t8WA03CWwPj_OqIiIoQSMEiA9TVXgHtLwJYhPOcri2ZA2Vpsi0/w640-h416/2023.08.5-Year%20TTM.Direct%20Mail.Transaction%20Attributes.png" width="640" /></a></div><br />Our choice for the notable transaction of the year in the direct mail segment has to be the acquisition of Communications Corporation of America (CCA), by Moore, the direct mail behemoth originally based in Tulsa, Oklahoma. This transaction follows several others in which Moore has tilled the fertile ground for non-profit mailing services around Washington, D.C. The company has executed a clear and consistent strategy embracing all aspects of fundraising. Past acquisitions include a production procurement agency, envelope manufacturers, database services, and a fundraising consultancy that promotes a multichannel approach that utilizes television, radio, print, digital and social media channels, and of course, direct mail. No longer content to be called a direct mail company, Moore now calls itself “a leading constituent experience management company” – the latest term of art in the nonprofit fundraising business. Since that tagline phrase does not exactly roll off one’s tongue, Moore is now otherwise known as a CXM company. (See <a href="https://www.thetargetreport.com/2022/11/direct-mail-providers-stretch-out.html" target="_blank">The Target Report: Direct Mail Providers Stretch Out – October 2022</a>)<br /><br /><div style="text-align: left;"><u><i>Challenged Segments</i></u></div><br />The transactional activity in an industry segment tells us that the business is changing. However, the simple counting of deals does not tell us if that activity is indicative of positive or negative change. To determine a directional indication, we track the number of bankruptcy filings and non-bankruptcy plant closures and correlate this information with the overall transactional activity. Our thesis, born out over several years and confirmed by industry stats derived from other sources, is that an industry segment with a high number of transactions that is also experiencing closures and bankruptcies is, or will be, in a contraction phase. There will be opportunities for consolidation at bargain prices for those companies that defy the downward trend. <br /><br /> Conversely, segments in which the number of transactions is inversely correlated to closures and bankruptcies are more likely to be expanding. Therefore, consolidation opportunities will come at much higher prices. Virtually all the packaging segments are experiencing steady transactional activity, without the corresponding bankruptcy filings and plant closures, indicating a very healthy environment for sellers as the packaging industry continues to consolidate.<br /><br />The gist of the data on bankruptcy filings is that the printing and packaging industries are doing just fine. Indicators of financial distress have all been trending downwards over the past five years.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi41VjeT3YCjlwCFFE0KQzKIy2YWSh5yGDWTdugwii9z2NtVAOtkbOcrQJulrhdzGk_87Z6D3NSSI4uX_9D-ElPZtPDWNOuzGQklisZ-EwWwFU3BlcR5BTTTfxl-4rcLnCIcjFtvRlfqEtcF84PUhAKc8JbSL_My9QXdzAPwpFexPwjWLaeGUw9rxzqJaE/s3314/2023.08.5-Year%20Trend.Bankruptcy%20Filings.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi41VjeT3YCjlwCFFE0KQzKIy2YWSh5yGDWTdugwii9z2NtVAOtkbOcrQJulrhdzGk_87Z6D3NSSI4uX_9D-ElPZtPDWNOuzGQklisZ-EwWwFU3BlcR5BTTTfxl-4rcLnCIcjFtvRlfqEtcF84PUhAKc8JbSL_My9QXdzAPwpFexPwjWLaeGUw9rxzqJaE/w640-h416/2023.08.5-Year%20Trend.Bankruptcy%20Filings.png" width="640" /></a></div><br />For the first time in our twelve years of studying these trends, the commercial printing segment is not the leader in the number of bankruptcies filed. Not surprisingly, the publishing of newspapers and magazines is now the category leader. <br /><br />Our candidate for the most interesting bankruptcy filing during the past twelve months, Vice Media, was indeed in the publishing segment. At one point, Vice, which started out as a printed magazine, was the tenth highest valued private company in America. The company transitioned to a media empire, focused on delivering edgy content via online channels. As we can see from the past two years in our deal logs of M&A activity, investors and consolidators are back in the print game, so one might interpret the failure of Vice Media and other electronic media as positive for print. That might be somewhat true, but it would be a mistake to interpret Vice Media’s bankruptcy filing as a halt in the inexorable move to a more digital multi-channel content delivery world. That movement will continue, however there will be fits and starts, new players and channels, and printed material will be there as the steady hand that delivers. (See <a href="https://www.thetargetreport.com/2023/06/the-party-is-over-at-vice-media-and-why.html" target="_blank">The Target Report: The Party is Over at Vice Media, and Why it Matters - May 2023</a>)<br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFrmTUqKYi69ZEB8N1tWUhpL-ScBsPEOSAtTJN4r38D_jjfWr5GMLq6YoCbcYAsUJqu8GdD8Dn4Xr9_yUux2_FJXY_hb9i1oBitQcPFADocn_rRSfnw3jxQ59wYmE9595HCzgUzNazMu4S-PaBGdmdh4wDz2g9P-ygDJMJGlGbscKGFrvwKSrd_VKPz2g/s3644/2023.08.5-Year%20TTM.Bankruptcy%20Filings.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2984" data-original-width="3644" height="524" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFrmTUqKYi69ZEB8N1tWUhpL-ScBsPEOSAtTJN4r38D_jjfWr5GMLq6YoCbcYAsUJqu8GdD8Dn4Xr9_yUux2_FJXY_hb9i1oBitQcPFADocn_rRSfnw3jxQ59wYmE9595HCzgUzNazMu4S-PaBGdmdh4wDz2g9P-ygDJMJGlGbscKGFrvwKSrd_VKPz2g/w640-h524/2023.08.5-Year%20TTM.Bankruptcy%20Filings.png" width="640" /></span></a></div></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span></span></div><div><span style="font-family: arial;"><span style="font-size: large;">However, before we become too sanguine about how well our industry is doing, we must note that here at Graphic Arts Advisors we have seen a notable uptick in the number of our restructuring engagements, advising owners of financially challenged and highly distressed businesses. That change became apparent in the Spring of 2023, which is consistent with the data we see for the overall printing and packaging industry over the past twelve months.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikc-B93y6v4qaxCPeXJZGgH6yCXIy5Th3BjDwU-4PNAu5JG5Coj3d5WF4RUGIRTWZHR6CQsh3iH_yEDxVgw-X8m9HxP4OAvbK3Ka0PLtcu5ZswqvoM4Rv5fz1Awiq2D444eDsgdnP_jUhp--gs3aLnKRH73-EC0hAQuOAYgXFOVvomwJfFmwNc6kjSqhA/s3314/2023.08.1-Year%20TTM.Bankruptcy%20Seasonality.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikc-B93y6v4qaxCPeXJZGgH6yCXIy5Th3BjDwU-4PNAu5JG5Coj3d5WF4RUGIRTWZHR6CQsh3iH_yEDxVgw-X8m9HxP4OAvbK3Ka0PLtcu5ZswqvoM4Rv5fz1Awiq2D444eDsgdnP_jUhp--gs3aLnKRH73-EC0hAQuOAYgXFOVvomwJfFmwNc6kjSqhA/w640-h416/2023.08.1-Year%20TTM.Bankruptcy%20Seasonality.png" width="640" /></span></a></div></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">We also track activity in non-bankruptcy plant closures as a good indicator of financial challenges within each industry segment, possibly even a more prescient predictor than are bankruptcies. At the lower end of the market in terms of business size, a bankruptcy filing can be the death knell for a company in the printing industry, and in any case, bankruptcy filings are expensive.<br /><br />While some companies simply close up and just disappear, others find a buyer for the book-of-business and conduct an orderly wind-down process. A closure does not always mean that the company has ceased operating; a closure may simply be due to one of the larger printing firms rationalizing their production capacity. Either way, closures are indicative of change, usually resulting from downward pressure in a market segment.<br /><br />Converse to the bankruptcy filing data, the number of non-bankruptcy closures in the past twelve months increased to 33 from 23 during the prior year, but are still well below the numbers from 2019 and 2020.<br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy8XpsoeP7i6bskk8TDDc7h4CRUd230X2W8-qDlr--Av3o_Rf-agX8y8uKH325WrOLuUeQt5PMox5kK40a_4hnOqYttDqfAk9sGFRBql9P_DrJ6dkp_TQLYK97GPi7r9SsXP7Pf6ej5TSdc7dpvg96AWp4gCnINGLfgeq5HtEHQ7DNohceV91cH3DbBpQ/s3314/2023.08.5-Year%20Trend.Non-Bankruptcy%20Closures.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy8XpsoeP7i6bskk8TDDc7h4CRUd230X2W8-qDlr--Av3o_Rf-agX8y8uKH325WrOLuUeQt5PMox5kK40a_4hnOqYttDqfAk9sGFRBql9P_DrJ6dkp_TQLYK97GPi7r9SsXP7Pf6ej5TSdc7dpvg96AWp4gCnINGLfgeq5HtEHQ7DNohceV91cH3DbBpQ/w640-h416/2023.08.5-Year%20Trend.Non-Bankruptcy%20Closures.png" width="640" /></a></div> <br />General commercial printing companies once again represent the majority of printing facilities closing up shop in a non-bankruptcy closure or wind-down. Newspaper printing plants also closed in greater numbers than most other segments. Paper mills continued to cease operations and close up, as noted in the materials manufacturing category in the chart below. <br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGLuk3wuLjz7EB3ND9IJSZ8gfD_OSkwy4oNzncnncrNVV4h84cZqG6rybFVPf7cewlOBlCYrUBe869p8T9Yx8fv8Y5AuEbupNnp1wdvBH1T9qrD0xrkRg-FxnbJmXgvSHh5XaSEM1NJ0uWcvnyptT6izVldRZiGA3WQfsDemlC7Ul_ru_6sri-PWBPF7g/s3644/2023.08.5-Year%20TTM.Non-Bankruptcy%20Closures.png" style="font-family: "Times New Roman"; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="2984" data-original-width="3644" height="524" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGLuk3wuLjz7EB3ND9IJSZ8gfD_OSkwy4oNzncnncrNVV4h84cZqG6rybFVPf7cewlOBlCYrUBe869p8T9Yx8fv8Y5AuEbupNnp1wdvBH1T9qrD0xrkRg-FxnbJmXgvSHh5XaSEM1NJ0uWcvnyptT6izVldRZiGA3WQfsDemlC7Ul_ru_6sri-PWBPF7g/w640-h524/2023.08.5-Year%20TTM.Non-Bankruptcy%20Closures.png" width="640" /></a></div><br />We will see, over the next year, if we can stick the elusive soft landing referred to by hopeful economists. In our conversations with printing and packaging company owners across the US, we hear that much of the money from the government largess has been absorbed, loans are coming due for refinancing at higher rates, and print-buying customers are again exerting discipline in purchasing. Similar to the number of bankruptcy filings, the number of reported non-bankruptcy plant closures has crept up, beginning this past Spring. We will be watching and reporting when we enter our thirteenth year of publishing the monthly issues of <i>The Target Report</i>. Stay tuned.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1VoQsZCJmekTMNdmPtzFPXYGoZ7CsJYvp3_bksrE4RTMzDLEFoEweYkhQGyFJD1Rxp6EOgMTQevxDTbtWWdVSCzlu_AmY5WTTPR2w_CN0FLd2dRsGj2ajiylNYYJmZSpjo0QPRadi0F1wWIcbceNn9S3RuFE6DR3QInYLAJAVx3LbZpdewKnnvgXwlqY/s3314/2023.08.1-Year%20TTM.Non-Bankruptcy%20Closures%20Seasonality.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2159" data-original-width="3314" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1VoQsZCJmekTMNdmPtzFPXYGoZ7CsJYvp3_bksrE4RTMzDLEFoEweYkhQGyFJD1Rxp6EOgMTQevxDTbtWWdVSCzlu_AmY5WTTPR2w_CN0FLd2dRsGj2ajiylNYYJmZSpjo0QPRadi0F1wWIcbceNn9S3RuFE6DR3QInYLAJAVx3LbZpdewKnnvgXwlqY/w640-h416/2023.08.1-Year%20TTM.Non-Bankruptcy%20Closures%20Seasonality.png" width="640" /></span></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<col class="xl979967" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
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<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl699967" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 August - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl949967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl759967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl949967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
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<td class="xl769967" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl779967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl779967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl939967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl719967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl779967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl939967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl719967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl789967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl719967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl719967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl779967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl799967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">MediaNews Group<br />(Port co. Alden Global Capital)</td>
<td class="xl669967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Denver, CO</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225"><span class="font8" style="font-size: 12pt;">Scranton Times-Tribune (+3 titles)</span><span class="font69967"><br /></span><span class="font8" style="font-size: 10pt;">Prop. Times-Shamrock
Communications</span></td>
<td class="xl669967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Scranton,
PA</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/31/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Regional newspapers</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dirksvanessen.com/press_release/medianews-group-acquires-times-shamrock-communications-newspapers/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Graphic Packaging</td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$9,670</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bell</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sioux
Falls, SD</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/31/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$262.5</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding Cartons</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.marketscreener.com/quote/stock/GRAPHIC-PACKAGING-HOLDING-12812/news/Graphic-Packaging-Holding-Company-entered-into-a-definitive-agreement-to-acquire-Bell-Incorporated-f-44481467/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Teamshares</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Success Printing & Mailing<br /><span class="font8" style="font-size: 11pt;">(Advised by
Graphic Arts Advisors)</span></td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Shelton,
CT</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.graphicartsadvisors.com/single-post/graphic-arts-advisors-represents-success-printing-and-mailing-in-sale-to-teamshares" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl679967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">Dephos Herald<br /><span class="font89967">(+7 titles)</span></td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Delphos,
OH</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dirksvanessen.com/press_release/cherryroad-media-acquires-eight-newspapers-and-printing-operation-from-delphos-herald-inc/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Lincoln Shields<br /><span class="font8" style="font-size: 10pt;">(Sub. Black Mountain
Investment Co.)</span></td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Runbeck Election Services</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/29/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Ballot printing & services</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.azfamily.com/2023/08/30/conflict-interest-questions-raised-arizona-over-election-ballot-company-sale/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Hutchinson Print Operations<br />(Div. Gannett)</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Hutchinson,
KS</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/29/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Newspaper printing</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/cherryroad-media-acquires-hutchinson-kansas-printing-operations-from-gannett-301913196.html" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">KDV Label<br />(Port co. Mason Wells)</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Waukesha,
WI</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Selective Label</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sugar
Grove, IL</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/29/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.masonwells.com/kdv-label-acquires-selective-label-printing-inc/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Premier Press</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Portland,
OR</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">KG Specialties</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Portland,
OR</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/29/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Apparel decorating</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/premier-press-combines-forces-with-kg-specialties-to-expand-creative-production-capabilities-301911788.html" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Duravant</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Downers
Grove, IL</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">National Presort</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fort
Worth, TX</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/16/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Presorting equipment</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.duravant.com/duravant-acquires-npi.html" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Granite Creek Capital Partners</td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl989967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Salem One</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Winston-Salem,
NC</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/14/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.granitecreek.com/news/granite-creek-capital-partners-announces-investment-in-salem-one/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">KERA</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dallas,
TX</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Denton Record-Chronicle</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Denton,
TX</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/7/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.keranews.org/inside-kera-news/2023-08-07/kera-completes-acquisition-of-the-denton-record-chronicle-converts-paper-to-nonprofit" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Clayton, Dubilier & Rice</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Veritiv</td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$6,430</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/7/23</td>
<td class="xl899967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$2,300</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Morgan Stanley)</span></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper distribution</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cdr-inc.com/news/press-release/cdr-acquire-veritiv" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">News-Press & Gazette Company </td>
<td class="xl669967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Joseph, MO</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/4/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Dirks, Van Essen)</span></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.editorandpublisher.com/stories/npg-completes-sale-of-regional-newspapers-to-cherryroad-media,245069" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Taylor Corporation</td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl989967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DMR Creative</td>
<td class="xl669967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Deerfield
Beach, FL</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/3/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Apparel decorating</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.taylor.com/blog/taylor-corporation-acquires-dmr-creative-marketing-expanding-its-promotional-business-unit" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Hood Container</td>
<td class="xl899967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Sustainable Packaging</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dalton,
GA</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/2/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated packaging</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lesprom.com/en/news/Hood_Container_acquires_Sustainable_Printing_LLC_108907/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sustana Fiber<br />(Port co Blackstone)</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">De Pere, WI</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Hanna Paper</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Markham,
ON</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/1/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper recycling</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/sustana-combining-with-hanna-paper-a-leading-high-grade-paper-recovery-company-in-north-america-301890778.html" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Roland DG</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$421.6</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hamamatsu, Japan</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Dimense<br />Sub. UAB VEIKA</td>
<td class="xl659967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Vilnius, Lithuania</td>
<td class="xl909967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/1/23</td>
<td class="xl889967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Purchase of Majority Interest</td>
<td class="xl689967" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Dimensional inkjet printers</td>
<td class="xl919967" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.rolanddga.com/company/pressroom/08012023-announcement-regarding-acquisition-of-uab-dimense-shares#:~:text=Roland%20DG%20has%20decided%20to,embossing%20solution%20for%20wallpaper%20industries." target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl709967" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl809967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Content Critical Solutions<br />(Div. Triangle Solutions)</td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Moonachie,
NJ</td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Century Direct<br /><span class="font8" style="font-size: 11pt;">(Advised by Graphic Arts
Advisors)</span></td>
<td class="xl659967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl729967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Islandia,
NY</td>
<td class="xl909967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/1/23</td>
<td class="xl889967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl929967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl689967" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail printing & service</td>
<td class="xl919967" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://contentcritical.com/content-critical-solutions-expands-operations-and-services-with-acquisition-of-direct-mail-marketing-company-century-direct/" target="_blank">Link</a></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl739967" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl709967" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl829967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl959967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl959967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl829967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl959967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl709967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl959967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl699967" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_9967" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_23988" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6723988" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7323988" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6923988" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6523988" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7023988" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6623988" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6523988" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6523988" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6523988" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7123988" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7223988" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7623988" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7623988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7723988" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 August - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl7723988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7723988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7623988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7223988" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7923988" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8023988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8023988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8023988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8023988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8323988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223988" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6823988" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8123988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7223988" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6823988" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6823988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Fanjoy</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/8/23</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-57565</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brookhaven,
GA </td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8223988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern GA<br />Atlanta, GA</td>
<td class="xl8523988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Paul W. Bonapfel</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Leon
S. Jones</td>
<td class="xl8623988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Online
promotional apparel</td>
<td class="xl7823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223988" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6823988" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8123988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7223988" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6823988" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6823988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Big Daddy Signs of Florida, Inc.</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/14/23</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-10438</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Laconia,
NH</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1st</td>
<td class="xl8523988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">New Hampshire<br />Concord</td>
<td class="xl8523988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Bruce A. Harwood</td>
<td class="xl8423988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Christopher
J. Seufert</td>
<td class="xl9023988" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 180pt;" width="239">Sign printing</td>
<td class="xl7823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223988" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6823988" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6823988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Map 6, Inc. <br />dba ASAP Printing & Digital</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">8/10/23</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-11317</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Mandeville,
LA</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8523988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern LA<br />New Orleans</td>
<td class="xl8523988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Meredith S. Grabill</td>
<td class="xl8423988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Robin
R. DeLeo</td>
<td class="xl8623988" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223988" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6823988" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8923988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823988" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_23988" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_28471" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7428471" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7428471" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7428471" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8128471" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8228471" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8328471" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8428471" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8428471" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8428471" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8628471" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8528471" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8528471" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7428471" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7228471" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7328471" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7328471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6728471" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 August - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6728471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6728471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7328471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7228471" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7528471" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7528471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7628471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7628471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7728471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7728471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7828471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7528471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228471" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7928471" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7928471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6528471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">CKJ - Printing facility</td>
<td class="xl7128471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/28/23</td>
<td class="xl9028471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9028471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Lawrence, KS</td>
<td class="xl6628471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">CJK Group</td>
<td class="xl9028471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brainerd, MN</td>
<td class="xl6828471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/29/23</td>
<td class="xl6628471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 235pt;" width="313">Publication printing<br />(Formerly Allen Press facility)</td>
<td class="xl8728471" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://lawrencekstimes.com/2023/08/29/former-allen-press-plant-closing/" target="_blank">Link</a></td>
<td class="xl8028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228471" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7928471" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6528471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Maro Carton</td>
<td class="xl8828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sep-23</td>
<td class="xl9028471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bellwood,
IL</td>
<td class="xl8928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl9028471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl8828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Aug-23</td>
<td class="xl6928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Folding
cartons</td>
<td class="xl8728471" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.hibid.com/catalog/481771/maro-carton" target="_blank">Link</a></td>
<td class="xl8028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228471" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7928471" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7928471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6528471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Shutterfly - Printing facility</td>
<td class="xl8828471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Jun-24</td>
<td class="xl9028471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6828471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"> Shakopee, MN</td>
<td class="xl6628471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">Shutterfly<br /><span class="font8" style="font-size: 11pt;">(Port co. Apollo Global
Mgmt.)</span></td>
<td class="xl9028471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Redwood City, CA</td>
<td class="xl6828471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/11/23</td>
<td class="xl6928471" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Photobooks
production & warehouse</td>
<td class="xl8728471" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.swnewsmedia.com/shakopee_valley_news/shutterfly-to-close-shakopee-warehouse-laying-off-nearly-250-employees/article_350c325c-3880-11ee-8f23-f385b98ca45c.html" target="_blank">Link</a></td>
<td class="xl8028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228471" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7928471" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6528471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">WestRock - Paperboard mill</td>
<td class="xl8828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sep-23</td>
<td class="xl9028471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Tacoma,
WA</td>
<td class="xl8928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">WestRock</td>
<td class="xl9028471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl6828471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">8/1/23</td>
<td class="xl6928471" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Kraft
& white linerboard paper mill</td>
<td class="xl8728471" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230801462927/en/WestRock-Announces-Plans-to-Close-Tacoma-Wash.-Paper-Mill" target="_blank">Link</a></td>
<td class="xl8028471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228471" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7928471" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9228471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9228471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9328471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7928471" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Calibri, sans-serif" style="font-size: 12pt;"></span></p></div></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-62228752610263394542023-08-07T22:24:00.026-04:002023-08-08T23:36:12.188-04:00116 Laps Around Fenway Park, Barefoot – July 2023 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl0SdcdR8Nq_K0kMqs0OTgVbsODzezemQ-DSLmKLJBqX7DQj_Sak3UGFRxF8Zi6EGl3ZB1tkGP1RzXVuXX_e9C-Z2xW5EAYQ0SP2c3XGNepRXymHO7APNH7WzmYiSLdiuJ4XLPda1espU93zq1rJw_QN8VV4xl9opzDZsdPUxz5la0pKUes54AI9Y2Q-4/s4879/Running%20Feet.Full.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3577" data-original-width="4879" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl0SdcdR8Nq_K0kMqs0OTgVbsODzezemQ-DSLmKLJBqX7DQj_Sak3UGFRxF8Zi6EGl3ZB1tkGP1RzXVuXX_e9C-Z2xW5EAYQ0SP2c3XGNepRXymHO7APNH7WzmYiSLdiuJ4XLPda1espU93zq1rJw_QN8VV4xl9opzDZsdPUxz5la0pKUes54AI9Y2Q-4/w444-h326/Running%20Feet.Full.Cropped.jpg" width="444" /></a></div><br /></div><span style="font-family: arial; font-size: large;">Reade Brower, the intrepid barefoot Hawaiian shirt-clad serial entrepreneur, announced the sale of his company’s 22 newspapers to the National Trust for Local News (NTLN). Based in Denver, Colorado, the nonprofit organization is acquiring five daily newspapers and 17 weekly papers from <a href="https://www.mainepublic.org/business-and-economy/2023-07-10/press-herald-other-masthead-maine-papers-sold-to-national-trust-for-local-news" target="_blank">Masthead Maine</a>, the news organization that Brower has assembled over the past decade as opportunities arose and he was the right person in the right place at the right time with the right resources. By deciding to pass his ownership of the papers over to NTLN, Brower has sidestepped the path of many of the other regional publishers that have sold out to one of the larger financial buyers. In doing so, he expressed his hope that his sale would be different: newsroom staff would be retained, and the high quality of the papers be maintained for the next generation. <br /><br />Many newspapers in the US trace their history back well over a hundred years. But for many publishers, the race has become too painful. Exhausted, they drop out. Recent research indicates that on average two newspapers go out of business each and every week, a pace of decline that has been sustained, on average, for the past two decades. Moreover, many daily papers have reduced the frequency of their printed editions. Weekly papers drop from seven to three or four days a week, biweeklies become weekly papers. Stories of gutted newsrooms abound. The reporters that remain are overworked and underpaid. The loss is felt particularly hard in rural communities. With the cessation of local news reporting, “news deserts” are popping up where there is no accountability at the local municipal and county levels. Sports and community events go un-recorded or transitioned to the online ether of the internet. <br /><br />One strategy to save struggling newspapers has been the conversion of newspaper publishing companies to tax-exempt nonprofit organizations dedicated to serving the public good, supported by a mix of donations, renewed emphasis on paid subscriptions, and the erection of paywalls for online access, as well as retaining what is left of the traditional print advertising base. In late 2019, The Salt Lake Tribune spearheaded the concept, obtained IRS approval of its application for tax-exempt status, and became the first nonprofit major metropolitan newspaper. <br /><br />Other conversions followed, including The Chicago Sun-Times, which converted to nonprofit status via a merger with the local public radio station, a natural and convenient pathway given public radio’s focus on news and deep experience with nonprofit status. <br /><br />There are several models that are playing out in the effort to save big-city papers. The publishers that have switched to nonprofit status, as did The Salt Lake Tribune, are distinctly different from the for-profit publishers which are separate from, but now owned by, a nonprofit foundation that acquires the paper. For example, The Philadelphia Inquirer is a for-profit company that is owned by the nonprofit Lenfest Institute. The other method of saving a drowning major news organization is the purchase by a wealthy buyer, probably best known and exemplified by Jeff Bezos’ purchase of The Washington Post. The jury is still out on which model will prevail in the efforts to save the major metro newspapers, however in the local newspaper business, the nonprofit model is gaining traction, supported and nurtured by the National Trust for Local News. <br /><br /><u><i>Santa Barbara News-Press Abruptly Closes </i></u><br /><br />Ampersand Publishing, the owner of the venerable Santa Barbara News-Press, filed Chapter 7 bankruptcy, effectively starting the process of liquidating under the auspices of the US Bankruptcy Court. The paper ceased publication abruptly on a Friday in July when the company could no longer fund its payroll, which ended the run of the newspaper that began in 1868 as the weekly Santa Barbara Post. The paper punched above its weight as a serious regional paper and gained national recognition in 1962 when it was awarded a Pulitzer Prize for its editorials exposing the John Birch Society. <br /><br />The paper was purchased from the New York Times for a reported $110 million in 2000 by Wendy McCaw, the wealthy ex-wife of Craig McCaw the founder of the early cell phone pioneer McCaw Communications. The end of the Santa Barbara News-Press newspaper marks the end of not only the publication of the paper, but also the end of her ignominious and highly contentious term of ownership. A Santa Barbara resident, she initially expressed her intention to leave the day-to-day management and editorial direction to the professionals who ran the paper. McCaw publicly stated that she was committed to preserving the paper’s independence and unquestioned integrity. <br /><br />After a very hopeful start, buoyed by Santa Barbara residents’ feelings that local ownership was preferable to the big-city east coast owners, her ownership quickly turned sour. She launched into an impassioned and obsessive animal rights campaign, hijacking the front page to express her personal positions, a follow-up to her earlier successful efforts to free the killer whale Keiko, the star of Free Willy. The editorial page took on an increasingly acerbic anti-local government position, often personally attacking local politicians. Controversy broke out over McCaw’s repeated interference with the editorial stories, and a full-blown exodus of talent ensued. Labor disputes followed; the Teamsters union was invited in and overwhelmingly won certification. The battles played out in print and gained national attention. Taking a cue from Orson Welles’ Citizen Kane, in 2008 local filmmakers produced <a href="https://www.youtube.com/watch?v=hXb53q_kDfc" target="_blank">Citizen McCaw</a>, a damning and fascinating documentary about McCaw’s tenure and impact on the paper and community. <br /><br />The printing presses stopped running at the Santa Barbara News-Press in April. The paper reported that they were unable to run the press due to power issues and would be temporarily an all-digital publication until the power problems were resolved. Despite the assertion that the suspension of print was an interim step, the printed edition never resumed. The final story of the famed Santa Barbara paper will be written on the court docket in the Chapter 7 bankruptcy. <br /><br /><u><i>Stop The Presses in Coal Country </i></u><br /><br />The residents of McDowell County in West Virginia lost their local paper a couple months ago and have joined the ranks of Americans living in a news desert. <a href="https://apnews.com/article/welch-news-mcdowell-west-virginia-coal-newspaper-dc3a06efe251e0cbb894e5f2281c63a1" target="_blank">The Welch News</a> was owned and managed by Missy Nester, a local resident who bought the paper in 2018 and poured her heart, soul, and pocketbook into the paper which had been published for almost 100 years. Like many other papers, The Welch News, at one time a daily paper, cut its schedule of print runs down last year from three times a week to just weekly. <br /><br />The paper, with a total staff of four, faced a daunting challenge to maintain operations in a region with a declining population, housed in an old building in which the roof was failing. The paper was printed on a vintage 1966 Goss coldset web press which was housed in the basement. Many of Nester’s neighbors wanted the paper to survive and would help out in ways that only works in small towns. Nester would find cash or even meals taped to her front door to help her in the effort to keep the paper afloat. The sacrifices just became too much, and the paper printed its last edition in March. <br /><br />The county once had almost 100,00 residents and was the world’s largest coal producer, calling itself “America’s coal bin.” Times have changed. The remaining 17,850 residents no longer have a source of local news, reduced to finding out what is happening in their community on Twitter, that is if they have cell service or internet which is not certain, especially among the elderly that relied on news in print. <br /><br /><u><i>The Accidental News Baron </i></u><br /><br />Reade Brower, the entrepreneur who sold his papers to the NTLN, was quoted as saying that much of his success has been due to scrapping and hustling; a bit of being in the right place at the right time, and more than anything else, simply his grit. As if being in the newspaper business is not a sufficient test of that grit, Brower, a committed runner, ran the lesser-known Boston Marathon, a fundraiser of the Red Sox Foundation in which participants circle the practice track inside the famed Fenway Park 116 times which achieves the required 26.2 miles. Since he had completed marathons in the past, Brower needed an extra challenge; he ran the race barefoot on the hardscrabble track. He finished in last place. The lights were out, and everybody else had gone home. <br /><br />For Brower’s 22 newspapers in Maine, a new chapter
has begun, and the lights are still on.<br /></span><div><span style="font-family: arial; font-size: large;"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
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<td class="xl69797" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 682pt;" width="905">2023 July - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
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<td class="xl94797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl73797" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl76797" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl77797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl77797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl93797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl71797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl77797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl93797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl71797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl78797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl71797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl71797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl77797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl79797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">One Rock Capital Partners</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Constantia Flexibles<br /><span class="font8797">(Portfolio co. Wendell
Group)</span></td>
<td class="xl65797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Vienna,
Austria</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/31/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Evercore)</span></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/one-rock-capital-partners-announces-acquisition-of-constantia-flexibles-from-wendel-301888997.html" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mittera</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$555.4</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Des
Moines, IA</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The AngstromGroup</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/28/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://mittera.com/angstromgroup/" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mt. Royal Printing<br /><span class="font8" style="font-size: 11pt;">(Advised by Graphic Arts
Advisors)</span></td>
<td class="xl65797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Baltimore, MD</td>
<td class="xl98797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">Westland Enterprises</td>
<td class="xl65797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Forestville,
MD</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/20/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.graphicartsadvisors.com/single-post/graphic-arts-advisors-represents-mt-royal-printing-in-purchase-of-westland-enterprises" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Marek Group</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$41.9</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Waukesha, WI</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">HighNote</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Louisville,
KY</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/18/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Marketing execution services</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/the-mark-group-acquires-direct-marketing-company-highnote/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-07-18" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Dumont Printing</td>
<td class="xl65797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fresno,
CA</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">ValPrint</td>
<td class="xl66797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fresno,
CA</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/13/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thebusinessjournal.com/oldest-fresno-printing-companies-become-one-with-sale/" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">National Trust for Local News</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Denver,
CO</td>
<td class="xl67797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">The Portland Press Herald<br /><span class="font9797">(+21 titles)
</span><span class="font6797">(Prop. Masthead Maine)</span></td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Portland,
ME</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Regional Newspapers</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.nytimes.com/2023/07/11/business/media/maine-newspapers-nonprofit.html#:~:text=The%20National%20Trust%20for%20Local%20News%2C%20a%20nonprofit,state%2C%20including%20five%20of%20its%20six%20daily%20papers." target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ancor Capital Partners<br />w/ Merit Capital Partners</td>
<td class="xl89797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Southlake, TX<br />Chicago, IL</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Displayit</td>
<td class="xl66797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Irvine,
CA</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Retail display & environments</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ancorcapital.com/ancor-capital-partners-with-displayit-inc/?mc_cid=a1a7d2d238&mc_eid=c985fad067" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fair Andreen</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Belvidere, IL</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">CityPress<br /><span class="font8" style="font-size: 11pt;">(Advised by Graphic Arts
Advisors)</span></td>
<td class="xl66797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Waukesha, WI</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.graphicartsadvisors.com/single-post/graphic-arts-advisors-represents-citypress-inc-in-sale-to-buyer-new-to-the-print-industry" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl89797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TQL Packaging Solutions</td>
<td class="xl66797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dallas,
TX</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels, & flexible packaging</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.resourcelabel.com/resources/resource-label-group-expands-flexible-packaging-capabilities-with-acquisition-of-tql-packaging-solutions/" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Tecnau</td>
<td class="xl89797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ivrea, Italy</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Sitma Machinery</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Spilamberto,
Italy</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Postpress equipment</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tecnau.com/tecnau-acquires-all-operating-activities-of-sitma/" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Avon Lake<br />(New franchisee)</td>
<td class="xl89797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Avon Lake, OH</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Avon Lake Printing</td>
<td class="xl65797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Avon Lake, OH</td>
<td class="xl90797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/7/23</td>
<td class="xl88797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl92797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl91797" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/07/07/38-year-business-avon-lake-printing-and-signs-converts-to-minuteman-press-franchise/" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl70797" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl80797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CCL Industries</td>
<td class="xl89797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$4,896</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Oomph Made Ltd.</td>
<td class="xl65797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$5.0</td>
<td class="xl72797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Liphook,
UK</td>
<td class="xl90797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/4/23</td>
<td class="xl88797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$5.4</td>
<td class="xl92797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl68797" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">RFID cards & wristbands</td>
<td class="xl91797" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.marketwatch.com/story/ccl-industries-buys-oomph-made-for-c-7-1-million-30730164" target="_blank">Link</a></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl73797" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl70797" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl82797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl95797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl95797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl82797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl95797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl70797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl95797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl69797" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_797" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_797" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_797" x:publishsource="Excel"><div align="center" id="Target Report_3750" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl673750" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl733750" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl693750" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl653750" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl703750" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl663750" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl653750" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl653750" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl653750" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl713750" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl723750" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl763750" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl763750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl773750" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 July - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl773750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl773750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl763750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl723750" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl793750" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl793750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl803750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl883750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl883750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl883750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl803750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl803750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl883750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl883750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl803750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl823750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl793750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723750" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl683750" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl813750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl723750" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683750" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl833750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl863750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl783750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723750" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl683750" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl813750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl723750" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683750" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl743750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Ampersand Publishing, LLC</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/21/23</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-10601</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Santa
Barbara, CA</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9th</td>
<td class="xl853750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Central CA<br />Santa Barbara</td>
<td class="xl853750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Ronald A. Clifford III</td>
<td class="xl843750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Anthony
A. Friedman</td>
<td class="xl903750" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 180pt;" width="239">Santa Barbara News-Press Publisher</td>
<td class="xl783750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723750" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl683750" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683750" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_3750" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_7754" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl747754" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl747754" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl747754" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl817754" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl827754" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl837754" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl847754" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl847754" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl847754" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl867754" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl857754" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl857754" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl747754" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl727754" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl737754" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl737754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl667754" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 683pt;" width="908">2023 July - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl907754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl667754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl667754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl737754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl727754" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl757754" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl757754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl767754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl697754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl697754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl767754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl777754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl697754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl697754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl777754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl787754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl757754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727754" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl797754" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl797754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl657754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">UPM - Paper mill</td>
<td class="xl887754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-23</td>
<td class="xl897754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl677754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Plattling,
Germany</td>
<td class="xl717754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">UPM Communication Papers</td>
<td class="xl897754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Augsburg, Germany</td>
<td class="xl677754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/25/23</td>
<td class="xl687754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Graphic
paper production</td>
<td class="xl877754" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.upm.com/about-us/for-media/releases/2023/07/upm-plans-closure-of-its-plattling-mill-in-germany/" target="_blank">Link</a></td>
<td class="xl807754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727754" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl797754" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl797754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl657754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">AngstromGraphics</td>
<td class="xl887754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sep-23</td>
<td class="xl897754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl677754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl717754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl897754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl677754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7/28/23</td>
<td class="xl687754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl877754" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/angstrom-group-printing-plant-closure-impacts-131-workers/#:~:text=The%20AngstromGroup%2C%20a%20Cleveland%2Dbased,completion%20expected%20within%2060%20days." target="_blank">Link</a></td>
<td class="xl807754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727754" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl797754" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl797754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl657754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">The Welch News</td>
<td class="xl887754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-23</td>
<td class="xl897754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl677754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Welch,
WV</td>
<td class="xl717754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl897754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl677754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/28/23</td>
<td class="xl687754" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Community
newspaper</td>
<td class="xl877754" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.poynter.org/commentary/2023/a-century-old-publication-goes-dark-in-west-virginia/" target="_blank">Link</a></td>
<td class="xl807754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727754" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl797754" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl797754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl657754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Balfour & Co. - Printing facility</td>
<td class="xl707754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/31/23</td>
<td class="xl897754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl677754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dallas,
TX</td>
<td class="xl717754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 141pt;" width="188">None</td>
<td class="xl897754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl677754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7/7/23</td>
<td class="xl687754" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Yearbook
production</td>
<td class="xl877754" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/major-texas-printing-company/" target="_blank">Link</a></td>
<td class="xl807754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727754" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl797754" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl917754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl917754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl927754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797754" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-86868809101027484722023-07-07T23:30:00.000-04:002023-07-10T00:05:22.795-04:00Stick to Your Knitting – June 2023 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjG-U4HFWwxBiIjT6A3v3kPCZ1am3iZoo3-7pRVlRZzQNy8O_UG-Ay39DDlEAptNOJHfdDsaU6GloFBja9lPwzpbam-P_zj8lUGynD7xz4wY2heaO1cATH7FDaGH7jWGGJjDykK_9jZkLALERUjYh1jXcdNBClPc4eGU9y---dB5XRD7UQWl5vkh2R2GGs/s7360/Stick%20to%20Your%20Knitting.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="4912" data-original-width="7360" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjG-U4HFWwxBiIjT6A3v3kPCZ1am3iZoo3-7pRVlRZzQNy8O_UG-Ay39DDlEAptNOJHfdDsaU6GloFBja9lPwzpbam-P_zj8lUGynD7xz4wY2heaO1cATH7FDaGH7jWGGJjDykK_9jZkLALERUjYh1jXcdNBClPc4eGU9y---dB5XRD7UQWl5vkh2R2GGs/w449-h301/Stick%20to%20Your%20Knitting.jpg" width="449" /></a></div><br /><span style="font-family: arial; font-size: large;">The phrase “stick to your knitting” can be traced back to 1820 in American literature; but the concept is much older. In Greek times, Pliny the Elder noted that the “cobbler should stick to his last” because shoe-making is what a cobbler does best. The concept is simple, concentrate on one’s core business. <br /><br /><u><i>Increasing Market Penetration </i></u><br /><br />In a move that shows a steady hand on the tiller, the Lakeside Book Company has acquired <a href="https://www.lakesidebookcompany.com/marquis-acquisition-english/" target="_blank">Marquis Book Printing</a>, Canada’s largest book manufacturing company. The acquisition adds significant Canadian book production capacity to Lakeside Book, maintaining the company’s renewed laser-like focus on its core book manufacturing business. It’s a great example of a company that is executing a classic M&A strategy: acquire a business to increase presence and strength in the market for its existing product specialty. There is the added positive geographic rationale to this deal, expanding into Canadian English and French-speaking markets. Lakeside also noted in the press release that an additional factor in the decision to acquire Marquis was its business model, which serves small to mid-sized publishers. Nonetheless, at its heart, the acquisition of Marquis by Lakeside Book is additive to the core business. This was not a move to diversify and add a new and disparate product or service offering. <br /><br />Sticking to its knitting, this recent deal piggy-backs on Lakeside’s 2022 acquisition of Maryland-based Phoenix Color. With backing from private equity sponsor ALJ Regional Holdings since 2015, Phoenix Color had completed several acquisitions and built a strong position as a specialty printer of highly decorated book components and heavily-illustrated children’s books. The purchase by Lakeside Book was predicated on and strengthened Lakeside’s existing position in book manufacturing. <br /><br />As the book printing division of RR Donnelley, Lakeside Book traces its history back to 1864 when Richard Robert Donnelley started a small print shop in Chicago. In honor of its position near Lake Michigan, RR named his company the Lakeside Printing and Publishing Company. Lakeside would fade from the name over the corporate door, but “Lakeside” would be resurrected time and time again over the next hundred and fifty years. <br /><br /><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7ywHCoYX2br07MvjtKaSNPo-9YvEkTlxpHEXaIx5Es4yBnxGOnyblY8CawiBk52lKDI5mHSHe8ueUM778htKuz_xfKUzVT-IJ22sRN2EuVdPyLxadjPl8pZ7_2UGaXVMCuORBlmhqoToyRl0Pok9g7zUj3SK9-FG4ZLMYhxmeIQuqBQTLiYrwTr9H4_o/s1246/Lakeside%20Press%20Building.Postcard.Retouched.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: left;"><img border="0" data-original-height="782" data-original-width="1246" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7ywHCoYX2br07MvjtKaSNPo-9YvEkTlxpHEXaIx5Es4yBnxGOnyblY8CawiBk52lKDI5mHSHe8ueUM778htKuz_xfKUzVT-IJ22sRN2EuVdPyLxadjPl8pZ7_2UGaXVMCuORBlmhqoToyRl0Pok9g7zUj3SK9-FG4ZLMYhxmeIQuqBQTLiYrwTr9H4_o/w425-h267/Lakeside%20Press%20Building.Postcard.Retouched.png" width="425" /></a></div>The original Lakeside Printing building was destroyed in the Great Chicago Fire of 1871. Thirty years later, no doubt with memories of the fire loss in mind, RR commissioned the massive Lakeside Press Building in downtown Chicago and the huge Calumet Lakeside Plant, both purportedly designed to be fireproof. The two iconic buildings still stand today; the historic downtown site has been renovated and converted to loft style apartments serving the university that has grown up around the traditional Printers Row district. The Calumet plant, located down the lake shore, right next to McCormick Place, the home of many a printing industry trade show, has, ironically, been converted to an internet host data center. <br /><br />Book printing played a crucial role within the RR Donnelley company and was often a point of pride for the company. In 1926, the company launched its “Four American Books” campaign, an effort to prove that American printing technology could equal the quality of the traditional European book printing houses. In addition to illustrated versions of Tales of Edgar Allen Poe and Two Years Before the Mast, the series’ best known book was the edition of Moby-Dick by Herman Melville, illustrated by Rockwell Kent. The initial production, a three-volume limited edition of one thousand copies issued in an aluminum slipcase, prefaced a series of subsequent more affordable editions that established Moby-Dick as a popular book, now considered an American classic. <br /><br />In 2016, after many years of tremendous growth and diversification via acquisitions, the company appeared to have lost its way forward, and the largest printing company in the US split itself into three pieces. Book printing ended up in the newly-formed LSC Communications. The LSC name harkened back to the original company name and The Lakeside Classics, the annual Christmas-time publication of unique hardcover case-bound books. These highly collectable books were never sold by RR Donnelley, but rather were given as gifts to employees, stockholders, vendors and business associates. (See <a href="https://www.thetargetreport.com/2017/08/transformation-and-rebirth-july-2017-m.html" target="_blank">The Target Report: Transformation and Rebirth – July 2017</a>). <br /><br />After the split and divestiture from RR Donnelley, LSC Communications then began an acquisition spree of its own which seemed designed to recreate a mirror image of the former diversified RR Donnelley. LSC acquired a company that provided digital-content management and e-delivery services, commercial printing operations, and several logistics companies. Incredibly, one of the acquisitions included the print logistics business of its former brethren RRD which had inextricably ended up in the wrong place in the three-way split. Debt piled up. A failed attempt to sell itself to Quad/Graphics was squashed by the US Department of Justice, and LSC filed for Chapter 11 bankruptcy protection. Atlas Holdings, which owns several paper manufacturing companies and has deep experience in the packaging industry, emerged as the buyer of LSC Communications in a Section 363 asset sale in the bankruptcy proceeding. (See <a href="https://www.thetargetreport.com/2020/11/deconsolidation-of-consolidators.html" target="_blank">The Target Report: Deconsolidation of the Consolidators – October 2020 M&A</a>). <br /><br />Under the guidance and ownership of Atlas Holdings, LSC Communications has focused its book printing business on book printing. Lest there be any doubt about the division’s focus, in 2021 Atlas Holdings jettisoned the LSC name for its book printing division and rebranded it as simply the Lakeside Book Company, harkening back to the many uses of the “Lakeside” name, extending from its founding as a small Chicago-based printing company, to the names of its massive printing plants, to the moniker of its classic print gift editions. In the press release that announced the name change, there was clarity of purpose: the Lakeside Book Company would focus on crafting books and serving its customers, the publishing houses. That certainty of purpose was evident in the recent acquisitions by the Lakeside Book Company: build on and extend market share within the core product segment. <br /><br /><i><u>Entering an Adjacent Product Segment </u></i><br /><br />CCL Industries, the notably disciplined global acquirer of specialty label printing companies, has made a move into a new, but adjacent, product line with the acquisition of <a href="https://www.accesswire.com/761585/CCL-Industries-Announces-Acquisition-in-Flexible-Pouches" target="_blank">Pouch Partners</a> from the Swiss-based Capri-Sun Group. With plants in Germany and Italy, Pouch Partners provides printed films and pre-made stand-up pouches. CCL announced that the all-cash purchase price for Pouch Partners was $33 million, a cash-free, debt-free enterprise value of 6.5 times 2022 adjusted EBITDA of $5.1 million (figures have been converted from CAD to USD). The price paid was consistent with CCL’s past practice of maintaining a narrow and controlled purchase price range in its acquisitions. (See <a href="https://www.thetargetreport.com/2022/02/ccl-industries-breaks-rules-january.html" target="_blank">The Target Report: CCL Industries Breaks the Rules – January 2022</a>). <br /><br />The original stand-up pouch was invented in 1963 by Louis Doyen, CEO of French sewing machine manufacturer Thimonnier. The unique design, known as the Doy-N-Pack or DoyPack after the inventor, languished due to the expense of the pouch compared to flat pillow pouches and the folded juice box, also invented in 1963. It took until 1969 for the pouch to catch on, when a German entrepreneur, Rudolf Wild, created a sugary “all natural” drink, which he named after the Italian island of Capri to suggest a semi-tropical and exotic origin. Seeking a unique way to package his concoction, he arranged to acquire the rights to use the patented Thimonnier pouch design, originally purchasing all the machines they could make to block competition from copying his design. <br /><br /><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsUvZyGU5ZPbX1SbaLHJLztv-dQoPRafu5EkxgITTmF4ydH6YB6mlp7vSaNildYjV7bG9Y_LqUQQops64F8ZPPN35XxCjY7yaBN-eBe8xFO1wwocqNM0_l6vks5FHsQvWhxnBHI0IK3LNZs0YADYjvCZN6csYuE_SUZ0feP2i2luxPtZDf5srtTMvQjD0/s943/Ali.Historic%20Advertisement.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="687" data-original-width="943" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsUvZyGU5ZPbX1SbaLHJLztv-dQoPRafu5EkxgITTmF4ydH6YB6mlp7vSaNildYjV7bG9Y_LqUQQops64F8ZPPN35XxCjY7yaBN-eBe8xFO1wwocqNM0_l6vks5FHsQvWhxnBHI0IK3LNZs0YADYjvCZN6csYuE_SUZ0feP2i2luxPtZDf5srtTMvQjD0/w431-h313/Ali.Historic%20Advertisement.png" width="431" /></a></div>Originally branded Capri-Sonne in Germany, the brand was introduced into the US with an ad campaign featuring champion boxer Muhammad Ali who touted the juice in the convenient lunch-box-compatible pouch as “the greatest of all time.” Ali reportedly actually liked the juice and the endorsement deal included one crate of the product delivered to him every week for four years. The bright packaging designs, sweetened juice flavors, and added convenience of an attached little bendable straw, all combined to create a hit, especially among the school lunch-box set. The stand-up pouch was established and became a viable lightweight packaging alternative to bottles, cans, or boxes. Now produced under license worldwide under the Capri-Sun brand and marketed as Capri Sun in the US, the brand is sold in over 100 countries, including China, and African and Middle East countries. <br /><br />The assets acquired by CCL include the two manufacturing plants which supply highly-specialized, gravure-printed & laminated, flexible film materials for the production of pouches. Pouch Partners was not owned for long by Capri-Sun prior to the sale to CCL, having been acquired recently by the Capri-Sun Group in 2017. Commenting on the divestiture of the pouch business, the CEO of Capri-Sun noted that it was time for them to re-focus on their core business of beverages (sticking to their knitting?) For its part, CCL picks up a new competency with a committed and loyal customer for its output from day one of its ownership. <br /><br />The president of CCL’s food & beverage label business made it clear that the company had been thinking about entering into the pouch packaging business for a long time, and that from an M&A perspective, the acquisition brought “highly-focused, deep know-how for these materials, and a solid foundation to enter this market.” The CEO of CCL noted that if the investment in pouches in Europe was successful, the company might develop the product line globally, alongside the company’s decorative label portfolio. There is clarity of purpose in CCL’s stated M&A strategy: enter an adjacent market and acquire domain expertise via acquisition.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_32083" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8032083" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl8032083" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8032083" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8432083" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8532083" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9632083" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8432083" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8532083" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9632083" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8332083" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8632083" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9632083" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8232083" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9532083" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8032083" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7232083" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6832083" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 June - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9332083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7432083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9332083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7232083" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7532083" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7632083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7632083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9232083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7032083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7632083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9232083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7032083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7732083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7032083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7032083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7632083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Oliver Healthcare Packaging</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Trevose, PA</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">EK-Pack</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bavaria,
Germany</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/29/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Packaging films</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2023/06/29/2696737/0/en/Oliver-Healthcare-Packaging-Strengthens-Supply-Chain-Adds-In-Region-Film-Foil-Production.html" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">manroland Goss<br /><span class="font632083">(Port co. American Ind.
Partners)</span></td>
<td class="xl8832083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Augsburg,<br />Germany</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Galred Europe</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Nieuwkuijk,<br />The Netherlands</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/28/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Used printing equipment</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.manrolandgoss.com/en/read-press-release/items/manroland-goss-announces-acquisition-of-galred-as-an-add-on-to-gws-strengthening-its-position-in-the-used-packaging-industry.html" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Piedmont Plastics</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Morrisville, NC</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Diversified Display Products</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hillside,
NJ</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/26/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format supplies</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piedmontplastics.com/blog/diversified-display-products-acquisition" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">PaperWorks Industries<br />(Port co. Gamut Capital)</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bala
Cynwyd, PA</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Standard Group</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Louisville,
KY</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/23/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230622617761/en/PaperWorks-acquires-The-Standard-Group" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Heeter</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$33.0</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Canonsburg,
PA</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Laurel Print & Graphic</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Duquesne, PA</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/20/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.heeter.com/heeter-acquires-laurel-print-graphics/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CCL Industries</td>
<td class="xl8832083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$4,896</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Pouch Partners<br />(Div. Capri-Sun Group)</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$78.2</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Baar,
Switzerland</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/16/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$33.1</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & films</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.accesswire.com/761585/CCL-Industries-Announces-Acquisition-in-Flexible-Pouches" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl6632083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl9732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">Pharmaceutic Litho & Label</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Simi
Valley, CA</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/15/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing & inserts</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230615489783/en/Resource-Label-Group-Expands-Pharmaceutical-offering-with-acquisition-of-Pharmaceutic-Litho-and-Label-Company" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Loftin & Co. Printers</td>
<td class="xl8832083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Charlotte,
NC</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Action Graphics</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Charlotte,
NC</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/14/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/115514-charlotte-printers-combine-offer-over-165-years-experience/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Port City Copy Center</td>
<td class="xl8832083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Oswego,
NY</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Oswego Printing</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Oswego,
NY</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/12/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.oswegocountybusiness.com/special-features/port-city-copy-center-acquires-oswego-printing/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">AWT Labels & Packaging<br /><span class="font832083">(Port co. Morgan
Stanley Capital)</span></td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN </td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">ASL Print FX</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Vaughan,
ON</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/8/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://awtlabelpack.com/news/awt-labels-packaging-acquires-asl-print-fx/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cass County Star-Gazette<br />(Prop. Delphos Herald)</td>
<td class="xl6632083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Beardstown,
IL</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/8/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.myjournalcourier.com/news/article/cherryroad-media-buys-cass-county-star-gazette-18139805.php" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Center Rock Capital Partners</td>
<td class="xl6632083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Bloomfield Hills, MI </td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Mark Andy, div. MAI Holdings.</td>
<td class="xl6632083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Chesterfield,
MO</td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/8/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing press manufacturing</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.centerrockcp.com/news/center-rock-fund-ii-acquires-mark-andy-inc/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Monomoy Capital Partners</td>
<td class="xl8832083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Japs-Olson</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$215.0</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Louis Park, MN</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/6/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail printing</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mcpfunds.com/news/monomoy-announces-platform-acquisition-of-japs-olson-company/?utm_campaign=Japs%20Olson%20Announcement&utm_medium=email&_hsmi=261358718&_hsenc=p2ANqtz-9eIvlWn7-xX0ss65VNRZI9f_aGK99MfN1qcGY2cYPQpflI3miJ_2xSQmpurb7MDfirYGZTrIVFwimu-lZnWjXjMBSwehHiFPuMGxE6-sPXaO1PFAw&utm_content=261358718&utm_source=hs_email" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$435.5</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">UMC Print</td>
<td class="xl6532083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Overland Park, KS </td>
<td class="xl8932083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">6/2/23</td>
<td class="xl8732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asset Acquisition</td>
<td class="xl6732083" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial trade printing</td>
<td class="xl9032083" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230602005275/en/Ennis-Inc.-Acquires-UMC-Print" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6932083" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Lakeside Book, Div. LSC <br />(Port co. Atlas Holdings)</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Marquis</td>
<td class="xl6532083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Montmagny,
QC</td>
<td class="xl8932083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">6/1/23</td>
<td class="xl8732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9132083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6732083" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book manufacturing</td>
<td class="xl9032083" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lakesidebookcompany.com/marquis-acquisition-english/" target="_blank">Link</a></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7232083" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6932083" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8132083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9432083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9432083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8132083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9432083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6932083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9432083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6832083" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_32083" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_32083" x:publishsource="Excel"><div align="center" id="Target Report_4181" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
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<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl674181" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl734181" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl694181" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl654181" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl704181" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl664181" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl654181" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl654181" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl654181" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl714181" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl724181" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl764181" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl764181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl774181" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 June - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl774181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl774181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl764181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl724181" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl794181" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl794181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl804181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl884181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl884181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl884181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl804181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl804181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl884181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl884181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl804181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl824181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl794181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724181" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl684181" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl814181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl724181" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl684181" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl684181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl834181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">Color Craft Flexible Packaging, LLC</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6/26/23</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-01421</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Memphis,
TN</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl854181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Middle PA<br />Wilkes-Barre</td>
<td class="xl854181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Mark J. Conway</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Jeffrey
D. Kurtzman</td>
<td class="xl864181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Flexible
packaging</td>
<td class="xl784181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724181" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl684181" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl814181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl724181" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl684181" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl684181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl744181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Beacon Container Corporation</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6/12/23</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-11727</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Birdsboro,
PA</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd </td>
<td class="xl854181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern PA<br />Reading</td>
<td class="xl854181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Patricia M. Mayer</td>
<td class="xl844181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Thomas
D. Bielli</td>
<td class="xl864181" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
cartons & displays</td>
<td class="xl784181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724181" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl684181" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684181" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_4181" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_4181" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_4181" x:publishsource="Excel"><div align="center" id="Target Report_7046" style="font-size: x-large;" x:publishsource="Excel">
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<col class="xl747046" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl747046" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl817046" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl827046" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl837046" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl847046" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl847046" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl847046" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl867046" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl857046" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl857046" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl747046" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl727046" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl737046" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl737046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl677046" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 683pt;" width="908">2023 June - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl897046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl677046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl677046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl737046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl727046" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl757046" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl757046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl767046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl717046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl717046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl767046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl777046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl717046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl717046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl777046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl787046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl757046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727046" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl797046" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl797046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl657046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">LSC Communications - Printing facility</td>
<td class="xl687046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/24/23</td>
<td class="xl887046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl687046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Warsaw,
IN</td>
<td class="xl697046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">LSC Communications</td>
<td class="xl887046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Warrenville, IL</td>
<td class="xl687046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6/6/23</td>
<td class="xl707046" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Catalog
& publication printing</td>
<td class="xl877046" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/lsc-communications-builds-up-kodi-collective-platform-exits-gravure/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-06-14" target="_blank">Link</a></td>
<td class="xl807046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl727046" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl797046" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl907046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl907046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl667046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl797046" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-19440609198906344322023-06-09T01:02:00.018-04:002023-06-11T21:40:39.927-04:00The Party is Over at Vice Media, and Why it Matters – May 2023 M&A Activity<div><span style="font-family: arial; font-size: large;"><u><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3td07gYkYPzvb31et8AE02cbnnjID3J599O1E7C_Rbq_rVK4cbU61om5ds9n2sXXlQCxkeQkejXoS_441fCOFTtwqsgMsRO7SvgnEr0xaWFKap3uxx3A7k77werP6UIQl7rF-EqSb0UbzzGyBD6wggKmX9Xo_bVolkU-78skpzQOvQ8iiMYU9XdJQ/s1261/ViceAmsterdam.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="899" data-original-width="1261" height="327" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3td07gYkYPzvb31et8AE02cbnnjID3J599O1E7C_Rbq_rVK4cbU61om5ds9n2sXXlQCxkeQkejXoS_441fCOFTtwqsgMsRO7SvgnEr0xaWFKap3uxx3A7k77werP6UIQl7rF-EqSb0UbzzGyBD6wggKmX9Xo_bVolkU-78skpzQOvQ8iiMYU9XdJQ/w459-h327/ViceAmsterdam.jpg" width="459" /></a></div></u></span></div><span style="font-family: arial; font-size: large;"><u><i><div><span style="font-family: arial; font-size: large;"><u><i><br /></i></u></span></div>Vice Media Group Files for Bankruptcy </i></u><br /><br />Digital media upstart, darling, and enfant terrible Vice Media filed for Chapter 11 bankruptcy protection on May 15th. At its height, the company was valued at $5.7 billion. The stalking horse bid in the sale process to be conducted under the supervision of the US Bankruptcy Court sets the minimum bar for an alternative bidder at $225 million. This represents a decline of 96% in market value from the peak high value mark accorded to Vice Media in June of 2017. <br /><br />On April 20th, another beloved digital internet media company, BuzzFeed, announced it was shutting down BuzzFeed News, its online news site, with additional layoffs planned across the organization. Founded in 2006, nerdy BuzzFeed made headlines in 2014 when it raised $50 million of funding from Andreesen Horowitz, one of Silicon Valley’s premiere venture capital firms. In 2016, NBC Universal invested its second $200 million round in BuzzFeed which brought the total enterprise value of the company to $1.5 billion. <br /><br />With their sky-high valuations, it appeared that the pure digital media companies were on a roll and would come to dominate the market for advertisers' budgets. Fueling the digital companies, venture capital firms and legacy media companies doled out big dollops of money, rounded to the nearest fifty million. At the same time, when Vice Media was at its peak, the future of the printing industry seemed uncertain. RR Donnelley, the largest printing company in the US for decades, had just split into three companies, one of which, LSC Communications, eventually filed for bankruptcy. Another large diverse printing company, Cenveo, had lost its way and was divesting assets, closing plants, and headed shortly thereafter for bankruptcy court. <br /><br /><u><i>From Punk Rock Hipster Tabloid to Hardcore Reporting to Irrelevant <br /></i></u><br />Vice Media was founded in 1994 as the Voice of Montreal, an alternative free print magazine with funding from a Canadian government welfare program. The content was hip, humorous, offensive, and most important, aimed at the youth audience that felt left out and could not relate to mainstream media. A dispute with the original publisher led to the name change to Vice in 1996, iconic, irreverent, and more appropriate to the founders' punk rock roots. <br /><br />The three founders conned and cajoled their way to obtain a first tranche of outside investment funding which precipitated a move to New York City. One of the partners, eventual CEO and guiding force of the firm, Shane Smith, was a master at fundraising. His style was arrogant, and he was convincing; Vice Media was the direct channel to the next generation. All existing media was so yesterday, and if legacy channels had any chance of surviving, they had better jump on board and invest in Vice Media. Viacom anted up $2 million for an early foray into an online video channel, with Smith at the helm. <br /><br />One of the other founders, Gavin McInnes, was the editorial voice of the early Vice ventures. He had an acerbic sense of humor and frankly just plain bad taste. But youngsters loved it. (McInnes left Vice in 2008, reportedly forced out due to his noxious comments about minority groups. He veered off into far-right political activities, including eventually founding the infamous Proud Boys.) <br /><br />When Intel came calling about a possible ad campaign that was integrated with editorial content, Shane masterminded the overnight creation of an ersatz ad agency complete with twenty-somethings milling about with laptops and a phony photo studio. Intel was impressed and ponied up $25 million to launch The Creators Project, which showcased and supported the work of artists, designers, musicians, filmmakers, and other creatives at the intersection of art and technology. It was a success and a viral hit. <br /><br />Next came a digital distribution deal with CNN, followed by investments from WPP, the British mega advertising agency, and the CEO of MTV. A documentary series was launched which ran on HBO. In an unlikely coup for the show, Vice Media arranged for members of the Harlem Globetrotters and Chicago Bulls basketball player Dennis Rodman to travel to North Korea and meet with dictator Kim Jong-un. Vice was now making news rather than just reporting it. Much of the content was edgy, delivered in a raw, visceral, jarring style. The film crews sought out places of violence and disruption. Vice defiantly landed journalists and a film crew inside Iraq and Syria during the terrorist occupation of the region, winning a Peabody Award for the highly controversial film The Islamic State. <br /><br />Next in line for the Shane Smith treatment was Rupert Murdoch, who was reportedly told that his media empire was living in the past. If he wanted to reach Gen Y with social and online video, in short, did he want a piece of the future, then get on board and invest in Vice. Murdoch wrote out a check for $70 million, pushing the implied value of Vice Media to just north of a billion dollars. <br /><br />From that point on, the money just flowed in (and back out). A&E Networks, owned by Disney and Hearst, invested $250 million, with another $250 million pouring in the next month from Silicon Valley venture capital firm Technology Crossover Ventures (TCV). Private equity firm TPG invested $450 million in a transaction which valued the entire company at $5.7 billion, the peak for Vice Media. At one point in the midst of all this craziness and money, Smith was quoted as saying that Vice would be ten times the size of CNN. <br /><br />But there was a dark side to all this success. The allure of working for the hippest media company led to the “22 Rule” syndrome; hire 22 year-olds, pay them $22,000 for the privilege of working at Vice Media, and work them 22 hours a day. Drug use was reportedly rampant in a frat-boy environment in which the top executives enjoyed lavish perks, parties, and pranks. Shane Smith faced allegations of running a sexually abusive environment and stepped down from his role as CEO. The punk rocker from Montreal was now middle aged, as was also the media empire he founded. <br /><br />At one point, Vice was the tenth highest valued private company in America. But the shine had started to dull. Ad tracking technology caught up and advertisers were better able to track who was watching the Vice offerings. Not all the reported watchers were actual viewers; a significant portion were apparently bot programs creating false viewership figures. Maybe worst of all, the viewers that did watch Vice were themselves getting older. Vice was no longer recognized as the cool brand by teenagers who had moved on from the punk rock aesthetic that permeated the Vice offerings. Advertisers began to seek other delivery channels to reach the new younger generation. <br /><br /><u><i>The Resilience of the Print Medium </i></u><br /><br />As the recent bankruptcy filing of Vice Media and closure of BuzzFeed News show us, online digital media is not immune to market forces. The bulk of advertising dollars flowed to the social media platforms and search engines, not to the content providers. Pittances trickled down to the actual producers and creators such as Vice Media and BuzzFeed. In the meantime, advertisers have retained their interest in print in its many forms, from direct mail to wide-format displays. As we can see over the past two years in our deal logs of M&A activity, investors and consolidators are back in the print game. <br /><br />It would be a mistake to interpret the failure of two digital media channels, Vice Media and BuzzFeed News, as a permanent halt in the inexorable move to a more digital multi-channel content delivery world. That movement will continue, however there will be fits and starts, new players and channels, and printed material will be there as the steady hand that delivers.</span><div><span style="font-family: arial;"><div align="center" id="Target Report_17457" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_17457" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<col class="xl8015184" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8015184" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8415184" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8515184" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9615184" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8415184" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8515184" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9615184" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8315184" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8615184" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9615184" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8215184" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9515184" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8015184" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7215184" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6815184" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 682pt;" width="905">2023 May - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl9315184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7415184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9315184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7215184" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7515184" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7615184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7615184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9215184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7015184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7615184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9215184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7015184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7715184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7015184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7015184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7615184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Wallace Graphics</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$19.7</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Duluth, GA</td>
<td class="xl9715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">The Corporate Shop</td>
<td class="xl6615184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Duluth, GA</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Promotional products</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://wallacegraphics.com/wallace-graphics-acquires-the-corporate-shop/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Wilmer<br /><span class="font815184">(Sub. Navitor, a Taylor Corp
co.)</span></td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Printco</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Omro,
WI</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/30/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Business forms</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.taylor.com/blog/navitor-inc-acquires-assets-of-printco-inc" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Kodak</td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$1,190</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rochester, NY</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphic Systems Services</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Springboro,
OH</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/30/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Web press systems & support</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.kodak.com/en/company/press-release/acquisition-graphic-systems-services" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mactac<br />(Div. Lintec)</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stow, Ohio</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Label Supply</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Whitby,
ON</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/24/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label stock distributor</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mactac.com/Mactac-Acquires-Label-Supply" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Duraco Specialty Materials<br />(Port co. OpenGate Capital)</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Forest Park, IL</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Strata-Tac</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Charles, IL</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/23/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label stock manufacturing</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://duraco.com/blog/duraco-specialty-materials-acquires-stratatac-inc/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$431.8</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Stylecraft Printing</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Canton,
MI</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/23/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Business forms</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230523006117/en/Ennis-Inc.-Acquires-Stylecraft-Printing" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Purpose Group</td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Gerald Printing & Liberty Imaging</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bowling
Green, KY</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/19/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.bgdailynews.com/news/it-s-definitely-time-to-retire-gerald-printing-bought-by-atlanta-company/article_16f5dde3-dc0c-50d3-b95f-93dab289d2a2.html" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Gelpac</td>
<td class="xl8815184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Marieville,
QC</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Standard Bag</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Beaverton,
OR</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/17/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font915184">(Mesirow)</span></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Multiwall bag manufacturing</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.gelpac.com/gelpac-acquisition-standard-bag/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DRG Technologies</td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Safford,
AZ</td>
<td class="xl9815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 169pt;" width="225">La Fiesta Label & Packaging Systems</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Chandler,
AZ</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/15/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font915184">(Corp Dev Assoc)</span></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & labels</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.drgtech.com/blog/drg-technologies-acquires-la-fiesta-label-packaging-systems-expands-product-portfolio/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Amherst<br />(New franchisee)</td>
<td class="xl8815184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Amherst,
OH</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Downtown Direct</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Amherst,
OH</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/15/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/05/15/printing-business-downtown-direct-converts-to-minuteman-press-franchise-in-amherst-ohio/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Chromascape</td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Twinsburg,
OH</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Colorants & dye business<br />(Div. Kemira)</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Goose
Creek, SC</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/8/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper & pulp pigments & dyes</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/chromascape-announces-the-acquisition-of-kemiras-colorants-and-dye-business-301818429.html" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Valsoft</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Nexera</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Montreal,
QC</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/8/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Managed print software</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.accesswire.com/753520/Valsoft-Corporation-strengthens-printing-vertical-with-acquisition-of-Nexera" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SupremeX</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$220.0</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lasalle, QC</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graf-Pak</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$5.0</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Pointe-Claire,
QC</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/8/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$4.5</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://supremex.com/wp-content/uploads/2023/01/Supremex-Graf-Pak-Acquisition-EN-FINAL-2023-05-08.pdf" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Bobst Group<br />(Port co JBF Finance)</td>
<td class="xl6615184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lausanne,<br />Switzerland</td>
<td class="xl9715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Dücker Robotics</td>
<td class="xl6615184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Momo, Italy</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/8/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated material handling</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.bobst.com/chen/news/detail/article/1683272389-bobst-acquires-majority-share-in-duecker-robotics-to-help-fulfil-its-vision-for-the-future-of-packaging-production/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Spicers Canada<br /><span class="font715184">(Div. Central National
Gottesman)</span></td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data<br /><span class="font915184">($10,000)</span></td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Vaughan, ON<br /><span class="font915184">(Purchase, NY)</span></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TG Graphics</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Laurent, QC</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/4/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic supplies distributor</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.spicers.ca/tggraphics/" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Keypoint Intelligence<br />Port co. Atar Capital)</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fairfield, NJ</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">ProPrintPerformance</td>
<td class="xl6515184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Stockholm,
Sweden</td>
<td class="xl8915184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/2/23</td>
<td class="xl8715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6715184" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Digital print consulting</td>
<td class="xl9015184" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://keypointintelligence.com/company-news/keypoint-intelligence-acquires-sweden-based-proprintperformance" target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6915184" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">HPS Investment Partners</td>
<td class="xl8815184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">SGS & Co<br />(Southern Graphic Systems)</td>
<td class="xl6515184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Louisville, KY</td>
<td class="xl8915184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/1/23</td>
<td class="xl8715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9115184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font915184">(Evercore)</span></td>
<td class="xl6715184" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Branding & prepress services</td>
<td class="xl9015184" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/sgs--co-announces-acquisition-by-hps-investment-partners-301812193.html#:~:text=SGS%20%26%20Co%20is%20a%20global,for%20our%20world%2Dclass%20clients." target="_blank">Link</a></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7215184" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6915184" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8115184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8115184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6915184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9415184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6815184" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------><div align="center" id="Target Report_17457" x:publishsource="Excel"><br /></div> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_21297" style="font-size: x-large;" x:publishsource="Excel">
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<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6721297" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7321297" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6921297" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6521297" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7021297" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6621297" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6521297" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6521297" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6521297" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7121297" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7221297" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7621297" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7621297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7721297" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 May - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl7721297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7721297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7621297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7221297" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7921297" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8021297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8021297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8021297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8021297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8221297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7221297" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6821297" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8121297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7221297" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821297" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8321297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">ZIP Mailing Services, Inc.</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5/26/23</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-13736</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Landover,
MD</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl8521297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Maryland<br />Greenbelt</td>
<td class="xl9021297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 10pt;">Maria
Ellena Chavez-Ruark</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Christopher
L. Hamlin</td>
<td class="xl8621297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& mailing services</td>
<td class="xl7821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7221297" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821297" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8321297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">Vice Group Holding Inc.<br />(Port co. TPG)</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">5/15/23</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-10738</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brooklyn,
NY</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2nd</td>
<td class="xl8521297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Southern NY<br />Manhattan</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">John
P. Mastando III</td>
<td class="xl8421297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Kyle
J. Ortiz</td>
<td class="xl8621297" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Publishing</td>
<td class="xl7821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7221297" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821297" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8321297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">E-B Display Company, Inc.</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5/12/23</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-60565</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Massillon,
OH</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6th</td>
<td class="xl8521297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern OH<br />Youngstown</td>
<td class="xl8521297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Tiiara N.A. Patton</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Matthew
N. Danese</td>
<td class="xl8621297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Retail
displays</td>
<td class="xl7821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7221297" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6821297" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8121297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7221297" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821297" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8621297" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7221297" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6821297" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821297" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_21297" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_21297" x:publishsource="Excel"><span style="text-align: left;"><br /></span></div><div align="center" id="Target Report_21297" style="font-size: x-large;" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<table border="0" cellpadding="0" cellspacing="0" class="xl7324564" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7324564" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7324564" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8024564" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8124564" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8224564" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8324564" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8324564" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8324564" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8524564" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8424564" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8424564" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7324564" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7124564" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7224564" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7224564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6724564" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 683pt;" width="908">2023 May - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl8924564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl6724564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6724564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7224564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7124564" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7424564" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7424564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7524564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7524564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7624564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7624564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7724564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7424564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7124564" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7824564" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6524564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">El Dorado Packaging</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">TBD</td>
<td class="xl8824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">El
Dorado, AR</td>
<td class="xl6924564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">ProAmPac<br /><span class="font524564">(Port co. Pritzker
Partners)</span></td>
<td class="xl8824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cincinnati, OH</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5/26/23</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Paper
bag manufacturing</td>
<td class="xl8624564" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.packaging-gateway.com/news/el-dorado-paper-closure/" target="_blank">Link</a></td>
<td class="xl7924564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7124564" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7824564" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6524564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Bindagraphics</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7/9/23</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Baltimore,
MD</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8724564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">May-23</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Trade
bindery services</td>
<td class="xl8624564" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.josephfinn.com/auctions/bindagraphics/" target="_blank">Link</a></td>
<td class="xl7924564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7124564" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7824564" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6524564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Art Laminating & Finishing</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/9/23</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bindagraphics</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Baltimore,
MD</td>
<td class="xl8724564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">May-23</td>
<td class="xl6824564" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Trade
bindery services</td>
<td class="xl8624564" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.josephfinn.com/auctions/art-laminating/" target="_blank">Link</a></td>
<td class="xl7924564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7124564" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7824564" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6524564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Princeton Printer</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">5/22/23</td>
<td class="xl8824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Princeton,
NJ</td>
<td class="xl6924564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">None</td>
<td class="xl8824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">N/A</td>
<td class="xl8724564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">May-23</td>
<td class="xl6824564" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl8624564" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tapinto.net/towns/princeton/sections/business-and-finance/articles/the-ink-has-dried-princeton-printers-closes-up-shop" target="_blank">Link</a></td>
<td class="xl7924564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7124564" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7824564" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9024564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6624564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7824564" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-22427162194841027192023-05-07T21:45:00.026-04:002023-05-07T22:25:14.094-04:00Sudden Drop-Off – April 2023 M&A Activity<p></p><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEismeEXfWMhY-By59NGER7RqSX_8_OflrMfdmrlEszdP7btMuLPeo0NFywMQDTGVzSWe5oE3E9uijcQj28v5TwHvr4AJiCe9g3ZzvFUj0qLG_-xGfk7f0CZKnr0kJ3Phb3oW8pi8PCLHTq14DxxnjN4O3t74RAt1fokyV9RQd12lDJJm0-5TnCjBuxS/s5709/Sudden%20Drop%20Off%20Sign.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="5123" data-original-width="5709" height="357" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEismeEXfWMhY-By59NGER7RqSX_8_OflrMfdmrlEszdP7btMuLPeo0NFywMQDTGVzSWe5oE3E9uijcQj28v5TwHvr4AJiCe9g3ZzvFUj0qLG_-xGfk7f0CZKnr0kJ3Phb3oW8pi8PCLHTq14DxxnjN4O3t74RAt1fokyV9RQd12lDJJm0-5TnCjBuxS/w397-h357/Sudden%20Drop%20Off%20Sign.jpg" width="397" /></a></div><br /><span style="font-family: arial; font-size: large;"><u><i>One Month Does Not Make a Trend </i></u><br /><br />Deal activity fell off a cliff in April. The sudden drop off begs the question: are we heading into deeper turbulent waters? Is the dramatic decrease indicative of a declining M&A market in the printing, packaging, and related industries? Are recessionary times ahead? Does the increase in calls we have received from owners whose companies are at best treading water foretell more trouble to come? Or does the positive economic news about job creation, record low unemployment, and steady wage growth, among other factors, portend the way forward? <br /><br />While it is too soon to tell, we do know for a fact that deal activity in April was the lowest we have logged in more than ten years of tracking the market. Incredibly, there were almost twice as many deals even in the worst months following the outbreak of Covid and the resultant business shutdown.</span><div><span style="font-family: arial; font-size: large;"><br /></span><div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinFrvoY9wNXFx6j46dusQAqDD_zP3x2d6Qyz0rSsDVPe9EHeNzVemdbkIHFjW7myNtnIq_A2QIrQ4V_WTQq6rPPTj9k92xJtHH1qWkLzLJmuF8rVGEIiZo6cs2DFmPdgssH44WZfLwwn9wkjvA6k7Qabovdrs3M5h6hkjSUWn-yKMxgxrHTR7Gz9GB/s1656/2023.04.TTM%20Deal%20Count%20Chart.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1010" data-original-width="1656" height="478" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinFrvoY9wNXFx6j46dusQAqDD_zP3x2d6Qyz0rSsDVPe9EHeNzVemdbkIHFjW7myNtnIq_A2QIrQ4V_WTQq6rPPTj9k92xJtHH1qWkLzLJmuF8rVGEIiZo6cs2DFmPdgssH44WZfLwwn9wkjvA6k7Qabovdrs3M5h6hkjSUWn-yKMxgxrHTR7Gz9GB/w785-h478/2023.04.TTM%20Deal%20Count%20Chart.png" width="785" /></a></div><br /><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: x-large;"><br /></span></div><div><span style="font-family: arial; font-size: x-large;"><br /></span></div><div><span style="font-family: arial;"><span style="font-size: large;">Over the past eleven and a half years, we have reported on the very healthy level of merger and acquisition activity in the printing, packaging, and related industries. In some segments, that activity tells us that opportunities are excellent and financial buyers are seeking to put their capital to work and invest in growing markets. Sellers that have built successful companies in these segments take advantage of the positive market conditions and enjoy a comfortable exit from ownership.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />Conversely, significant transactional activity in a particular printing industry segment, especially when correlated with data on tuck-ins, bankruptcy filings, and plant closures, is a very good indicator that business in that segment is getting tougher. Owners decide, or are forced, to sell or consolidate the business in a less advantageous transaction. In the worst situations, a company simply shuts its doors and liquidates. </span><br /><span style="font-size: large;"><br /><u><i>The Analysis of Deal Trends Informs Us </i></u><br /><br />We know that the commercial printing segment has stabilized over the past couple of years and some owners are reporting record revenues and profits. Financial buyers have returned to commercial printing, albeit with a keener interest in companies that have differentiated services or are specialized in serving specific market verticals. (See <a href="https://www.thetargetreport.com/2022/07/commercial-print-awakes-from-m-slumber.html" target="_blank">Commercial Print Awakes from M&A Slumber – June 2022</a>). <br /><br />As a percentage of the total number of deals in the commercial printing segment, tuck-ins have declined in each of the past four years, another indication that prospects in the commercial printing business have improved. Bankruptcies of commercial printing companies have declined both in number and impact. Another trend we have observed is a phenomenon we have not seen for years; private individuals are entering the commercial printing business. Buyers with no prior printing experience have acquired small to medium-size non-franchised general commercial printing companies, convinced that the printing industry is a sound investment of their time and money. The message is out; commercial printing is not dead, rather it has evolved and is still a vital component of the larger mix of available communication channels. <br /><br />In the label manufacturing segment, transactional activity over the past several years paints a clear picture that the M&A market for label manufacturing companies has been on fire. The record shows that consolidation in the label business has been primarily driven by keen interest from a multitude of private equity firms. (See <a href="https://www.thetargetreport.com/2023/03/duking-it-out-in-label-business.html" target="_blank">Duking it Out in the Label Business – February 2023</a>). A corollary indication told us that the market for folding carton companies would be picking up, and indeed it has. Similar to labels, private equity sees opportunity in folding cartons. (See <a href="https://www.thetargetreport.com/2023/02/the-box-is-back-january-2023-m-activity.html" target="_blank">The Box is Back – January 2023</a>). <br /><br />From an M&A standpoint, the wide-format printing segment has been relatively quiet. In our discussions with owners of wide format companies, we hear that times are good again. With the end of the Covid pandemic shutdown, sporting and entertainment events are back. Retailers are open again and graphic signage of all sorts is booming. <br /><br />However, we are finding that buyers are very skeptical of the sharp improvement in revenue and profits. Buyers are concerned that the recent positive numbers are the result of an unsustainable surge of pent-up demand that is a result of the Covid shutdown. We expect that M&A activity in wide-format will pick up as the dust settles. Owners of wide-format printing companies that can show that the good times are sustainable and not just a boomerang effect of Covid will find willing buyers. <br /><br />In the industrial printing segment, a bastion of the screen printing process, we believe that there will be an increase in M&A activity and growth. The production of durable labels, nameplates, membrane switches, and graphic overlays will be of interest to buyers, driven in part by the impact of US industrial policy to bring manufacturing back to America. No longer just a slogan, the made-in-America policy is supported by massive federal funding of infrastructure and technology, with strict requirements for US-based manufacturing. One of the limited number of transactions in April was indeed in the industrial printing segment, the purchase of Massachusetts-based <a href="https://www.ewmfg.com/east-west-acquires-boston-based-eastprint-incorporated/" target="_blank">Eastprint</a> by East West Manufacturing. <br /><br />In addition to the response to government policy, increased stateside industrial printing will be fueled by fear. Supply-chain disruptions, such as experienced during the Covid pandemic, changed thinking about reliance on just-in-time global suppliers. The threat of an attack by China on Taiwan, and concern about China’s use of trade policy to gain political leverage by limiting supply of critical components, will also drive bring-it-back-to-America strategies. <br /><br />Another transaction of note in April was the acquisition of <a href="https://matriximaging.com/matrix-imaging-solutions-makes-an-impression-with-acquisition-of-dataprose/" target="_blank">DataProse</a>, located in Coppell, Texas, by Matrix Imaging Solutions. Based in Sanborn, New York and with financial backing from Lakelet Capital, Matrix had previously acquired a direct mail company in Frederick, Maryland. Focused on direct mail and transactional printing services, Matrix is clearly executing on the trend we have noted towards multi-region acquisitions in direct mail and transactional customer communications. The larger firms in these related print segments have been increasingly going bi-coastal in an effort to mitigate degraded postal delivery time standards, as well as provide enterprise level customers with disaster recovery capabilities within one corporate structure. (See <a href="https://www.thetargetreport.com/2022/11/direct-mail-providers-stretch-out.html" target="_blank">Direct Mail Providers Stretch Out – October 2022</a>). <br /><br /><u><i>Stay Tuned … </i></u><br /><br />What does it mean when M&A activity in our industry suddenly grinds almost to a halt? The current evidence is mixed, and it is too soon to draw a definitive conclusion. If the economy, and consequently, the printing, packaging, and related industries, are in for a rough patch, we would expect to find increasing bankruptcy filings and non-bankruptcy plant closures, which we do not. For better or worse, one thing we do know is that deal activity will continue in our industry, and there will be peaks and valleys. The reason for the current fall off remains below the surface, yet to be revealed.</span></span><p></p></div></div></div><div><span style="font-family: arial;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<col class="xl9627803" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8227803" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9527803" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8027803" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7227803" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl6927803" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6827803" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 April - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9327803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7427803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9327803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7227803" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7527803" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7627803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7627803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9227803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7027803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7627803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9227803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7027803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7727803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7027803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7027803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7627803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7227803" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6927803" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7927803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Avery<br />(Div. CCL Industries)</td>
<td class="xl8827803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$4,735</td>
<td class="xl7127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl6727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Data Management<br /><span class="font8" style="font-size: 11pt;">(dba Threshold Visitor
Management)</span></td>
<td class="xl6527803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$7.0</td>
<td class="xl7127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Farmington,
CT</td>
<td class="xl8927803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/28/23</td>
<td class="xl8727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$6.8</td>
<td class="xl9127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Name badges & ID systems</td>
<td class="xl9027803" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.accesswire.com/751887/CCL-Industries-Announces-Bolt-on-Acquisition-for-Avery" target="_blank">Link</a></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7227803" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6927803" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7927803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">East West Manufacturing</td>
<td class="xl6627803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl9727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Eastprint</td>
<td class="xl6627803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Andover, MA</td>
<td class="xl8927803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/17/23</td>
<td class="xl8727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printed electronic controls</td>
<td class="xl9027803" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.ewmfg.com/east-west-acquires-boston-based-eastprint-incorporated/" target="_blank">Link</a></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7227803" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6927803" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7927803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Matrix Imaging Solutions<br />(Port co. Lakelet Capital)</td>
<td class="xl6527803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sanborn, NY</td>
<td class="xl9727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">DataProse</td>
<td class="xl6627803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Coppell, TX</td>
<td class="xl8927803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/13/23</td>
<td class="xl8727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9127803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6727803" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Transactional print & services</td>
<td class="xl9027803" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://matriximaging.com/matrix-imaging-solutions-makes-an-impression-with-acquisition-of-dataprose/" target="_blank">Link</a></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7227803" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6927803" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7927803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press Spokane Valley (Existing franchisee)</td>
<td class="xl8827803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Spokane
Valley, WA</td>
<td class="xl6727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">WrapCo Signs & Wraps</td>
<td class="xl6527803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Spokane, WA</td>
<td class="xl8927803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/10/23</td>
<td class="xl8727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9127803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6727803" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format vehicle wraps</td>
<td class="xl9027803" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://finance.yahoo.com/news/minuteman-press-acquires-wrapco-signs-035900713.html" target="_blank">Link</a></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7227803" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6927803" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8127803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9427803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9427803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8127803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9427803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6927803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9427803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6827803" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_27803" x:publishsource="Excel"><br /></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
<div align="center" id="Target Report_31691" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6731691" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7331691" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6931691" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6531691" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7031691" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6631691" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6531691" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6531691" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6531691" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7131691" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7231691" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7631691" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7631691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7731691" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 April - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl7731691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7731691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7631691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7231691" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7931691" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8331691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7931691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231691" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831691" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231691" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831691" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8431691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8731691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231691" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6831691" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8131691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7231691" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6831691" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6831691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7431691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">CEC Print Solutions, Inc.</td>
<td class="xl9131691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/11/23</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-40410</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Union
City, CA</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9th</td>
<td class="xl8231691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern CA<br />Oakland</td>
<td class="xl8631691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Charles Novack</td>
<td class="xl8531691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Eric
A. Nyberg</td>
<td class="xl8731691" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl7831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7231691" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6831691" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9031691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7531691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6831691" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_31691" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<table border="0" cellpadding="0" cellspacing="0" class="xl703672" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
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<col class="xl703672" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl703672" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl793672" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl803672" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl813672" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl823672" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl823672" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl823672" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
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<col class="xl833672" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl703672" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
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<tr class="xl683672" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl693672" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl693672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl663672" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 April - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl663672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl663672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl693672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl683672" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl713672" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl713672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl723672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl673672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl673672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl723672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl733672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl673672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl673672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl733672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl743672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl713672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl683672" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl753672" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl753672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl763672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">No Plant Closures Found this Month</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl773672" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl783672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl683672" height="33" style="height: 25pt; mso-height-source: userset;">
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<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl863672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl863672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl653672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753672" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-70113507234958666842023-04-07T23:30:00.079-04:002023-04-10T16:54:03.229-04:00Crisp Imaging Adds to West Coast Network; and more…<div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ_Wjc1B1KKnb6uthiZRlreK4eQreozrNBoRLqvL6dphJiE-xx5XXe9uLgF46-yqSPRFzVvd-AUKwZZ1C8DAVyv0MUOTV6LbSfagKH0YnoKXoqou2O1OnZzIdd6HMLY7HplH9WEkrTDg6_7CQ5tMUWgwEWYuKpOzpeIcluEiKZDEgGCvUHtvQwKLJk/s1500/Blueprint.Light.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="932" data-original-width="1500" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ_Wjc1B1KKnb6uthiZRlreK4eQreozrNBoRLqvL6dphJiE-xx5XXe9uLgF46-yqSPRFzVvd-AUKwZZ1C8DAVyv0MUOTV6LbSfagKH0YnoKXoqou2O1OnZzIdd6HMLY7HplH9WEkrTDg6_7CQ5tMUWgwEWYuKpOzpeIcluEiKZDEgGCvUHtvQwKLJk/w445-h277/Blueprint.Light.jpg" width="445" /></a></div><br /><span style="font-family: arial;"><span style="font-size: large;">It was the smell that offended. It assaulted your senses. It emanated from the far end of the prep department, in the back, behind the large horizontal camera, by the plate exposure frames. This was not the sweet, almost floral, scent of the isopropyl alcohol evaporating from the fountain solution on the multi-unit offset presses. This was not the pungent, thick, smell of offset inks, nor was this the overwhelming petrochemical odor of the press wash at the end of the day when multiple presses shut down simultaneously.</span></span></div><span style="font-family: arial; font-size: large;"><br />It was the ammonia that stunk. The smell permeated the prepress (<span style="background-color: white; color: #202124;">né</span> stripping) department in the early morning when the majority of blueline proofs were made. After exposure and processing, the blueprint paper was washed and laid out to dry, flat, but still never really flat. The strippers glued the bluelines back-to-back to emulate two-sided printing, cut, folded, and stapled the thick, bulky, crinkly blueprint paper to approximate the finished project as closely as possible. The sales reps, myself included, eagerly waited for production to sign off, so we could get on the road to take the blueprint proofs on our daily runs to customers. By the time the proofs were delivered, the smell had mostly lifted and our customers were spared the stench of ammonia-based blueline proofing. <br /><br />Not long after I began my career in printing, substitute photosensitive papers that did not require obnoxious chemical processing came into widespread use as the proofing paper of choice for offset printers. The nasty ammonia smell was a thing of the past, an early olfactory benefit of the march of technology in our industry. <br /><br /><u><i>Reprographers </i></u><br /><br />Traditionally known as blueprinting companies, reprographers are specialized firms that serve the architectural, engineering, and construction management (AEC) industries. Reprographers were called upon to produce copies of architectural and technical drawings. Often times, many sets of multi-sheet copies were needed for all the team members and crews involved in a construction project. As changes were made, new sets were required and rushed to the field. Minimal time elapsed and speedy delivery of the blueprint sets to the field crews was critical. As a result, reprographers often had multiple locations, distributed close to the customers, with delivery service included. <br /><br />Reprographers were some of the earliest adopters of fully digital workflows, transitioning from analog prints using light and chemicals to wide-format xerographic toner-based devices. Plans and technical drawings are primarily monochrome, well-suited to early black-only xerographic devices. However, the seeds of many reprographers’ decline were planted in that initial transition to digital, as the need for printed copies by AEC customers was greatly reduced by increased electronic transmission and viewing of digitized technical drawings. <br /><br />For some reprographers, the familiarity with wide-format monochrome printing devices and digital workflows became the foundation upon which to build a more robust business that offered a wide variety of services to a diverse client base. It was a small leap from the digital production of technical drawings to more generalized digital color wide-format printing. <br /><br />Crisp Imaging in California acquired <a href="https://crispimg.com/2023/03/29/livermore-acquisition/" target="_blank">Advanced Digital Services</a>, the latest in a long list of acquisitions completed by the company. Crisp is an exemplar of the convergence theory in the printing industry: the integration of various printing technologies, digitally connected, enabling print companies to offer a more comprehensive range of services and solutions. Crisp Imaging added five acquisitions in 2022 alone, with a total of eight companies purchased since 2021. <br /><br />Crisp Imaging was founded in 2001 as a franchise copy shop, but soon thereafter the founders realized that there was a need to serve the AEC market in southern California and they transitioned their shop to an independent company focused on reprographic services. As the needs of the AEC market shifted from printed to digital documents, Crisp expanded its gamut of services to include banners, office wall graphics, tradeshow displays, vinyl lettering, floor graphics, and installation, among other services. <br /><br />The company still offers wide-format black and white prints on bond and vellum papers, mylar prints, copy services, document scanning; all delivered via a company fleet in true reprographer style. The reprographic corporate DNA also runs deep in the company’s geographic strategy: many locations close to customers, now with twenty-one locations from Seattle to San Diego. <br /><br /><u><i>The Blueprint </i></u><br /><br />The blueprint was one of the earliest methods of reproduction that relied on a photochemical reaction. Invented in 1842 by Sir John Herschel, the blueprint process enabled rapid and accurate reproduction of an unlimited number of copies. By the 1890’s, the process had virtually eliminated the expense of lithographic reproduction of architectural and technical drawings and was far less costly and much faster to produce than a hand-traced reproduction. <br /><br />Originally named the cyanotype, the process is based on a photosensitive paper that has been impregnated with ammonium ferric citrate and then developed with potassium ferricyanide. A negative of the desired image, most often a line drawing on translucent paper, was placed over the treated paper, usually held in place by a sheet of glass in a frame. In Herschel’s time, the necessary exposure to ultraviolet light was obtained by placing the frame outside for a couple minutes under bright sun, or up to ten minutes on a cloudy day. The light-sensitive coating is thereby converted to a blue dye, which is then chemically stabilized. The non-exposed areas are washed away, leaving the white of the paper. <br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj90LyZ-wpfTclSanr6fBXj6P6own9iFuTvLR_h6jhTI6rJG696y6A0MeIp_mIFYKsE9RVD2aYb2zBYs86EQLH5BVKw2JIkXdY-X52FTUTIbSkHz5N98l_fa6XytyO9LzxL6S_nhmrXEk3-kwkRdr26NO8NjlK_Wwg5hMHSm1wO1VBPynicgFk3CO4O/s3317/Sir%20John%20Herschel.Light.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="3317" data-original-width="2606" height="339" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj90LyZ-wpfTclSanr6fBXj6P6own9iFuTvLR_h6jhTI6rJG696y6A0MeIp_mIFYKsE9RVD2aYb2zBYs86EQLH5BVKw2JIkXdY-X52FTUTIbSkHz5N98l_fa6XytyO9LzxL6S_nhmrXEk3-kwkRdr26NO8NjlK_Wwg5hMHSm1wO1VBPynicgFk3CO4O/w266-h339/Sir%20John%20Herschel.Light.jpg" width="266" /></a></div>Herschel made numerous contributions to the photographic methods of reproduction and is credited with coining the term photography in 1839. He discovered the process of fixing a photograph, which he applied to his first glass-plate photograph from 1839, and since it was fixed, the photo still exists. (Those of us in the printing business pre-imagesetters and film processors will remember the final stage of producing negatives for offset printing, swishing negatives back and forth in a tray of chemical fixer). Herschel was the first to apply the terms negative and positive to photography, terms which we still use today. He was an early experimenter with concepts of color photography. <br /><br />As amazing as were his contributions to printing and photography, these were but side interests for Sir Herschel. He originated the use of the Julian day system in astronomy, named seven moons of Saturn and four moons of Uranus, the seventh planet which had been discovered by his father, Sir William Herschel. He contributed to the philosophy of science, wrote several articles for the Encyclopedia Britannica, and was three times the president of the Royal Astronomical Society. He built his own 20-foot reflecting telescope, which he took to South Africa with his family to study the southern skies, and also discovered four galaxies. <br /><br />While on the Cape of South Africa, Herschel and his wife Margaret produced botanical illustrations of local flora that are still considered reference works today. He wrote numerous papers and articles, and along the way, translated Homer’s Iliad into English. Herschel investigated color blindness and correctly figured out that astigmatism was an irregularity of the cornea. <br /><br />His buddy Charles Babbage invented the predecessor to the modern computer. Another friend, George Everest, was the Surveyor General of India, for whom the tallest mountain on Earth is named. Sir Herschel speculated on the transition of languages and animal species over long periods of time. He was visited in South Africa by the young naturalist Charles Darwin who would later credit Herschel as an influence on his theory of evolution. The two scientists are buried side-by-side in Westminster Abbey. <br /><br />I suppose that Sir Herschel would approve of how the modern computer, the descendent of his friend Babbage’s invention, has been integrated with the inkjet flatbed printer, a distant descendent of his own flatbed blueprint process, and evolved into the core of the modern reprographic shop.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
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<div align="center" id="Target Report_4688" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl804688" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl804688" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl804688" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl844688" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl854688" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl954688" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl844688" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl854688" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl954688" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl834688" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl864688" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl954688" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl824688" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl944688" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl804688" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl734688" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl694688" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 March - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl924688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl754688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl924688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl734688" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl764688" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl774688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl774688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl914688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl714688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl774688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl914688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl714688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl784688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl714688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl714688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl774688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl794688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Phase 3 Marketing and Communications</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$28.9</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl984688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Technology Media Group</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dallas, TX</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/28/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing & promo</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.phase3mc.com/thinking/phase-3-acquires-technology-media-group" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Canva Group<br />(Port co. W Investments)</td>
<td class="xl974688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Laval, QC</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Canacadre</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Boucherville, QC</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/28/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Retail display hardware</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://groupecanva.com/nouvelles/le-groupe-canva-annonce-lacquisition-de-lentreprise-canacadre-inc/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Convergent Print Group<br />né Vincent Printing</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chattanooga, TN</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">BPGraphics</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Phoenix, AZ</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/27/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.bpgraphics.com/convergent-print-group/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl724688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Advanced Digital Services</td>
<td class="xl664688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Livermore, CA</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/27/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://crispimg.com/2023/03/29/livermore-acquisition/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">eProductivity Software<br /><span class="font8" style="font-size: 10pt;">(Div. Symphony
Technology Group)</span></td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fremont, CA</td>
<td class="xl984688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Tharsten Group</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Colne, UK</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/27/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print MIS software</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/eproductivity-software-acquires-tharstern-group-301781923.html" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Millcraft Paper</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl724688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TNT Papercraft</td>
<td class="xl664688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cincinnati, OH</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/24/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper distribution</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.paperage.com/2023news/03-24-2023millcraft-acquires-tnt-papercraft.html" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Modern Litho Mngt Team</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$50.6</td>
<td class="xl964688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Jefferson City, MO</td>
<td class="xl984688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Modern Litho</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$50.6</td>
<td class="xl964688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Jefferson City, MO</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/23/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://modernlitho.com/2023/03/modern-litho-announces-ownership-transition/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Kyocera</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$16,367</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kyoto, Japan</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">NIXKA</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl964688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Aubagne, France</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/22/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Inkjet print systems</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.kyocera-nixka.com/_files/ugd/111321_5b817ffda92a4b7bb570c5d531794653.pdf" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">El Rito Media</td>
<td class="xl674688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl964688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Española, NM</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Artesia Daily Press</td>
<td class="xl674688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl724688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Artesia,
NM</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/13/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font84688">(Dirks, Van Essen)</span></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.editorandpublisher.com/stories/el-rito-media-acquires-artesia-daily-press,242108" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Dentsu Group</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$9,457</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tokyo, Japan</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Tag Worldwide Holdings<br />(Port co. Advent International)</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">London, UK</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/7/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Marketing production services</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.dentsu.com/news-releases/dentsu-agrees-to-acquire-tag" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">TC Transcontinental</td>
<td class="xl674688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$2,198</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl984688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Multifilm Packaging</td>
<td class="xl674688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elgin, IL</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/7/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/transcontinental-inc-acquires-multifilm-packaging" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Inovar Packaging Group<br />(Port co. Kelso & Company)</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dallas, TX</td>
<td class="xl984688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Amherst Label</td>
<td class="xl674688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milford, NH</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/1/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://inovarpackaging.com/news/inovar-packaging-group-acquires-amherst-label/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">BR Printers</td>
<td class="xl674688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Jose, CA</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">JP Graphics</td>
<td class="xl664688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Appleton, CA</td>
<td class="xl884688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/1/23</td>
<td class="xl874688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl894688" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.brprinters.com/jp-graphics-acquisition/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl704688" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl654688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl664688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$631.0</td>
<td class="xl724688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">McNaughton & Gunn</td>
<td class="xl664688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl964688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Saline, MI</td>
<td class="xl884688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/1/23</td>
<td class="xl874688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl904688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl684688" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book manufacturing</td>
<td class="xl894688" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-mcnaughton-gunn-adding-to-its-sheridan-family-of-print-facilities/" target="_blank">Link</a></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl734688" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl704688" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl814688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl934688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl934688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl814688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl934688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl704688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl934688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl694688" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_4688" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_4688" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_9783" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl679783" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl739783" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl699783" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl659783" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl709783" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl669783" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl659783" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl659783" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl659783" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl719783" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl729783" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl769783" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl769783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl779783" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 March - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl779783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl779783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl769783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl729783" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl799783" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl799783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl809783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl899783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl899783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl899783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl809783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl809783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl899783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl899783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl809783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl839783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl799783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729783" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl689783" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl819783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl729783" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl689783" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl689783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl849783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">Nightmare Graphics</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3/12/23</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-11647</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Columbia,
MD</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl869783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Maryland<br />Baltimore</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Michelle
M. Harner</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Michael
Patrick Coyle</td>
<td class="xl879783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Screen
printing & embroidery</td>
<td class="xl789783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729783" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl689783" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl689783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl749783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Visionary Labels Packaging, LLC</td>
<td class="xl919783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/17/23</td>
<td class="xl859783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl859783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">23-11032</td>
<td class="xl859783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Fontana,
CA</td>
<td class="xl859783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">9th</td>
<td class="xl829783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Central CA<br />Riverside</td>
<td class="xl869783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Magdalena Reyes Bordeaux</td>
<td class="xl859783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Giovanni
Orantes</td>
<td class="xl879783" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Shrink
sleeves & can application</td>
<td class="xl789783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729783" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl689783" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl819783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl729783" style="display: none; mso-height-alt: 500; mso-height-source: userset;">
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl819783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl729783" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl689783" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl689783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl749783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Printforia, Inc</td>
<td class="xl919783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/14/23</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-40375</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Vancouver,
WA</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"> 9th</td>
<td class="xl829783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Western WA<br />Tacoma</td>
<td class="xl869783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Mary Jo Heston</td>
<td class="xl859783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Faye
C. Rasch</td>
<td class="xl879783" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Ecommerce
print-on-demand</td>
<td class="xl789783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729783" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl689783" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl909783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689783" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><div align="center" id="Target Report_4688" x:publishsource="Excel"><div align="center" id="Target Report_9783" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_9783" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
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<col class="xl7313729" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
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<col class="xl8513729" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8413729" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8413729" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7313729" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7113729" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7213729" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7213729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6713729" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 March - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6713729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6713729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7213729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7113729" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7413729" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7413729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7513729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7013729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7013729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7513729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7613729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7013729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7013729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7613729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7713729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7413729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7113729" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7813729" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6513729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">A&M Trade Bindery</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4/27/23</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hayward,
CA</td>
<td class="xl6613729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6613729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8713729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-23</td>
<td class="xl6913729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Bindery
services</td>
<td class="xl8613729" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/am-trade-bindery/?utm_source=pressxchange&utm_medium=pressxchange_acutions" target="_blank">Link</a></td>
<td class="xl7913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7113729" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7813729" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6513729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">GH Print Consulting</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">4/20/23</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cicero,
IL</td>
<td class="xl6613729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6613729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8713729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-23</td>
<td class="xl6913729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8613729" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/gh-print-consulting-inc/?utm_source=pressxchange&utm_medium=Auction&utm_campaign=By+Order+of+GH+Print+Consulting%2C+Inc.%2C+Plant+Closure" target="_blank">Link</a></td>
<td class="xl7913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7113729" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7813729" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6513729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Miller Imprints</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3/24/23</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6813729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newport,
KY</td>
<td class="xl6613729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6613729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8713729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-23</td>
<td class="xl6913729" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Screen
Printing</td>
<td class="xl8613729" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://screenprintingmag.com/miller-imprints-closing-after-40-years-in-business/?utm_source=omeda&utm_medium=email&utm_campaign=Newsletter&utm_term=&utm_content=SP+NEWSLETTER&oly_enc_id=2672A7217356B3V" target="_blank">Link</a></td>
<td class="xl7913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7113729" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7813729" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6513729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Prestige Embossing</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">3/22/23</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6813729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Houston,
TX</td>
<td class="xl6613729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6613729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8713729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-23</td>
<td class="xl6913729" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Trade
finishing</td>
<td class="xl8613729" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/prestige-embossing/" target="_blank">Link</a></td>
<td class="xl7913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7113729" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7813729" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8913729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6613729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7813729" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-26813461576820072172023-03-07T22:33:00.010-05:002023-04-07T13:01:22.090-04:00Duking it Out in the Label Business – February 2023 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmhDuzIu30rMqv5oIuW6SEBqcWbi2uSffNgZywkh2XNZNoXhs1QKCRYPVhG5L76CIyGsz4gqWGBOB9tm389PN3S3TAZEWZdXYRn5dnZgKHjUfjUpCX_htQD9ReOMuUrhbgT0So21Ily6-znawUjmYYxy7v-EtyNT3CScvX3K8zf3NN2v6fyfHoYkBG/s5472/Bull%20Moose.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3648" data-original-width="5472" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmhDuzIu30rMqv5oIuW6SEBqcWbi2uSffNgZywkh2XNZNoXhs1QKCRYPVhG5L76CIyGsz4gqWGBOB9tm389PN3S3TAZEWZdXYRn5dnZgKHjUfjUpCX_htQD9ReOMuUrhbgT0So21Ily6-znawUjmYYxy7v-EtyNT3CScvX3K8zf3NN2v6fyfHoYkBG/w439-h292/Bull%20Moose.jpg" width="439" /></a></div><br /><span style="font-family: arial; font-size: large;">Packaging deals have eclipsed transactions in all other segments of the printing and related industries for the past three years. That shows no sign of letting up. The temporary dominance in transactions that involved box printing companies, as we noted in The Target Report last month, has reverted once again to the norm in which label printing companies are the preferred target. (See <a href="https://www.thetargetreport.com/2023/02/the-box-is-back-january-2023-m-activity.html" target="_blank">The Box is Back – January 2023</a>). The consolidation of the label printing industry is being driven by a slew of private equity firms that have demonstrated a willingness to pay double-digit multiples for profitable label manufacturers of any decent size. The attributes of recurring revenue, customer stickiness due to required brand continuity, and relative de minimis component cost of labels within the scheme of total product cost, all make label printing highly attractive to financial buyers. <br /><br /><u><i>The Contenders </i></u><br /><br />Resource Label Group is my choice as the poster child for the PE-backed label industry feeding frenzy. With backing from Ares Management, its third private equity firm sponsor, Resource Label acquired Riverside, California-based <a href="https://www.resourcelabel.com/resources/resource-label-group-expands-digital-capabilities-with-acquisition-of-majestic-labels/" target="_blank">Majestic Labels</a>, the digital label printing division of Majestic Printing Systems. Majestic is the 27th acquisition for the Resource Label Group, which began as a single location company in Tennessee in 1991. The company grew organically until 2005 when it entered the private equity ecosystem with financial backing from Lineage Capital. With only one acquisition under its belt, Lineage passed the torch to First Atlantic Capital in 2011. With the backing of First Atlantic, Resource went into hyper-growth mode and added 21 more companies over the next decade. Ares Management picked up Resource in 2021 and has continued to nurture the platform. (See <a href="https://www.thetargetreport.com/2021/10/private-equity-fuel-consolidation-of.html" target="_blank">Private Equity Fuel$ Consolidation of Label Industry – September 2021</a>). <br /><br />Another champion label consolidator, Brook + Whittle, is no slouch when it comes to rolling up the label industry. With backing from Genstar Capital, B+W acquired <a href="https://brookandwhittle.com/brook-whittle-to-acquire-llt-labels/" target="_blank">LLT Labels</a>, a specialist in the manufacture of thermal transfer labels. Located in Stow, Ohio, the acquired company represents the 17th production facility for B+W. Based in Guilford, Connecticut, B+W, like Resource Label, is now backed by its third private equity firm. B+W entered the world of private equity in 2009 with an investment from RFE Investments, along with independent sponsor Charter Oak Equity. RFE and Charter Oak added several acquisitions, professionalized the company along the way, and sold B+W in 2017 to TruArc Partners (né Snow Phipps Group). TruArc Partners added several more companies to the platform, exiting in 2021 with the sale to Genstar Capital. Genstar has now added three more companies to the B+W roll-up, including the acquisition of Cenveo’s Custom Labels Group, a critical turn away from labels for Cenveo as it unwound itself. (See <a href="https://www.thetargetreport.com/2022/08/cenveo-returns-to-its-roots-july-2022-m.html" target="_blank">Cenveo Returns to its Roots – July 2022</a>). <br /><br />Fortis Solutions Group also has to be considered as a challenger in the championship ring. The Fortis network now spans the US from its original location and home base in Virginia Beach, Virginia, to Napa, California, Whitefish, Montana, Lewisville, Texas, and with the acquisition of Profecta labels last year in St-Hubert, Quebec, now up to Canada. Fortis is still with its secondary private equity sponsor. After an initial seven-year roll-up without PE-backing, the company teamed up with San Francisco-based Main Post Capital Partners in 2017. Main Post Capital Partners supercharged the next phase and Fortis acquired no less than eight additional companies in just under four years. In October 2021, Main Post Capital Partners announced that it had exited Fortis, selling its interest to Harvest Partners, a private equity fund based in New York. Harvest hit the road running and provided financial and strategic support for the six companies added to the Fortis platform in 2022. We expect it will not be long before another Fortis acquisition hits our deal log. (See <a href="https://www.thetargetreport.com/2023/01/private-equity-feeds-industry-growth.html" target="_blank">Private Equity Feeds Industry Growth – December 2022</a>). <br /><br />Inovar Packaging, headquartered in Dallas, Texas, was founded in 1964 as a simple printer of one-color plain labels. It took twenty years for the company to transition to full four-color process printing. Six years later, in 2000, the company dipped its toe into the acquisition game in a merger with Label 1 and launched the Inovar brand for the combined entity. It took an investment by private equity to get the deal juices flowing at Inovar, with AES Investors stepping in as the new owners in 2016. We count no less than eight acquisitions under the sponsorship of AES Investors, culminating in the purchase of Dion Label Printing in 2021. As with the other contenders in the label slug fest, the private equity sponsor eventually needs to exit the investment and realize the value they have added via the acquisition and bolt-on conglomeration process. AES was no different and in 2022 Inovar was sold to Kelso & Company private equity firm. Kelso has a unique place in the universe of private equity funds; its founder Louis O. Kelso was also the inventor of the modern ESOP when he hit on the idea of a structuring a leveraged buyout with the use of retirement plan assets. (The first ESOP was closely related to our industry, the employee buyout of a newspaper publisher, but that’s a story for another day.) Under Kelso’s sponsorship, Inovar announced the acquisition of <a href="https://inovarpackaging.com/news/inovar-packaging-group-acquires-cimarron-label-and-western-printing/" target="_blank">Cimarron Label</a> in Sioux Falls, South Dakota. We will not be surprised if Kelso picks up the pace and Inovar is in the competitive matchup more often. <br /><br /><u><i>In the Mix </i></u><br /><br />Other competitors with PE backing, but possibly not quite as aggressive as the three top contenders, are in various stages of their PE life cycle, each vying for position ringside at the label printing industry roll-up. <br /><br />Established over 40 years ago, AWT was acquired by private equity firm Mason Wells in 2015, completed one acquisition, however during this time, AWT mostly stayed on the sidelines. Morgan Stanley Capital Partners stepped in and acquired AWT from Mason Wells in December 2020, subsequently adding three new bolt-on acquisitions during 2022. <br /><br />All American Label & Packaging, a portfolio company of Heartwood Partners, acquired Lotus Labels located in Brea, California. Heartwood came into the competition last March when it merged All American with Western Shield Label & Packaging, itself a serial acquirer of label companies. <br /><br />I.D. Images has been very active in the label printing business over the eleven years that we have been tracking transactions, with a significant increase in deal frequency since picking up financial support from Sole Source Capital in 2021. Starting with simple blank thermal label stock, I.D. Images expanded its capabilities via acquisitions to include a wide range of label products. With a commitment to sell exclusively through distributors, I.D. Images has a clear advantage when a trade label printer is on the market but has stayed out of the fray for the companies that sell direct. <br /><br />There are others in the competitive mix for label printing companies, such as Premium Label & Packaging, which was formed with financial support from Dunes Point Capital, and which has acquired at least four label businesses. ProAmpac, now a portfolio company of Pritzker Partners, occasionally acquires some label business as a component of an acquisition in its core focus area of flexible packaging and bag manufacturing. <br /><br /><u><i>On the Sidelines </i></u><br /><br />Multi-Color Corporation has historically focused on larger deals, including its 2017 acquisition of Constantia Labels based in Vienna, Austria with a reported revenue of $690 million at the time. Since the merger with Fort Dearborn in 2021, Multi-Color has been mostly on the sidelines of the US label industry roll-up. With over 13,000 employees, operating 109 label manufacturing plants in over 26 countries, the company is on a larger scale. It simply takes more to move the needle at this size, such as the company’s December 2022 acquisition of Lux Global Label, which operates plants in Pennsylvania and Puerto Rico. (See <a href="https://www.thetargetreport.com/2021/08/packaging-industry-consolidation-in.html" target="_blank">Packaging Industry Consolidation in Every Direction – July 2021</a>). <br /><br />We would be remiss if we did not mention CCL Industries in this summary of the label business consolidators. CCL, the Canadian-based global packaging company, despite its size, has stayed out of the bidding wars that have characterized the prime label roll-up in the US. CCL has instead maintained a disciplined acquisition process seeking out unique niches within the larger label segment, including horticultural tags and labels, apparel labels, clinical trial labels and similar highly specialized corners of the market. While the market heated up, CCL managed to maintain an average purchase multiple of 6.1 times EBITDA over the past three years. (See <a href="https://www.thetargetreport.com/2022/02/ccl-industries-breaks-rules-january.html" target="_blank">CCL Industries Breaks the Rules – January 2022</a>).</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_19163" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8119163" style="border-collapse: collapse; font-size: x-large; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl8119163" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8119163" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8519163" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8619163" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9619163" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8519163" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8619163" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9619163" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8419163" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8719163" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9619163" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8319163" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9519163" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8119163" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7319163" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6919163" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 February - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9319163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7519163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9319163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7319163" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7619163" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7719163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7719163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9219163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7119163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7719163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9219163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7119163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7819163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7119163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7119163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7719163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Welch Packaging Group</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elkhart, IN</td>
<td class="xl9919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Nashville Box</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lebanon, TN</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/28/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.nashvillebox.com/post/nashville-box-is-now-part-of-welch-packaging" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl6719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Majestic Labels</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Riverside, CA</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/28/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20230228006083/en/Resource-Label-Group-expands-digital-capabilities-with-acquisition-of-Majestic-Labels" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Puyallup<br />(Existing franchisee)</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Puyallup, WA</td>
<td class="xl9919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Advantage Graphics</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sumner, WA</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/27/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2023/02/27/2616265/0/en/Minuteman-Press-Franchise-in-Puyallup-WA-Acquires-25-Year-Printing-Business-Advantage-Graphics.html" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Data Communications Management</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$118.7</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brampton, ON</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Moore Canada Corporation<br />(Sub. RR Donnelley)</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/22/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Diversified print operations</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://investor.rrd.com/news/news-details/2023/RRD-Agrees-to-Sell-its-Canadian-Operations-to-DATA-Communications-Management-Corp/default.aspx" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Granite Creek Capital Partners</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl9919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">CP Direct</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lanham, MD</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/16/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail printing</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.granitecreek.com/news/granite-creek-capital-partners-announces-investment-in-cp-direct/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">All American Label & Packaging<br />(Port co. Heartwood
Partners)</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dublin, CA</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Lotus Labels</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Brea, CA</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/15/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.labelsandlabeling.com/news/industry-trends/aalpwestern-shield-merges-lotus-labels#:~:text=All%20American%20Label%20%26%20Packaging%2FWestern%20Shield%20%28AALP%2FWestern%20Shield%29,to%20the%20cosmetics%20and%20health%20and%20beauty%20segments." target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mill Rock Packaging<br />(Port co. Mill Rock Capital)</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Keystone Paper & Box</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">South Windsor, CT</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/13/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/mill-rock-packaging-acquires-keystone-paper--box-company-301744695.html" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Larsen Packaging</td>
<td class="xl9819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Charles, IL</td>
<td class="xl9919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Alpha Container</td>
<td class="xl6719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Marysville, OH</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/9/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes & displays</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://waybeyondthebox.com/2023/02/larsen-expands-again-acquires-marysville-ohio-based-alpha-container/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Anderson & Vreeland</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Fairfield, NJ</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Flexographic Consumables<br />(Div. Grimco)</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7219163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Fenton,
MO</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/6/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexographic supplies</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/a_v_canada_completes_asset_purchase_of_flexo_consumable_business_from_grimco/prweb19153212.htm" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">WIP Ventures</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fairport, NY</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">National Enquirer (+2 titles)</td>
<td class="xl6719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/6/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Tabloid newspaper</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://investors.vincoventures.com/press-releases/detail/132/national-enquirer-globe-national-examiner-national" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sandy Alexander<br />(Port Co. Snow Peak Capital)</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Clifton, NJ</td>
<td class="xl9919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Abbott Communications Group</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Orlando, FL</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/6/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(New Direction)</span></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/sandy-alexander-a-snow-peak-capital-portfolio-company-acquires-abbott-communications-group-301739454.html" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Brook + Whittle<br />(Port co. Genstar Capital)</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Guilford, CT</td>
<td class="xl9919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">LLT Labels</td>
<td class="xl6719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stow, OH</td>
<td class="xl8919163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/2/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://brookandwhittle.com/brook-whittle-to-acquire-llt-labels/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Inovar Packaging Group<br />(Port co. Kelso & Company)</td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dallas, TX</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cimarron Label</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sioux Falls, SD</td>
<td class="xl8919163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/1/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://inovarpackaging.com/news/inovar-packaging-group-acquires-cimarron-label-and-western-printing/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SOL Capital Management</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Vienna, Austria</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Polar Mohr<br />Adolf Mohr</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hofheim, Germany</td>
<td class="xl6619163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/1/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper finishing equipment</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.polar-mohr.com/en/press/200135.html" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">PPC Flexible Packaging<br /><span class="font719163">(Port co
GTCR)</span></td>
<td class="xl6719163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Buffalo Grove, IL</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">StePac</td>
<td class="xl6519163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tefen, Israel</td>
<td class="xl6619163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/1/23</td>
<td class="xl8819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6819163" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bag, pouches, lids & films</td>
<td class="xl9019163" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ppcflex.com/project/ppc-flexible-packaging-llc-announces-acquisition-of-stepac-mapfresh-holdings/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7019163" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8019163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Tsuji Holdings</td>
<td class="xl6719163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Reno, NV</td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DynaGraphics</td>
<td class="xl6519163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Reno, NV</td>
<td class="xl6619163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/1/23</td>
<td class="xl8819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9119163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 11pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl6819163" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9019163" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dynagraphicprinting.com/reno-dynagraphics-new-ownership-announcement/" target="_blank">Link</a></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7319163" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7019163" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8219163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9419163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9419163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8219163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9419163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7019163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9419163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6919163" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_19163" x:publishsource="Excel"> <span style="font-size: large;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_22468" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
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<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6722468" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7322468" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6922468" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6522468" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7022468" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6622468" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6522468" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6522468" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6522468" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7122468" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7222468" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7622468" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7622468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7722468" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 February - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7722468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7722468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7622468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7222468" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7922468" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8322468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7922468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7222468" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6822468" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8122468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7522468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7222468" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6822468" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6822468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8422468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8722468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7222468" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6822468" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8122468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7522468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7222468" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6822468" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6822468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7422468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Gray County Newspapers, LLC</td>
<td class="xl9122468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/7/23</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">23-50017</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Pampa,
TX</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5th</td>
<td class="xl8222468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern TX<br />Lubbock</td>
<td class="xl8622468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Robert L. Jones</td>
<td class="xl8522468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brad
W. Odell</td>
<td class="xl8722468" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newspaper
publishing</td>
<td class="xl7822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7222468" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6822468" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9022468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7522468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7522468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6822468" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_22468" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_22468" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_22468" x:publishsource="Excel"><span style="font-size: x-large;"><div align="center" id="Target Report_25360" x:publishsource="Excel">
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<col class="xl7325360" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8025360" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8125360" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8225360" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8325360" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8325360" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8325360" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8525360" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8425360" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8425360" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7325360" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
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<td class="xl7225360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6725360" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 February - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6725360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6725360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7225360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7125360" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7425360" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7425360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7525360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7025360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7025360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7525360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7625360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7025360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7025360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7625360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7725360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7425360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7125360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7825360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7825360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6525360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Quad/Graphics - Printing facilities</td>
<td class="xl6825360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4/28/23</td>
<td class="xl6825360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6825360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Merced,
CA</td>
<td class="xl6625360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Quad
Graphics</td>
<td class="xl6625360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sussex,
WI </td>
<td class="xl6825360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/20/23</td>
<td class="xl6925360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Retail
inserts & magazine printing</td>
<td class="xl8625360" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/quad-to-close-its-merced-retail-insert-and-magazine-printing-plant-impacting-240-workers/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-02-20" target="_blank">Link</a></td>
<td class="xl7925360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7125360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7825360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7825360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6525360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Quality Forms</td>
<td class="xl6825360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">3/14/23</td>
<td class="xl6825360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6825360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Piqua,
OH</td>
<td class="xl6625360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6625360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8725360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Feb-23</td>
<td class="xl6925360" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Direct
mail forms printing</td>
<td class="xl8625360" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thompsonauctioneers.com/auction_info/4451?utm_source=pressxchange&utm_medium=Auction&utm_campaign=Quality+Forms" target="_blank">Link</a></td>
<td class="xl7925360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7125360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7825360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8925360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8925360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6625360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7825360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><span style="font-size: large;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><span style="font-size: large;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-50617049480948141852023-02-07T21:59:00.038-05:002023-02-07T22:41:25.976-05:00The Box is Back – January 2023 M&A Activity<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmz3qLQsvChxhc2YL7efnQ8GWM1qeXVPtjUMSb6hSssoEg8WTwogdKWGOU4eLKcLYkX_qGtNCYmZjv7fUpvuWm3srr0ZZUwB26znkFyKne5tWKLB8vWC16GRgyeoKYNyd0b89JOrC5AjlZPBiJz3bNNPWmGlYIB8iMNvKYAjbJ24n7UuzNU_J7qGQG/s3596/Black%20Box.Cropped.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: left;"><img border="0" data-original-height="2816" data-original-width="3596" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmz3qLQsvChxhc2YL7efnQ8GWM1qeXVPtjUMSb6hSssoEg8WTwogdKWGOU4eLKcLYkX_qGtNCYmZjv7fUpvuWm3srr0ZZUwB26znkFyKne5tWKLB8vWC16GRgyeoKYNyd0b89JOrC5AjlZPBiJz3bNNPWmGlYIB8iMNvKYAjbJ24n7UuzNU_J7qGQG/s320/Black%20Box.Cropped.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: arial;">The simple box. We predicted it would happen. The market for box manufacturing has heated up and in the most recent month the purchase of box printing companies has outpaced the number of deals involving label printing companies for the first time in our eleven‑plus years of tracking and commenting on M&A activity in the printing, packaging and related industries. (See </span><a href="https://www.thetargetreport.com/2022/04/label-roll-ups-are-red-hot-are-folding.html" style="font-family: arial;" target="_blank">Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022</a><span style="font-family: arial;">).</span></span></div><span style="font-family: arial;"><br /><u style="font-size: x-large;"><i>The Rigid Box </i></u><br /><br /><br /><span style="font-size: large;"><div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCttLfTRXJ5_v0gVGw0dM1vCiXsi9BOQKsHb85lrfym7dpPOQu9lKknCzjwtzGCeEJ9ynFVkbcsfilyUhQxhqrUU3eFJWCeG6M9mjE61rP7ZIb3NDSqH2_4pUWaiL9iFJ5U0BSrQ8xHk5BUOmCVqRq3tNC3Xl-q2Pnq4XoYxA8TQIrs9vX55nCpHw_/s1240/Besieging.1.Pix.Cropped.jpg" style="clear: left; display: inline; float: left; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="853" data-original-width="1240" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCttLfTRXJ5_v0gVGw0dM1vCiXsi9BOQKsHb85lrfym7dpPOQu9lKknCzjwtzGCeEJ9ynFVkbcsfilyUhQxhqrUU3eFJWCeG6M9mjE61rP7ZIb3NDSqH2_4pUWaiL9iFJ5U0BSrQ8xHk5BUOmCVqRq3tNC3Xl-q2Pnq4XoYxA8TQIrs9vX55nCpHw_/s320/Besieging.1.Pix.Cropped.jpg" width="320" /></a>The original fiber-based box, the rigid box, is also known as a set-up box. As the name suggests, in its simplest form, these boxes are formed by wrapping, tucking, and gluing paper around stiff cardboard to form a rigid container that is shipped set up and ready to pack. While it is difficult to pin down the exact origin of the rigid box, several sources point to a German company that in 1817 produced a box to package The Game of Besieging, an early war strategy board game. </div><div class="separator"><br />An alternate history credits the creation of the first commercial paperboard box to an English firm, M. Treverton & Son, curiously asserting that production began in the same year as the German claim, 1817. The rigid box prevailed as the dominant fiber-based box for almost a century. With the advent of more efficient methods of box production around 1900, the rigid box lost its place as the preferred volume utilitarian solution. The rigid box method is now most often used to package luxury and specialty items, highly decorated with foils, coated with gloss and soft-touch finishes, and formed into unique shapes.</div></span><br /><u style="font-size: x-large;"><i>The Corrugated Box </i></u><br /><br /><span style="font-size: large;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5EoeAqXHUOCYVbgJ3qxnD3pmcOi3GWKZyIJjc0rH3ugrJuK9-Z8V2QtVA8_IwQzSCQ1TmQWLRvXcvdtbkpYVV7NMhQG_wxHwi2rJtGDVgUi0G4ax0dnTd-RT_83SkGwQeMhTVs8A3Zw4YP0bySl5cf_ONf4ubDpA4j2FWzRSziH57VvzQGnynQQG0/s692/Abe%20Lincoln.1.Pix.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="692" data-original-width="511" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5EoeAqXHUOCYVbgJ3qxnD3pmcOi3GWKZyIJjc0rH3ugrJuK9-Z8V2QtVA8_IwQzSCQ1TmQWLRvXcvdtbkpYVV7NMhQG_wxHwi2rJtGDVgUi0G4ax0dnTd-RT_83SkGwQeMhTVs8A3Zw4YP0bySl5cf_ONf4ubDpA4j2FWzRSziH57VvzQGnynQQG0/w178-h242/Abe%20Lincoln.1.Pix.png" width="178" /></a></div>In 1856, tall top hats were the fashion rage for men. Two gentlemen in the hatter trade, Edward G. Healy and Edward E. Allen, resolved to find a material that would maintain the tall shape, yet was flexible to fit individual noggins. The solution they arrived at was to form paper into pleats, giving it a wavy shape for strength. They patented the invention in England, but never made the leap to using their invention to create a shipping box. American ingenuity was behind the next step forward in the form of a US patent filed in 1871 by Albert L. Lyons for “an improvement in paper for packing” which described the use of corrugated, crimped, or bossed forming of paper to create an effective cushion for the contents being packed. Three years later, a machine was made for producing large quantities of corrugated material and that same year another inventor, Oliver Long, added the liner sheet to the second side, trapping the corrugation in the middle, producing the corrugated material we know today. In 1895, the first corrugated box was manufactured in the US, quickly replacing the previously dominant wooden crates and boxes used to ship products. </span><br /><br /><u style="font-size: x-large;"><i>The Folding Carton </i></u><br /><br /><span style="font-size: large;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHBO3NlrVoiCaArPD5DMw5cItQgkxe_8HWHziC6a8W0mnWCGoII4TVnfNIbRlmM73GlN8k4M0-xUqb5djcgN4aopv97TsFxdgVntfT5ByQ6M1KKMoC7scFCc7HGgUZng2UdCgWBB5O_40pNwQicIUQv_cL4v91G8Ip6FVf26F-q-xOBduoJgO-67pI/s417/Uneeda.1.Pix.Slio.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="189" data-original-width="417" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHBO3NlrVoiCaArPD5DMw5cItQgkxe_8HWHziC6a8W0mnWCGoII4TVnfNIbRlmM73GlN8k4M0-xUqb5djcgN4aopv97TsFxdgVntfT5ByQ6M1KKMoC7scFCc7HGgUZng2UdCgWBB5O_40pNwQicIUQv_cL4v91G8Ip6FVf26F-q-xOBduoJgO-67pI/w290-h131/Uneeda.1.Pix.Slio.jpg" width="290" /></a></div> In 1879, Scottish-born immigrant to America Robert Gair was working in his Brooklyn printing company on an order of small seed bags. As the story goes, the diemaker working for Gair did not set a creasing rule correctly, leaving the blade too high. The miscreant die cut through thousands of the seed packets before the error was noticed, and the lot was wasted. In this way, Gair discovered that he could cut and crease paper in one operation. While this seems obvious to us today, at the time the scoring was done on a press and the cutting was accomplished in a separate operation performed on a guillotine cutter. The entrepreneurial lightbulb was lit, and Gair applied his discovery to heavier paperboard. The result was an exponential increase in productivity. The new product was not only faster to produce, but critically could be glued and packed flat for shipping. Final erection and assembly of the box was completed at the factory where the product to be packaged was made and inserted into the box. Early converts to the new mass-produced foldable cartons included the Great Atlantic & Pacific Tea Company, Colgate, Ponds, and tobacco manufacturer P. Lorillard. In 1896, Gair landed an order for two million of his precut, pre-creased cardboard boxes for Uneeda Biscuits from Nabisco, known at the time as the National Biscuit Company. The folding carton rapidly replaced the traditional tin or wooden cracker boxes. Eventually further popularized by Kellogg’s for the sale of cereals to the masses, the folding carton had arrived. Gair went on to great success, eventually building seven large factories in the Dumbo section of Brooklyn, where his name survives even today on several converted factory facades. </span><br /><br /><u style="font-size: x-large;"><i>Boxes of All Kinds </i></u><br /><br /><span style="font-size: large;"><span>Italian packaging printing company Pusterla 1880 produces high-end packaging for luxury brands in the fragrance, cosmetics, wine & spirits, and gourmet food markets. With established factories in Italy, the UK, Moldova, and Tunisia, the company has entered the US market with the simultaneous purchase of two premium manufacturers of rigid box packaging. Pusterla announced the acquisition of </span><a href="https://taylorbox.com/2023/01/taylor-box-company-burt-rigid-box-inc-join-pusterla-1880/" target="_blank">Taylor Box Company</a><span> in Warren, Rhode Island, and </span><a href="https://taylorbox.com/2023/01/taylor-box-company-burt-rigid-box-inc-join-pusterla-1880/" target="_blank">Burt Rigid Box</a><span> in Oneonta, New York. </span><br /><br /><span>SupremeX, the publicly traded Canadian company with its roots in the envelope manufacturing business, has further extended its reach into the box business with the acquisition of </span><a href="https://www.globenewswire.com/news-release/2023/01/16/2589102/0/en/Supremex-Announces-the-Acquisition-of-Impression-Paragraph-Inc.html" target="_blank">Impression Paragraph</a><span>, a folding carton printing and manufacturing company with two facilities in Quebec. In addition to the folding carton business, the acquired company also produces retail point-of-sale displays for the cosmetic, pharmaceutical, and food confectionary markets. The acquisition marks Supremex’s fifth move into the folding carton business, following the 2021 acquisition of Vista Graphic Communications in Indianapolis, Indiana,* both acquisitions examples of the company’s laser-focused execution of its strategic diversification plan to acquire packaging companies and supplement its legacy core envelope business. Supremex is not ignoring the envelope business, however, and recently also acquired the business of Royal Envelope with two manufacturing facilities in the greater Chicago area, focusing primarily on higher-end, highly decorated envelopes for the direct mail market. </span><br /><br /><span>Oliver Packaging has purchased its first company under the new sponsorship of Tenex Capital, acquiring </span><a href="https://www.oliverinc.com/in-the-news/oliver-inc-acquires-tap-packaging?hsLang=en" target="_blank">Tap Packaging + Design</a><span>. The acquired company produces folding cartons, and in a bit of a departure for Oliver from its core focus on folding cartons, adds rigid boxes and micro flute corrugated packaging to the mix. Tenex Capital purchased Oliver in July 2022 from Pfingsten Partners in what is known in PE circles as a secondary buyout. Purchased by Pfingsten in 2016, Oliver was privately held, owned, and managed in the Cleveland area by four generations of the Oliver family. Oliver Printing, as the company was previously known, had by that time successfully transitioned from its roots as purely a commercial printer to a company with its future focused on folding cartons, including structural design, printing, and finishing. As the first institutional owner of Oliver Printing, Pfingsten proceeded to rebrand the company and bolt on four acquisitions which have transformed Oliver into a national player in the folding carton segment. Those acquisitions included the venerable Disc Graphics on Long Island, New York, where the Oliver Packaging company is now headquartered. </span><br /><br /><span>GPA Global announced the acquisition of the </span><a href="https://www.prnewswire.com/news-releases/gpa-global-announces-the-acquisition-of-cosfibel-group-301717403.html" target="_blank">Cosfibel Group</a><span>, headquartered in Paris, France. The acquired company has factories in Spain and Belgium and specializes in serving prestigious high-end brands with rigid box sets, gift packs, secondary packaging and product presentations in the beauty, wine & spirits, gourmet foods, and high fashion markets. Consistent with GPA Global’s strategy of combining in-house manufacturing with outsourced specialty purchasing, Cosfibel touts its “make & trade” approach to fulfilling its customers’ packaging requirements. (See </span><a href="https://www.thetargetreport.com/2022/01/gpa-global-emerges-as-packaging.html" target="_blank">GPA Global Emerges as Packaging Consolidator – December 2021</a><span>). </span><br /><br /><span>S. Walter Packaging Group, a portfolio company of Larsen MacColl Partners since 2014, acquired </span><a href="https://swpackaginggroup.com/s-walter-packaging-group-acquires-pulver-packaging/" target="_blank">Pulver Packaging</a><span>, a manufacturer of folding cartons in Elk Grove, Illinois. Pulver brings design, sourcing, printing, fabrication, enhancement, warehousing, and inventory management to its new parent. The S. Walter Packaging Group includes a specialty division, Bags & Bows, which serves the retail market with bags, stock size boxes, tissue paper, gift wrap, and as the name suggests, ribbons and bows. Another division, LPI, originally named Letterhead Press, provides highly specialized finishing services including stamping of holographic images, foil stamping, embossing, UV coatings, and production of rigid boxes. </span><br /><br /><span>Welch Packaging Group, the roll-up that has focused exclusively on corrugated products, is back in acquisition mode after a two-and-a-half-year pause in M&A activity. Welch just announced the purchase of </span><a href="https://www.thepackagingportal.com/industry-news/welch-packaging-acquires-knox-box/" target="_blank">Knoxville Box and Container</a><span>, in Knoxville, Tennessee. The acquired company’s product line, corrugated cartons, is consistent with every company that Welch has acquired in the 37 years since the owner established the company with only four employees and rudimentary box-making equipment. With this latest acquisition, Welch Packaging now serves the Midwest and South-Central market from over a dozen manufacturing locations and three distribution centers with over 1,200 employees. (See </span><a href="https://www.thetargetreport.com/2020/03/catching-wave-in-corrugated-cartons.html" target="_blank">Catching the Wave in Corrugated Cartons – February 2020</a><span>). </span><br /></span><br /><span style="font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Vista Graphic Communications in this transaction.</span></span><div><span style="font-family: arial; font-size: large;"> </span></div><div><span style="font-family: arial;"><span><!--The following information was generated by Microsoft Excel's Publish as Web
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<td class="xl6911061" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2023 January - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
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<td class="xl9311061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7311061" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7611061" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7711061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7711061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9211061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7111061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7711061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9211061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7111061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7811061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7111061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7111061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7711061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6711061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 163pt;" width="217">Capital Region Independent Media</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Clifton Park, NY</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Columbia Paper</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ghent, NY</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/30/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.editorandpublisher.com/stories/the-columbia-paper-sold-to-community-news-publisher,241972" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Welch Packaging Group</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elkhart, IN</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Knoxville Box & Container</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Knoxville, TN</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/25/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thepackagingportal.com/industry-news/welch-packaging-acquires-knox-box/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Summit Plastics<br />(Port. Co LongueVue Capital)</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Summit, MS</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Fredman Bag Company</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milwaukee, WI</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/25/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & bags</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fredmanbag.com/summit-plastics-acquires-fredman-bag/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Denver<br />(Existing franchisee)</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Denver, CO</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">A Great American Print Shop</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Denver, CO</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/23/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/01/23/minuteman-press-franchise-in-denver-acquires-31-year-business-a-great-american-print-shop/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Avery Dennison</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$9,200</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Glendale, CA</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Thermopatch</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$40.0</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137"> Syracuse, NY</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/22/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels for textiles</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.averydennison.com/en/home/newsroom/press-releases/avery-dennison-signs-agreement-to-acquire-thermopatch.html" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mimeo</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Memphis, TN</td>
<td class="xl9811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Motif Photos<br />(Div. RR Donnelley)</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9711061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/19/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Photo printing</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mimeo.com/news/mimeo-acquires-photobook-app-motif/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Oliver Printing & Packaging<br />(Port co. Tenex Capital)</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hauppauge, NY</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Tap Packaging + Design</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cleveland, OH</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/19/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & rigid boxes</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.oliverinc.com/in-the-news/oliver-inc-acquires-tap-packaging?hsLang=en" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SupremeX</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$195.3</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lasalle, QC</td>
<td class="xl9811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Impression Paragraph</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$38.6</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Saint-Laurent, QC</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/16/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$26.6</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & retail display</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2023/01/16/2589102/0/en/Supremex-Announces-the-Acquisition-of-Impression-Paragraph-Inc.html" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Modern Litho</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$50.6</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Jefferson City, MO</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Scotts Printing</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rolla, MO</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/12/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/2023/01/prweb19096066.htm" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Lebanon<br />(New franchisee)</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data </td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lebanon, OH</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Minuteman Press, Lebanon</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$1.3</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lebanon, OH</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/12/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://minutemanpressfranchise.com/news/2023/01/09/million-dollar-owner-mike-geygan-retires-reflects-on-31-plus-years-in-business-after-selling-minuteman-press-franchise-in-lebanon-ohio/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">GPA Global<br /><span class="font8" style="font-size: 9pt;">(Port co. Ontario Teacher's
Pension Fund)</span></td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cosfibel Group</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Paris, France</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/10/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & rigid boxes</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/gpa-global-announces-the-acquisition-of-cosfibel-group-301717403.html" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Pusterla 1880</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Venegono Inferiore,
<br />Italy</td>
<td class="xl9811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Burt Rigid Box</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Oneonta, NY</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/9/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Rigid boxes</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://taylorbox.com/2023/01/taylor-box-company-burt-rigid-box-inc-join-pusterla-1880/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Pusterla 1880</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Venegono Inferiore,
<br />Italy</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Taylor Box</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Warren, RI</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/9/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Rigid boxes</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://taylorbox.com/2023/01/taylor-box-company-burt-rigid-box-inc-join-pusterla-1880/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CJK Group</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$631.0</td>
<td class="xl7211061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Brainerd,
MN</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Allen Press</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9711061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Lawrence, KS</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/9/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Publication printing</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cjkgroup.com/news/cjk-group-acquires-allen-press/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Navitor FolderWorks<br />(Div. Taylor Corporation)</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9711061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Epoly Corporation</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Naples, FL</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/6/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Presentation folders</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.taylor.com/blog/navitor-inc.-acquires-epoly-corporation-expanding-folderworks-product-assortment" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Taylor Corporation</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9711061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Acrylic Design Associates</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Minneapolis, MN</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/6/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Retail displays</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.taylor.com/blog/acrylic-design-associates-joins-forces-with-taylor-corporation" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Taylor Corporation</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9711061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Legacy3 Print Media</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Garland, TX</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/6/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bindery & finishing services</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.taylor.com/blog/taylor-corporation-acquires-assets-of-legacy3-print-media-llc-expanding-binding-and-finishing-capabilities-in-texas" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Polymer Packaging</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Canton, OH</td>
<td class="xl9811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">William-Allen Company</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Canton, OH</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/5/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags & packaging films</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.polymerpkg.com/polymer-packaging-inc-acquires-the-william-allen-company/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DocketManager</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">London, ON</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Printers Software</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sarasota, FL</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/5/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print MIS software</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/113434-docketmanager-acquires-printers-software-inc/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Moore</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tulsa, OK</td>
<td class="xl9811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Merkle RMG<br />(Div. Merkle)</td>
<td class="xl6611061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hagerstown, MD</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/4/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://wearemoore.com/news-releases/moore-announces-the-acquisition-of-merkle-response-management-group/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Block Communications</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Toledo, OH</td>
<td class="xl9811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Pittsburgh City Paper<br />(Prop. Eagle Media)</td>
<td class="xl6611061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Butler, PA</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/4/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspaper</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://triblive.com/local/regional/post-gazette-owner-to-buy-city-paper-from-butler-eagle/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mittera</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$555.4</td>
<td class="xl7211061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Des
Moines, IA</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Geographics</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://mittera.com/geographics-inc/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Hisco</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data </td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Houston, TX</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Alliance Graphics and Printing</td>
<td class="xl6511061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$24.0</td>
<td class="xl9711061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Houston, TX</td>
<td class="xl8911061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/23</td>
<td class="xl8811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9011061" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.einnews.com/pr_news/606506892/hisco-acquires-alliance-graphics-and-printing" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7011061" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl8011061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">S. Walter Packaging Group<br /><span class="font711061">(Port co Larsen
MacColl Partners)</span></td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data </td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Trevose, PA </td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Pulver Packaging</td>
<td class="xl6511061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7211061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Elk
Grove, IL</td>
<td class="xl8911061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">1/3/23</td>
<td class="xl8811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9111061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6811061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding Cartons</td>
<td class="xl9011061" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://swpackaginggroup.com/s-walter-packaging-group-acquires-pulver-packaging/" target="_blank">Link</a></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7311061" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7011061" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8211061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9411061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9411061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8211061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9411061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7011061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9411061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6911061" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_11061" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_11061" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_11061" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_17360" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: large; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6717360" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7317360" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6917360" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6517360" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7017360" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6617360" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6517360" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6517360" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6517360" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7117360" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7217360" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7617360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7617360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7717360" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2023 January - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7617360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7217360" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7917360" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7917360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8017360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8017360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8017360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8717360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8017360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8217360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7917360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7217360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6817360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8117360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7517360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7217360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6817360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6817360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8317360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8517360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7217360" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6817360" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8117360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7517360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7217360" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6817360" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6817360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8417360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8517360" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7217360" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6817360" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7517360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7517360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6817360" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_17360" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_17360" style="font-size: large;" x:publishsource="Excel"><div align="center" id="Target Report_20746" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7320746" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7320746" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7320746" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8020746" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8120746" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8220746" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8320746" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8320746" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8320746" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8520746" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8420746" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8420746" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7320746" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7120746" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7220746" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7220746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6720746" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2023 January - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6720746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6720746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7220746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7120746" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7420746" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7420746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7520746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7520746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7620746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7620746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7720746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7420746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7120746" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7820746" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6520746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Metroland Media Group - Printing facility</td>
<td class="xl8720746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">TBD</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl6620746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Metroland
Media Group</td>
<td class="xl6620746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mississauga,
ON</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1/30/23</td>
<td class="xl6920746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Outsourcing
printing to TC Transcontinental</td>
<td class="xl8620746" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2023/01/30/2597627/0/en/Metroland-Outsources-Newspaper-Printing-to-TC-Transcontinental.html" target="_blank">Link</a></td>
<td class="xl7920746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7120746" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7820746" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6520746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">H&H Imaging</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1/26/23</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">San
Francisco, CA</td>
<td class="xl6620746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6620746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1/16/23</td>
<td class="xl6920746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8620746" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://hhimaging.com/" target="_blank">Link</a></td>
<td class="xl7920746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7120746" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7820746" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6520746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">LSC Communications - (2) Printing facilities</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3/31/23</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Lancaster,
PA</td>
<td class="xl8820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">LSC Communications</td>
<td class="xl6620746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Warrenville,
IL</td>
<td class="xl6820746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">1/9/23</td>
<td class="xl6920746" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Catalog
& publication printing</td>
<td class="xl8620746" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/lsc-communications-closing-lancaster-pennsylvania-printing-plants/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2023-01-10" target="_blank">Link</a></td>
<td class="xl7920746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7120746" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7820746" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6520746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Gannett - Printing facility</td>
<td class="xl8720746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Apr-23</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Greece,
NY</td>
<td class="xl6620746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Gannett</td>
<td class="xl6620746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">McLean,
VA</td>
<td class="xl6820746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1/4/23</td>
<td class="xl6920746" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Consolidating
print to other plants</td>
<td class="xl8620746" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.wxxinews.org/local-news/2023-01-04/d-c-to-close-local-printing-plant-laying-off-employees-and-shifting-printing-to-new-jersey" target="_blank">Link</a></td>
<td class="xl7920746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7120746" height="33" style="height: 25pt; mso-height-source: userset;">
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<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9020746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6620746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7820746" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-56023034375677217772023-01-07T23:24:00.023-05:002023-01-09T21:28:36.811-05:00Private Equity Feeds Industry Growth – December 2022 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi13atAtjkFUK51Ctn89eYzGpIXcOC9TZC_jgbfYe_VbeGl2HZWBaeDR5HwrkACAuPilSJTsomGra2ktLNchsFIoikCOemPX0zNKKmP0bxChdhBQ7yXbzxSv25R-lTEo9sA94U9KgWy49_xB8xy_jhxMdFvh-_V0-aKZuA9j1h3ldFkz1wd7x4MfuOo/s4613/Coin%20Stacks.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3000" data-original-width="4613" height="285" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi13atAtjkFUK51Ctn89eYzGpIXcOC9TZC_jgbfYe_VbeGl2HZWBaeDR5HwrkACAuPilSJTsomGra2ktLNchsFIoikCOemPX0zNKKmP0bxChdhBQ7yXbzxSv25R-lTEo9sA94U9KgWy49_xB8xy_jhxMdFvh-_V0-aKZuA9j1h3ldFkz1wd7x4MfuOo/w439-h285/Coin%20Stacks.Cropped.jpg" width="439" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><span style="font-family: arial;"><span style="font-size: large;">Not a month goes by in which private equity does not have a significant impact on the printing, packaging, and graphic communication businesses. The smart money keeps on coming, as fund after fund establishes a position in the industry with a new platform investment, and soon thereafter embarks on an aggressive roll-up campaign. Initially limited to primarily packaging companies, some private equity firms have eschewed the high multiples that top performing packaging companies command, investing instead in the commercial printing industry or other specialty segments such as wide-format products, or book printing. Funds are backing direct mail printing companies and then layering on data analytics, programmatic digital advertising, email campaigns, and other integrated marketing services. </span></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In addition to growing their platform companies via bolt-on acquisitions, most PE firms will also seek to juice up internal performance and organic growth. Many funds will professionalize the new platform company with an upgrade to the accounting system and improved reporting standards. Critical to growth, funds will judiciously water the company with new capital equipment investments that are needed. Private equity will bring a disciplined and structured approach to the management of the operations. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Some private equity firms have a long-term vision, a build-and-hold strategy; however, that is the exception. Most have obtained their funding from limited partners to whom they have committed a return of the initial investment plus a superior return, all within a predetermined time frame. With the clock ticking on when the return of capital is required, the funds eventually must find a buyer and exit their investment. Hence, we see secondary, and even tertiary, buyouts, in which one fund sells its platform company to another private equity fund. The process begins anew, and the roll-up continues. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><u><i>PE Fed and Watered Packaging Roll-Ups in 2022</i></u></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Fortis Solutions Group is an excellent example of a packaging company that has executed a strategic growth plan with private equity backing. One of the most active private equity-backed roll-ups in the label printing segment, and now with its secondary sponsor, Fortis recently acquired <a href="https://fortissolutionsgroup.com/2022/12/15/fortis-solutions-group-acquires-west-coast-labels/" target="_blank">West Coast Labels</a>, located in Placentia, California. This was the sixth acquisition in 2022 by Fortis of a label printing company, building on their “One Fortis” strategy. Investment banker John Wynne started Fortis in 2010 with the purchase of Labels Unlimited, a one-location company in Virginia Beach focused solely on pressure sensitive label production. That was when the country was recovering from the Great Recession. Fortis now has twenty-two manufacturing sites across the US and employs over 1,300 people.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">After an initial growth spurt that included the acquisition of several geographically diverse label printing companies, Fortis partnered with San Francisco-based Main Post Capital Partners in 2017. Main Post Capital Partners supercharged the next phase and Fortis acquired no less than eight additional companies in just under four years. One of those acquisitions, the purchase of Infinity Packaging, was itself a secondary buyout of a small label roll-up put together by Svoboda Capital. In October 2021, Main Post Capital Partners announced that it had exited Fortis, selling its interest in a secondary buyout to Harvest Partners, a private equity fund based in New York. Harvest hit the road running and provided support for the six companies added to the Fortis platform in 2022. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Wynne’s entry into the packaging business is not the typical story of a bootstrap startup or next generation succession into the family business. He did not have any prior printing or packaging experience but was attracted to the custom manufacturing nature of the business, as well as the ability for a small company in the label industry to focus on serving national brands. Wynne’s entry into the packaging industry as an outsider represents an example of a trend that we currently see reemerging in the post-pandemic period; professional executives from outside the industry seeking to acquire a modest size manufacturing company they can own and build upon. (Notably, other segments of the printing industry, including commercial printing, are not excluded from this renewed interest from outsiders.)</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Fortis is not the only packaging platform company that has been supercharged by private equity. As we have noted in several Target Reports over the past several years, private equity interest in the package printing business has lifted multiples and provided a very healthy exit for many owners of label printing, flexible packaging, and related companies. In 2022, we identified forty-four transactions in packaging in which the buyer was backed by private equity. Several of the buyers, like Fortis, were serial acquirers and completed several deals during the year. All told, we noted nineteen distinct private equity firms that supported their existing packaging platform companies with new acquisitions in the past twelve months. In addition, six new packaging platforms were acquired by private equity in 2022, setting the stage for M&A activity to remain robust in the packaging segments. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLWFljBSQCDivsIF_XK-_iO3GTJRKhDuPP2dKegLXFXYNI4UWmdwhjlAoV22paMVr_4mndiw7gBa__bKYUXrzoMlKU1e3DW4mZmBnbtUE1PCFX8bWiBCB9lK3mA87Jf8u3fbFhaL8malKOq_2mamtkPlFguNWF1pdD8iJy5N2sUjR5cgpfUXU5glMs/s1411/Fortis.Chart.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1361" data-original-width="1411" height="789" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLWFljBSQCDivsIF_XK-_iO3GTJRKhDuPP2dKegLXFXYNI4UWmdwhjlAoV22paMVr_4mndiw7gBa__bKYUXrzoMlKU1e3DW4mZmBnbtUE1PCFX8bWiBCB9lK3mA87Jf8u3fbFhaL8malKOq_2mamtkPlFguNWF1pdD8iJy5N2sUjR5cgpfUXU5glMs/w818-h789/Fortis.Chart.png" width="818" /></a></div></div><div><br /></div><div><u style="font-family: arial; font-size: x-large;"><i>Commercial Printing Receives PE Love in 2022</i></u></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">While not attracting anywhere near the level of attention as the packaging companies, the other print-related segments are now in the sights of some private equity firms. Investments in printing companies have been across a wide spectrum of specialties, including direct mail, consumer products, wide-format, and in a notable return to grace within the investment community, private equity investments now include general commercial printing companies.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">The best example of this interest from private equity may be the investment by Snow Peak Capital, a fund based in Boulder, Colorado, which acquired a majority interest in <a href="https://www.snowpeakcapital.com/2022/04/26/sandy-alexander/" target="_blank">Sandy Alexander</a>, the venerable commercial printing company headquartered in Clifton, New Jersey. Working with existing management, Snow Peak indicated that its financial support would be utilized to improve company operations and margins, and explicitly would include growth by acquisition. No bolt-on acquisitions have been publicly announced yet in the eight months since the initial investment in the Sandy platform, but with new equity funding in place, we expect deals will be forthcoming.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Sandy has been down the private equity road before. Well before private equity was a major asset class and generally known as a force in the economy, Sandy had institutional investors. That relationship with an investment firm stood out at the time because most printing companies were either privately owned, or publicly traded.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Founded in 1963 as Alexander & Son, the company grew by acquisition and in 1969 merged with Sandy Printing to form the Sandy Alexander brand that still exists to this day. In 1972 Sandy Alexander was acquired by the Mickelberry Food Corporation, a public company that traced its roots back to 1926 and was originally in the processed meats business. As Mad Men fever gripped the business community in New York, Mickelberry joined in and acquired several well-known advertising agencies, some of which served clients in the grocery business. The advertising business led Mickelberry to acquire assets in the printing business, including Sandy Alexander, Carnival Press, and other printing interests.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In 1975, Sandy Alexander and Carnival Press were merged, and more acquisitions followed. By 1980 Mickelberry had become primarily an advertising and printing company; the revenues from these services then collectively represented three quarters of total company revenues. This was a prestigious time for Mickelberry. Listed on the New York Stock Exchange, no less a personage than Franklin D. Roosevelt Jr., son of the former president, chaired the company’s executive committee at the time of his death in 1988.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-size: large;"><span style="font-family: arial;">Under the auspices of the rebranded Mickelberry Corporation, Sandy acquired the sales of Americom </span><span style="font-family: arial;">In 1991, </span><span style="font-family: arial;">bringing current CEO Mike Graff into the organization. Rebranded once again, Mickelberry Communications was taken private in 1995 by Union Capital, a private equity fund founded by high-society attorney and businessman James Marlas. Married from 1984 to 1987 to actress Glenn Close, Marlas served on the boards of the New York City Opera, a college charitable foundation, and the French wine lovers association Commanderie de Bordeaux. Heady times in the printing industry, to be sure.</span></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In July 2013, the Sandy Alexander management team bought out the PE backers and, until this past year, the company was exclusively owned by that management team. With the sale this past year to Snow Peak Capital, Sandy Alexander reenters the private equity world, possibly more staid than the first go round, but ready to begin the next phase of a long and storied history. Acquisitions are sure to follow.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Sandy Alexander is not the only commercial printing company that appears ready to be supercharged by private equity. In 2022, Post Capital Partners acquired Ironmark, a diversified commercial printing company in Maryland. Soon after it was established as a platform company, Ironmark completed its first bolt-on, the acquisition of Millennium Marketing Solutions.* More will surely follow.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Arizona-based commercial printing company Prisma Graphic received backing from CenterGate Capital in 2022. Prisma had already begun its expansion program, prior to the entry of private equity, with the acquisition of two companies in 2021 in Nashville, Tennessee. The CEO of Prisma noted that CenterGate’s investment provides the company with the capital to further expand the Prisma platform. More acquisitions will follow.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In total, in the 2022 Target Reports, we identified six transactions in the commercial printing segment in which the buyer was backed by private equity. Two buyers, JAL Equity and Revitalize Capital, are serial acquirers and completed bolt-on deals during the year. Despite the renewed interest in commercial printing by the professional investment community, we do not expect a return to the go-go deal activity that commercial printing experienced in the 1990’s. However, with the establishment of three new significant PE-backed platform companies, accompanied by the continued appetite for new deals from the existing PE-backed companies, the exit potential for commercial printing company owners is brighter than it has been for years.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Millennium Marketing Solutions in this transaction.
</span></div><div><span style="font-family: arial; font-size: large;"> </span></div><div><span style="font-family: arial; font-size: medium;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_466" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl80466" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl80466" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl80466" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl84466" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl85466" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl95466" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl84466" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl85466" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl95466" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl83466" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl86466" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl95466" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl82466" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl94466" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl80466" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl72466" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl68466" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2022 December - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl92466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl74466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl92466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl72466" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl75466" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl76466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl76466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl91466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl70466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl76466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl91466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl70466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl77466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl70466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl70466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl76466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl78466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">GSG</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dallas, TX</td>
<td class="xl98466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 169pt;" width="225">Montroy Denver<br /><span class="font8" style="font-size: 10pt;">(Div. Montroy Sign &
Graphic Products)</span></td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Signal Hill, CA</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/29/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic supplies distributor</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.printing.org/content/2023/01/03/gsg-announces-acquisition-of-montroy-denver" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fortis Solutions Group<br />(Port co. Harvest Partners)</td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">West Coast Labels</td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Placentia, CA</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/15/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fortissolutionsgroup.com/2022/12/15/fortis-solutions-group-acquires-west-coast-labels/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Color Ink</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sussex, WI</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">HM Graphics</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milwaukee, WI</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/12/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/color-ink-acquires-hm-graphics-elevate-clients-brands/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Multi-Color Corporation<br /><span class="font8466">(Port co. Clayton,
Dubilier & Rice)</span></td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl71466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cincinnati,
OH</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Lux Global Label</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lafayette Hill, PA</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/12/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mcclabel.com/en/news/mcc-welcomes-lux-global-label-into-its-family" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl98466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 163pt;" width="217">QDPP&E/AAA Press International</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Egg Harbor, NJ</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Table Top Rewinder Division<br />(Div. Lederle)</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl96466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Pacific, MO</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/8/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asset Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexo finishing equipment</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.packagingimpressions.com/article/qdppe-aaa-press-announces-asset-only-acquisition-lederle-machine-co/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=packaging-impressions-inbox&utm_medium=newsletter&utm_campaign=2022-12-08" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Phoenix Innovate</td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Troy, MI</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">UN Communications Group</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Carmel, IN</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/7/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.phoenixinnovate.com/blog/83" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">UFP Packaging<br />(Div. UFP Industries)</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$9,730</td>
<td class="xl96466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Grand Rapids, MI</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Titan Corrugated</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$46.5</td>
<td class="xl71466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Flower
Mound, TX</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/6/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.ufpinvestor.com/news-releases/news-release-details/ufp-packaging-acquires-titan-corrugated-and-its-affiliate-all/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">ImageMark Mngt Team</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Gastonia, NC</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">ImageMark Business Services</td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Gastonia, NC</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/6/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mngt. Buyout</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://imagemarkonline.com/imagemark-business-services-announces-ownership-transition-expands-offerings/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Burlington Multimedia<br />(Affil. Community Media Group)</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">West Frankfort, IL</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Burlington Hawk Eye<br />(Prop. Gannett)</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Burlington, IA</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/6/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font6466">(Dirks, Van Essen)</span></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.editorandpublisher.com/stories/community-media-group-acquires-burlington-iowa-hawk-eye,241196" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Lachemont Group</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl71466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">South
Plainfield, NJ</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Coastal Packaging</td>
<td class="xl66466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Houston, TX</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/5/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font9466">(Benchmark)</span></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags & packaging films</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.pr.com/press-release/875099" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Engine Vision Media</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Los Angeles, CA</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Los Angeles Magazine<br />(3 titles) (Prop. Hour Media)</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Irvine, CA</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/5/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font9466">(Diamond Capital)</span></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Magazine publishing</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.orangecoast.com/article/orange-coast-gets-new-local-owners/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">BR Printers</td>
<td class="xl97466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Jose, CA</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Ross4Marketing</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Denver, CO</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/5/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.brprinters.com/ross4marketing-aquisition/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">I.D. Images<br />(Port co. Sole Source Capital)</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brunswick, OH</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Precision Label</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl96466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Calgary, AB</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/5/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20221205005253/en/Sole-Source-Portfolio-Company-ID-Images-Acquires-Summit-Labels-and-Precision-Label" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">I.D. Images<br />(Port co. Sole Source Capital)</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brunswick, OH</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Summit Labels</td>
<td class="xl65466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl71466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Port
Coquitlam, BC</td>
<td class="xl88466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/5/22</td>
<td class="xl87466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl89466" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20221205005253/en/Sole-Source-Portfolio-Company-ID-Images-Acquires-Summit-Labels-and-Precision-Label" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl69466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline;"></td>
<td class="xl79466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">WhatTheyThink</td>
<td class="xl65466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Paul, MN</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Inkjet Insight</td>
<td class="xl66466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Paul, MN</td>
<td class="xl88466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/1/22</td>
<td class="xl87466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl90466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl67466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Industry publication</td>
<td class="xl89466" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/113177-whattheythink-takes-ownership-inkjet-insight/" target="_blank">Link</a></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl72466" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl69466" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl81466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl93466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl93466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl81466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl93466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl69466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl93466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl68466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><br /></div><div><span style="font-family: arial;"><span style="font-size: small;"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
</span><div align="center" id="Target Report_4399" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size: large; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl674399" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl734399" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl694399" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl654399" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl704399" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl664399" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl654399" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl654399" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl654399" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl714399" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl724399" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl764399" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl764399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl774399" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 December - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl774399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl774399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl764399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl724399" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl794399" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl794399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl804399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl884399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl884399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl884399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl804399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl804399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl884399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl884399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl804399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl834399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl794399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724399" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl684399" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl814399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl724399" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl684399" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl684399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl914399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">DCL Corporation (USA) LLC<br />(Port co H.I.G. Capital)</td>
<td class="xl904399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">12/20/22</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-11323</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl824399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Delaware<br />Wilmington</td>
<td class="xl854399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">J. Kate Stickles</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Amanda
R. Steele</td>
<td class="xl864399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Pigment
manufacturing</td>
<td class="xl784399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724399" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl684399" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl814399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl724399" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl684399" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl684399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl744399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Printing House LLC</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">12/9/22</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-13311</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Philadelphia,
PA </td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl854399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern PA<br />Philadelphia</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Magdeline
D. Coleman</td>
<td class="xl844399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Michael
A. Cibik</td>
<td class="xl864399" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl784399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl724399" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl684399" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl894399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl754399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl684399" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_4399" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_4399" x:publishsource="Excel"><div align="center" id="Target Report_6456" style="font-size: large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl706456" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl706456" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl706456" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl796456" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl806456" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl816456" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl826456" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl826456" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl826456" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl846456" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl836456" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl836456" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl706456" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl686456" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl696456" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl696456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl666456" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2022 December - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl666456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl666456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl696456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl686456" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl716456" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl716456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl726456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl676456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl676456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl726456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl736456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl676456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl676456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl736456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl746456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl716456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl686456" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl756456" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl756456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl766456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">No Plant Closures Found this Month</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl776456" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl786456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl686456" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl756456" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl866456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl866456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl656456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl756456" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-58960332719723796702022-12-06T19:34:00.014-05:002022-12-06T20:20:09.943-05:00Specialty Products Take Center Stage – November 2022 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYUzNnNClbYpHNP6As4_vcjMANKEtbetG5zKzK7s_F7o8c19XdyIeMmAALyyv_BG0NeUsSRV_SrZ9cfWH0usRLsEGVBzC12PAgMIshUK6v63YDiJ3G94GYP_mBz28CFRyALu_kAwa83sSZa0W-Eb7ZvQT4vazpljB-ZFsFC_5ygpL260gpd6gMzTAk/s6193/Center%20Stage.1.Pix.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3271" data-original-width="6193" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYUzNnNClbYpHNP6As4_vcjMANKEtbetG5zKzK7s_F7o8c19XdyIeMmAALyyv_BG0NeUsSRV_SrZ9cfWH0usRLsEGVBzC12PAgMIshUK6v63YDiJ3G94GYP_mBz28CFRyALu_kAwa83sSZa0W-Eb7ZvQT4vazpljB-ZFsFC_5ygpL260gpd6gMzTAk/w438-h231/Center%20Stage.1.Pix.jpg" width="438" /></a></div><br /></div><span style="font-family: arial;"><span style="font-size: large;">The trend toward specialization in the broadly-defined graphic communication industries is clearly evidenced by recent M&A transactions. Fewer companies are trading hands that would be considered general commercial printing companies, with a commensurate increase in deals that involve a specialized print-centric activity or product. As we noted in the latest Target Report Annual Review, the number of announced transactions in the commercial printing segment is at a four-year low. The reduction in the number of tuck-in transactions, in which one company closes up and folds its sales into another, is dramatic, now less than one-third of the total deals in the commercial printing segment (for more, see <a href="https://www.thetargetreport.com/2022/09/the-target-report-annual-review.html" target="_blank">The Target Report Annual Review - 2022 M&A Activity</a>). <br /><br />Nonetheless, even with a quieter commercial printing segment, overall deal activity in the printing, packaging and related industries remains robust. A peek into several recent transactions, all announced in November, each in different graphic segments, helps to illustrate how specialization is driving buyers to complete M&A transactions. <br /><br /><i><u>Envelopes </u></i><br /><br />SupremeX, the Canadian publicly-traded envelope and folding carton manufacturing company, acquired <a href="https://www.globenewswire.com/en/news-release/2022/11/01/2545245/0/en/Supremex-Announces-Strategic-Acquisition-in-the-United-States.html" target="_blank">Royal Envelope Corporation</a>, based in the Chicagoland area. According to the Supremex press release, the acquired company “focuses on higher-end, specialized, highly decorated envelopes, with expertise in special format, coloured envelopes.” In other words, a niche within the niche of envelope manufacturing. <br /><br />SupremeX has a long history in the envelope business. Initially a roll-up focused on envelope production, SupremeX was acquired in 1995 by Mail-Well, the voracious US-based consolidator. With its roots also in envelope production, Mail-Well went on a printing industry acquisition binge, seemingly strategically unfocused, other than to see how many deals the company could complete in how short a time. The unsurprising result was too much debt, retrenchment, and in an effort to reinvent itself, Mail-Well was rebranded as Cenveo. As the company began its long unwinding process, the Supremex division was an early beneficiary and was spun out in 2006. <br /><br />Eventually Cenveo went through a restructuring via a bankruptcy filing. Earlier this year, Cenveo management completed a buyout, imploding the company back to its core as an envelope manufacturing company (for more, see <a href="https://www.thetargetreport.com/2022/08/cenveo-returns-to-its-roots-july-2022-m.html" target="_blank">Cenveo Returns to its Roots – July 2022</a>). It was a well-timed resurrection for Cenveo, as demand for envelopes has exceeded supply over the past couple of years. <br /><br />In the meantime, as its former parent went through its ups and downs, the now independent SupremeX focused on the envelope business and completed a series of accretive acquisitions.* This most recent acquisition, Royal Envelope, generated revenues of $38.2 million in the year ended June 30th. Royal was purchased for total cash consideration of $18.7 million on a cash-free, debt-free basis, plus a $2 million kicker for recently acquired equipment. With this latest acquisition, Supremex further differentiates itself with increased capacity in the production of specialized highly decorated envelopes. </span><br /><br /><span style="font-size: large;"><u><i>Bag-In-Box </i></u><br /><br />Sealed Air Corporation, best known for its invention and marketing of the ubiquitous bubble wrap packing material, announced the acquisition of <a href="https://www.sealedair.com/company/media-center/press-releases/see-acquires-liquibox" target="_blank">Liquibox</a>. Both companies, buyer and seller, trace their roots back to the early 1960’s, a time of explosive growth in the use of plastics to improve everyday products. <br /><br />Two civil engineers were working out their idea for dimensional wallpaper. They laminated two layers of plastic together, with air trapped in between, creating little bumps. As it turned out, the world did not need bumpy plastic-covered walls. However, the inventors realized that they had probably created something useful. Next, they marketed their invention as greenhouse insulation. Turns out that this was a good idea, but only of interest to a very limited addressable market. Determined to make something of this lightweight cushy stuff, they hit on the idea that their invention made excellent packing material and Bubble Wrap was born. Fortunately, for all of us who receive well-packed items (and also those who enjoy popping those little bubbles), the entrepreneurial spirit prevailed. The Sealed Air company was founded and eventually grew to become a global supplier of specialty packaging products. <br /><br />Liquibox, the acquired company, is a manufacturer of highly specialized boxes with a plastic bladder liner on the inside, usually affixed with some type of plastic valve designed for easy dispensing of the contents. On the outside, a printed corrugated carton provides for strength and printed branding. Generically known as bag-in-box packaging, the design combines light weight with functionality and is now used to package everything from water to wine. The original bag-in-box design was invented in 1955 by an American chemist seeking a safe and effective method to ship and dispense battery acid. It did not take too long for the value of the basic design to be recognized and subsequently adopted to store, ship and dispense milk, wine, water, and other beverages. <br /><br />Founded in 1961, Liquibox is based in Richmond, Virginia, and employs 1,300 people in 18 locations across the globe. Revenues for 2022 are estimated to be $362 million, with EBITDA of $85 million. Sealed Air paid $1.15 billion for the company, 13.5 times EBITDA, proving that specialization, superior strategic fit, uniqueness of the opportunity, and stellar EBITDA performance (23.5%), combined with a meaningful revenue stream that moves the needle for the buyer, results in multiple expansion for the seller. <br /><br /><u><i>Partitions </i></u><br /><br />Sonoco acquired WestRock’s 65% interest in <a href="https://investor.sonoco.com/news-releases/news-release-details/sonoco-announces-agreement-acquire-westrocks-remaining-interest" target="_blank">RTS packaging</a>. Formerly a joint venture between Sonoco and WestRock, RTS Packaging will now be wholly owned by Sonoco. The acquired company’s primary product is preassembled collapsed partitions used to keep glass bottles and other products separated within a corrugated outside carton. Other products produced include 6-pack carriers, with partitions intact, shipped collapsed and flat to bottlers, as well as slip sheets manufactured to spec for stacking products. It’s all about partitions. <br /><br />The buyer, Sonoco, is probably best known for its paper tubes, paper cans, and paper cores, including the Sonotube concrete forms used in construction. Established in 1899 as the Southern Novelty Company, the company began by producing the first paper-based cone-shaped carriers for yarn. The invention took off, replacing the wooden textile cones of the day. By 1923, paper cones were no longer a novelty, so the company changed its name to the much simpler Sonoco. Now a highly diversified producer of packaging, both paper-based and plastic, the company has over 22,000 employees, with 300 operations in 32 countries. <br /><br />Revenues of RTS Packaging, the acquired company, are expected to reach $270 million in 2022, with EBITDA of $50 million. With a purchase price of $330 million, this equates to 6.6 times adjusted EBITDA. Sonoco has a history of acquiring companies that are tightly focused on manufacturing specialty products and RTS Packaging, supplier of fiber-based partitions, fit the bill. <br /><br /><u><i>Education Marketing Products </i></u><br /><br />Ennis, a diversified producer of printing products sold via the wholesale/trade only model to print distributors, acquired <a href="https://www.businesswire.com/news/home/20221130006022/en/Ennis-Acquires-School-Photo-Marketing" target="_blank">School Photo Marketing</a> in Morganville, New Jersey. In addition to the staple product sold to schools, yearbooks, the acquired company provides a plethora of products to schools, sports photographers, and photo labs, including pocket folders, calendars, and personalized student ID cards. <br /><br />Ennis serves its end user customers via the print distributorship channel. This dedication to the trade sales channel arose naturally from Ennis’ origins as a printer of business forms, which traditionally relied on print brokers to reach the great number of potential customers using forms. School Photo Marketing fits the bill for Ennis, a well-defined market served by known repeat-order products sold via third-party independent reps. Specialized, to be sure. <br /><br /><u><i>Scent Marketing </i></u><br /><br />If you have been a reader of The Target Report over the past couple of years, you know that the market for label printing companies has been hot, on fire you might say. Recently, it seems to have cooled off, at least a bit. We may be reaching the point where many of the most desirable candidates have been acquired, and we will see more roll-ups of the roll-ups (see <a href="https://www.thetargetreport.com/2021/08/packaging-industry-consolidation-in.html" target="_blank">Packaging Industry Consolidation in Every Direction – July 2021</a>). We also have begun to see the acquisition of more specialized subsets within the more generalized label printing segment. <br /><br />Resource Label, one of the more aggressive consolidators in the label printing business, acquired <a href="https://www.resourcelabel.com/resources/resource-label-group-acquires-scent-marketing-innovator-scentisphere/" target="_blank">Scentisphere</a>. Based in New York State, the acquired company produces scented varnishes and coatings marketed to printers and brand managers. In turn, the scented coatings are used to manufacture a wide range of products including labels, free-standing inserts, magazine inserts, point-of-purchase displays, and promotional products. <br /><br />The acquisition of Scentisphere, which is not your typical prime label printing company, is a bit of a left-hand turn for Resource Label. Now backed by its third private equity owner, Ares Management, Resource Label has completed twenty-six acquisitions, almost all of them label printers, not suppliers to the printing trade (see <a href="https://www.thetargetreport.com/2021/10/private-equity-fuel-consolidation-of.html" target="_blank">Private Equity Fuel$ Consolidation of Label Industry – September 2021</a>). <br /><br />This latest acquisition comes right on the heels of Resource Label’s announcement last month of another acquisition that breaks the mold, that of MedLit Solutions, which is hardly a label printing company, rather the acquired company is focused on pharmaceutical packaging, inserts, outserts, marketing collateral, kitting, fulfillment, and mailing. <br /><br />It appears that both acquisitions provide value from specialization, either via a highly developed niche application (scents) or from focus on a specific industry vertical (MedLit). <br /><br /><u><i>Value Via Specialization </i></u><br /><br />Other notable November deals in which the depth of specialization played a significant role included the acquisition of <a href="https://www.businesswire.com/news/home/20221129006060/en/Circle-Graphics-an-H.I.G.-Capital-Portfolio-Company-Completes-Acquisition-of-JONDO" target="_blank">Jondo</a> (photo products and canvas wall décor) by Circle Graphics with backing by H.I.G. Capital; the purchase of <a href="https://www.labelandnarrowweb.com/contents/view_breaking-news/2022-11-04/infinity-foils-acquires-foiltech/" target="_blank">Foiltech</a> (decorating foils) by Infinity Foils, a division of UEI Group; and Banyan Software’s deal to acquire <a href="https://www.prnewswire.com/news-releases/banyan-software-announces-acquisition-of-innovatum-301677749.html" target="_blank">Innovatum</a> (highly specialized label technology for regulated products). <br /><br />There will certainly be more transactions forthcoming in the general commercial printing segment, as well as interest in companies that have successfully executed on the concept of one-stop shopping for marketing production services. However, in the present inflationary market with fears of looming recession, specialization appears to be the driving force supporting current M&A strategies. </span><br /><br /><span style="font-size: medium;">* SupremeX, in addition to its envelope business, has developed a secondary specialty in the packaging segment, primarily the production of folding cartons, including the acquisition of Indianapolis-based Vista Graphic Communications. Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Vista Graphic Communications in the transaction.)</span></span><div><span style="font-size: large;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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</span><div align="center" id="Target Report_17211" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8017211" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl8017211" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8017211" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8417211" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8517211" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9617211" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8417211" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8517211" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9617211" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8317211" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8617211" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9617211" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8217211" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9517211" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8017211" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7217211" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6817211" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2022 November - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9317211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7417211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9317211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7217211" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7517211" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7617211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7617211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9217211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7017211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7617211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9217211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7017211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7717211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7017211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7017211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7617211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$421.5</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">School Photo Marketing</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Morganville, NJ</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/30/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Yearbook & specialty products</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20221130006022/en/Ennis-Acquires-School-Photo-Marketing" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Circle Graphics<br />(Port co. H.I.G. Capital)</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Longmont,
CO</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Jondo</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Yorba Linda, CA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/30/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Canvas & photo products</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20221129006060/en/Circle-Graphics-an-H.I.G.-Capital-Portfolio-Company-Completes-Acquisition-of-JONDO" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Velocity</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Scotia, NY</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Bajan Group</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Schenectady, NY</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/29/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print management</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.velocityprint.com/compant-news/velocity-print-announces-acquisition-of-the-bajan-group-inc/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sihl Group</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fiskeville, RI</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Visual Imaging Products</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ontario, CA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/29/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic supplies distributor</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://sihl.com/en/newsroom/press-release/sihl-gruppe-baut-geschaeft-in-den-usa-weiter-aus/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Usherwood</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Syracuse, NY</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Reprographics of New England</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Winooski, VT</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/28/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.usherwood.com/usherwood-news/usherwood-office-technology-acquires-reprographics-of-new-england" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Wynnchurch Capital<br />(BiOrigin Specialty Products)</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rosemont, IL</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Dunn Paper<br />(Port co. Arbor Investments)</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Alpharetta, GA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/16/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asset Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Specialty paper products</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/dunn-paper-announces-ownership--name-change-301680723.html" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Banyan Software</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Innovatum</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sugar Hill, GA</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/15/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labeling software</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/banyan-software-announces-acquisition-of-innovatum-301677749.html" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">I.D. Images<br />(Port co. Sole Source Capital)</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brunswick, OH</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Hickman Label</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lebanon, TN</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/11/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.idimages.com/Documents/press-release/SSC%20-%20ID%20Images%20Hickman%20Label%20Press%20Release%2011.11.22.pdf" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Scentisphere</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Carmel Hamlet, NY</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/10/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font817211">(Mesirow)</span></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Scent technologies for print</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.resourcelabel.com/resources/resource-label-group-acquires-scent-marketing-innovator-scentisphere/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Century Graphics<br />(Div. CSDS)</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sacramento, CA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/10/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.wideformatimpressions.com/article/crisp-imaging-acquires-sacramento-area-firm-century-graphics/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=wide-format-impressions&utm_medium=newsletter&utm_campaign=2022-11-10" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sonoco</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$7,010</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hartsville, SC</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">RTS Packaging<br />(JV w/ WestRock)</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$270.0</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merced, CA</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/9/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$330.0</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Fiber-based partitions</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://investor.sonoco.com/news-releases/news-release-details/sonoco-announces-agreement-acquire-westrocks-remaining-interest" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Kelly Spicers<br /><span class="font717211">(Div. Central National
Gottesman)</span></td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Purchase, NY</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Connemara Converting<br />(Western Operations)</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ontario, CA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/8/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper converting</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.cng-inc.com/central-national-gottesmans-cng-kelly-spicers-boosts-converting-business-acquires-connemara-converting-west-coast-operations/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Infinity Foils<br />(Div. UEI Group)</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lenexa, KS</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Foiltech</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Scarborough, ON</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/4/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic finishing supplies</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.labelandnarrowweb.com/contents/view_breaking-news/2022-11-04/infinity-foils-acquires-foiltech/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Printing Industries Alliance</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Amherst,
NY</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphic Arts Association</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Trevose,
PA</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/3/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Trade associations</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://pialliance.org/pia-and-gaa-consolidate-as-print-graphic-communications-association/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sealed Air Corporation</td>
<td class="xl6617211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$5,770</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Charlotte, NC</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Liquibox</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$362.0</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richmond, VA</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/1/22</td>
<td class="xl8817211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$1,150</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Specialty corrugated cartons</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.sealedair.com/company/media-center/press-releases/see-acquires-liquibox" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">W Investments</td>
<td class="xl6617211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Saint-Lambert,
QC</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Canva Group</td>
<td class="xl6517211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Laval, QC</td>
<td class="xl8917211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">11/1/22</td>
<td class="xl8717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9117211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Industrial & diverse printing</td>
<td class="xl9017211" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://winvestments.ca/w-investments-group-ii-l-p-acquires-an-interest-in-canva-group-leader-in-the-field-of-industrial-and-commercial-printing/" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6917211" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SupremeX</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$187.9</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lasalle, QC</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Royal Envelope</td>
<td class="xl6517211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$38.8</td>
<td class="xl7117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Chicago,
IL</td>
<td class="xl8917211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/1/22</td>
<td class="xl8717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$20.7</td>
<td class="xl9117211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6717211" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Envelope manufacturing</td>
<td class="xl9017211" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/en/news-release/2022/11/01/2545245/0/en/Supremex-Announces-Strategic-Acquisition-in-the-United-States.html" target="_blank">Link</a></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7217211" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6917211" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8117211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9417211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9417211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8117211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9417211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6917211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9417211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6817211" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"> </span></div><div><span style="font-family: arial; font-size: large;"><div align="center" id="Target Report_23574" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6723574" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7323574" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6923574" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6523574" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7023574" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6623574" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6523574" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6523574" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6523574" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7123574" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7223574" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7623574" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7623574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7723574" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 November - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7623574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7223574" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7923574" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7923574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8023574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8023574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8023574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8723574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8023574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8223574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7923574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223574" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6823574" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8123574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7223574" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6823574" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6823574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9023574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Our City Media of Florida, LLC</td>
<td class="xl8923574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/17/22</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-18896</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sunrise,
FL</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl8423574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Southern FL<br />Fort Lauderdale</td>
<td class="xl8423574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Scott M. Grossman</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Robert
C. Furr</td>
<td class="xl8523574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Magazine
publishing & local news</td>
<td class="xl7823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223574" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6823574" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8123574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7523574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7223574" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6823574" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6823574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7423574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8323574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8523574" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7223574" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6823574" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6823574" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
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<td class="xl7329391" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7329391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6729391" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2022 November - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6729391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6729391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7329391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
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<td class="xl7529391" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7529391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7629391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7029391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7029391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7629391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7729391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7029391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7029391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7729391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7829391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7529391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
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<td class="xl7929391" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7929391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6629391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Gibbs Brower International Corporation</td>
<td class="xl8929391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-22</td>
<td class="xl9029391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9029391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Bristol, CT</td>
<td class="xl6929391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6829391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8929391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Nov-22</td>
<td class="xl6929391" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Converting
equipment resellers</td>
<td class="xl8829391" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.josephfinn.com/auctions/gibbs-brower-international-corporation/" target="_blank">Link</a></td>
<td class="xl8029391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
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<td class="xl7929391" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt;"></td>
<td class="xl7929391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6629391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Emprint - Printing facility</td>
<td class="xl7129391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">12/1/22</td>
<td class="xl9029391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9029391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Baton Rouge, LA</td>
<td class="xl8729391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">Emprint</td>
<td class="xl6829391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Baton
Rouge, LA</td>
<td class="xl8929391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Nov-22</td>
<td class="xl6929391" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Consolidating
facilities</td>
<td class="xl8829391" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/emprint/" target="_blank">Link</a></td>
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<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9229391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9229391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6529391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7929391" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-75829359321382937942022-11-07T21:36:00.022-05:002023-01-02T23:43:57.206-05:00Direct Mail Providers Stretch Out – October 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGQCml_YXF_FCgFcRsPW1O70j_co5XnjHKzNhfext3tRpQhy-_-RozPNxt4bt-u_mxNNNGnHRS0-q5H6C9ePQuz0Nop0uwQdsgGJ8lGSdZnAoZY7_EKQ8Fy0v-5TOM98vKcZcq9pL3euNgv5ZTi0nfXyqng2Kvz8MNnCSTei55Uoajuk4lNFfRfqWw/s4339/Map.2.TR.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2771" data-original-width="4339" height="278" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGQCml_YXF_FCgFcRsPW1O70j_co5XnjHKzNhfext3tRpQhy-_-RozPNxt4bt-u_mxNNNGnHRS0-q5H6C9ePQuz0Nop0uwQdsgGJ8lGSdZnAoZY7_EKQ8Fy0v-5TOM98vKcZcq9pL3euNgv5ZTi0nfXyqng2Kvz8MNnCSTei55Uoajuk4lNFfRfqWw/w435-h278/Map.2.TR.Cropped.jpg" width="435" /></a></div><br /><span style="font-family: arial;"><span style="font-size: large;">Postage rate increases now occur with a regularity that many wish would apply to the delivery service itself. Concurrent with rate increases, the US Postal Service issued new service standards a year ago that effectively made the reality of slower mail delivery its new goal. Nonetheless, even with the longer delivery time standards, the latest USPS Service Performance chart indicates that the overall performance of the postal system is just now at the level achieved in 2020 when the pandemic shut-down was at its most restrictive. In the alternate reality that exists at the US Postal Service, its ten-year goal is to deliver mail on time 95 percent of the time. For now, any postal region that achieves a rating of 90.25 percent or greater of on-time delivery, in accordance with the new lower standards, gets an “Above Target” rating. For those readers of The Target Report in the direct mail segment, just imagine telling your customers that ten percent of their orders will be late, but that is your company’s standard, so it's ok.</span></span><div><span style="font-family: arial;"><span style="font-size: large;"><br />Despite the increased postage costs and degradation of postal delivery standards in effect for the past year, marketers continue to utilize direct mail as an effective communication channel. As a response to the relaxed delivery time standards for mail traveling any significant distance, direct mail providers have responded by acquiring companies or establishing new facilities distant from their home base. </span><br /><br /><u><i><span style="font-size: large;">Regional Saturation, National Reach</span></i></u></span><div><span style="font-family: arial;"><span style="font-size: large;"><i><u><br /></u></i>Moore, the direct mail behemoth originally based in Tulsa, Oklahoma, has put another stake in the fertile ground for non-profit mailing services around Washington, D.C. with the acquisition of <a href="https://wearemoore.com/news-releases/moore-announces-acquisition-of-communications-corporation-of-america/" target="_blank">Communications Corporation of America</a> (CCA). Over the past decade, Moore has built out a network of production facilities and support services laser-focused on serving the nonprofit organizations that require a steady outflow of fundraising and awareness messages to accomplish their mission. CCA now joins forces with the multiple Moore operations in the mid-Atlantic region.</span></span><div><span style="font-family: arial; font-size: large;"><br /></span><div><span style="font-family: arial;"><span style="font-size: large;">Moore’s initial foray into the D.C. region was the 2009 purchase of the business and real estate assets of Barton-Cotton in a Chapter 7 bankruptcy proceeding. According to a press release at the time, Barton-Cotton’s expertise and customer base was in the non-profit community around Washington D.C. Barton-Cotton provided direct mail fundraising services, and also had a division that served religious organizations. Moore’s core company at the time, ResourceOne, based in Tulsa, Oklahoma, was also focused on working with non-profit organizations. The acquisition of Barton-Cotton was a natural fit for Moore, a company with plans to grow. That 2009 purchase in the midst of the Great Recession initiated a round of acquisitions and start-ups around the D.C. region.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />The mid-Atlantic region was awash in non-profit organizations, and in a trend similar to the political direct mail and commercial printing businesses, the non-profit outreach business had become increasingly dominated by production procurement agencies that intermediated themselves in between the ultimate customers and the printing companies. Based in Vienna, Virginia, Production Solutions/PS Digital was a major player in the space, providing production management and procurement services focused on serving nonprofit organizations. Moore made its move in 2016 and acquired Production Solutions/PS Digital, heading upstream to enhance its position directly with the nonprofit organizations.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />When the direct mail company EU Services shut its doors in 2017, Moore moved in quickly and set up a new company, Navistar, as a refuge and revitalized base of operations for the EU executive team and industry experts. EU Services originally operated as Envelopes Unlimited and over time had transformed itself into one of the early trailblazers applying digital printing to the direct mail industry. Those of us that competed in the east coast printing industry at the time may recall some of the excitement surrounding EU Services and its unique digital approach. That digital uniqueness eventually became commonplace, and when the end came for EU Services, Moore was there to pick up the pieces.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />In March 2020, Moore reopened the former Colortree Group factory in Virginia. Colortree had been unceremoniously shut down in June 2019 when employees showed up on a Monday morning to find chains and locks across the doors. This sudden closure was an abrupt about-face from the optimistic picture painted in 2017 when management acquired the company from PE firm Boathouse Capital. Boathouse had originally backed management in 2011 in a roll-up strategy, starting with the combination of two Virginia direct mail printing companies, Colortree and Graphic Innovations. The roll-up strategy apparently stalled after the 2013 acquisition of Direct Impressions, another Virginia-based direct mail printer. Boathouse bailed out before the ship sank and sold the company back to the original management. The departure of Colortree left a gap in the market, as the company had significant expertise in printing and converting specialty envelopes often used in the non-profit solicitations business. Moore’s resurrection of the factory included a commitment to prioritize the hiring back of the former Colortree employees with their envelope production expertise.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />Several months later in 2020, Moore launched Audience First, a database list service that aggregates self-declared data from millions of consumers. Using surveys, AudienceFirst seeks to learn and understand consumers’ potential reasons for giving. This data is combined with third-party behavioral and transactional data to produce more highly targeted campaigns which increase positive response rates.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />Swimming further upstream into the creative realm of direct mail, in January 2021, Moore rebranded its agency division as Edge Direct. Based in Baltimore, Maryland, Edge Direct is a registered professional fundraising consultancy, dedicated to help nonprofits raise maximum funds and brand awareness in support of their mission. However, Edge Direct goes way beyond print, stating that its “multichannel approach is based on a passion for creating campaigns that combine right brain/left brain marketing tactics.” Communication media utilized includes television, radio, print, digital and social media channels, and of course, direct mail.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />Returning to the mundane world of print and mail, Moore announced the acquisition of Tri-State envelope in December 2021. Along with the prior restart of the Colortree plant, and the acquisition of the Worcester Envelope Company in Massachusetts, this deal solidified Moore’s ability to provide its other operations with envelopes in its increasingly vertically integrated operation; prescient moves in advance of the very tight market for envelopes that developed in 2022.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />Moore has completed other acquisitions along the way in its journey from direct mail company in Oklahoma to fundraising and marketing powerhouse circling the nation’s capital. Those deals include data analytics, TV production and other supportive service companies. Through a combination of opportunistic acquisitions, adroit resurrections of failed operations, and a clear-eyed strategic focus on its core market, Moore has created a comprehensive position in the nonprofit segment of the direct mail industry. The company now claims a total of 38 locations nationwide that produced and mailed 1.9 billion pieces of mail last year, sent out 4 billion emails, and attained 20 billion TV views of its campaigns. No longer content to be called a direct mail company, Moore now calls itself “a leading constituent experience management company” – the latest term of art in the nonprofit fundraising business. Since that tagline phrase does not exactly roll off one’s tongue, Moore is now otherwise known as a CXM company.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br />With its concentration of direct mail firepower concentrated on the D.C. region, anchored by its original core Midwest Oklahoma-based operations, might we expect that at some point the longer postal delivery standards will require Moore to shift its acquisition focus westward?</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span><u><i><span style="font-size: large;">Bi-Coastal Direct Mail</span></i></u></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><i><u><br /></u></i>Other mail-centric printing companies have felt the pressure and pull to expand their footprint, specifically aimed at bridging the major postal service regions. Since the post office cannot deliver faster, the industry is responding, using M&A strategies to meet their customers’ need for speed. * <br /><br />Earlier this year, in April, St. Cloud, Minnesota-based Nahan acquired the mail division assets of the short-lived roll-up <a href="https://www.nahan.com/nahan-announces-east-coast-expansion-of-direct-mail-platform/" target="_blank">Intellus</a> in Montgomeryville, Pennsylvania. Nahan was clear in its reasoning for the acquisition, stating “The purchase allows Nahan to strategically expand its geographic footprint and complement its existing Minnesota facility with enhanced printing, mailing, distribution, and logistics capabilities that enable faster speed to market.” Nahan, while not as large as Moore, has also expanded its portfolio of services to include strategy, creative, data, analytics, print production, mailing, logistics and fulfillment services. <br /><br />Direct Marketing Solutions (DMS), a portfolio company of Main Street Capital, acquired <a href="https://www.prnewswire.com/news-releases/direct-marketing-solutions-announces-acquisition-to-expand-operations-coast-to-coast-301453480.html" target="_blank">Mailing Services of Pittsburgh</a> (MSP) back in January of 2022. We suspect that the CEO of DMS had the degraded postal standards clearly in mind when he announced the deal with the statement "This is a transformative time for our team but more importantly for our clients, who will benefit firsthand from the dynamic coast-to-coast reach that will enable us to deliver agile marketing campaigns to prospects days faster." In what now sounds like an echo chamber in the direct mail industry, DMS “leverages world-class strategic, data/analytics and creative insights to execute high-performing integrated direct mail and digital direct solutions.” <br /><br />One year ago this week, Postal Center International (PCI), based in southern Florida, announced it was opening a new <a href="https://pcibrands.com/pcitm-signs-lease-on-first-in-a-series-of-regional-sites-in-san-antonio-tx/" target="_blank">direct mail production facility</a> in San Antonio, Texas. No stranger to acquisitions, PCI eschewed the M&A path in this instance and instead leased an empty 100,000 square-foot facility which it will outfit with equipment, systems and staff to mirror its Florida operation. The company explicitly announced that the San Antonio site was just the beginning of an expansion of regional office, production, and presort sites in regions around the country. PCI made good on this promise in September with another lease and build-out of a production facility in Franklin, Massachusetts aimed at serving the northeast region. <br /><br />Effectively, the US Postal Service has changed its standards to meet the reality of its failure to meet past standards. The result of this, along with increasing costs, will be that time-sensitive communications will continue to migrate to electronic media. However, direct mail providers believe that, at least for the foreseeable future, their marketing customers with less time-critical communications, such as credit card solicitations, mortgage offers, insurance pitches, as well as non-profit fundraising campaigns, will continue to pour huge volumes into the US mail system. Direct mail providers with the scale and wherewithal to do so are mitigating the increased time in the mail stream by producing mail in different zones, offering their customers improved time to response.</span></span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span><span style="font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, currently represents buyers seeking direct mail and transactional printing companies in the western US, in response to the market dynamics discussed herein.</span></span></div></div></div></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_6125" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl806125" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl806125" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl806125" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl846125" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl856125" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl956125" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl846125" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl856125" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl956125" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
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<col class="xl956125" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl826125" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
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<col class="xl806125" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl726125" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl686125" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2022 October - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl926125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl746125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl926125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl726125" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl756125" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl766125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl766125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl916125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl706125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl766125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl916125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl706125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl776125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl706125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl706125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl766125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl786125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">AWT Labels & Packaging<br /><span class="font76125">(Port co. Morgan
Stanley Capital)</span></td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN </td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Label Innovation</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ottawa, ON</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/31/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://awtlabelpack.com/news-events/#labelInnovationAcquisition" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Minuteman Press, Kettering<br />(New franchisee)</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kettering, OH</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Schuerholz Printing</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kettering, OH</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/25/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.printingnews.com/trade-services/franchises/press-release/21161119/minuteman-press-international-inc-brandon-and-nikki-jasper-buy-44year-kettering-business-schuerholz-printing-convert-to-minuteman-press-franchise" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Valsoft</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">MWM Group</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stockholm, Sweden</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/24/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print & media MIS software</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.valsoftcorp.com/news/valsoft-enters-print-publishing-vertical-with-the-acquisition-of-mwm-group/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DocketManager</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">London, ON</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">PrintPoint</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Palisades, NY</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/21/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print MIS software</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/news/112729-docketmanager-acquires-printpoint/?utm_source=newsletter&utm_medium=email&utm_campaign=daily" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">PPC Flexible Packaging<br /><span class="font76125">(Port co
GTCR)</span></td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Buffalo Grove, IL</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Plastic Packaging Technologies</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, KS</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/21/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & films</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ppcflex.com/project/ppc-flexible-packaging-llc-announces-acquisition-of-plastic-packaging-technologies-llc/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Moore</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tulsa, OK</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Communications Corp of America</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elkwood, VA</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/18/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://wearemoore.com/news-releases/moore-announces-acquisition-of-communications-corporation-of-america/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Outform<br />(Port co. Gemspring Capital)</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Miami, FL</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Alrec</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mijdrecht,<br />The Netherlands</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/18/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Retail displays</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.gemspring.com/https-www-gemspring-com-outform-acquires-alrec/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">MedLit Solutions<br />(Port co. Core Industrial Partners)</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Windsor, NJ</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/18/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font86125">(Mesirow)</span></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pharma inserts & packaging</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.resourcelabel.com/resources/resource-label-group-expands-pharmaceutical-offering-with-acquisition-of-medlit-solutions/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Craftsmen Industries</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Charles, MO</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Zane Williams</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Louis, MO</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/17/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prunderground.com/craftsmen-industries-inc-expands-large-format-printing-market-share-by-acquiring-zane-williams/00278466/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">RPG Squarefoot Solutions</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Laurel, MD</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Digital Color Ink</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Jessup, MD</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/14/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font86125">(Zygoquest)</span></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format supplies</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.rpg.com/rpg-acquires-digital-color-ink/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Pitney Bowes</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$3,610</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stamford, CT</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Presort business<br />(Div. Skymail International)</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Salt Lake City, UT</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Presorting</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://news.pb.com/article_display.cfm?article_id=6066" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">The Griff Network</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fallsington, PA</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Atlas Metallizing</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New Britain, CT</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Metallized packaging films</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thegriffnetwork.com/about/insights/griff-acquires-atlas-metallizing/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Multi-Color Corporation<br /><span class="font8" style="font-size: 11pt;">(Port co. Clayton, Dubilier & Rice)</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cincinnati,
OH</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Flexcoat Label </td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Louveira, Brazil</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.mcclabel.com/en/news/multi-color-corporation-has-signed-agreement-to-acquire-flexcoat-label-operations-brazil" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Atlas Holdings</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$6,000</td>
<td class="xl716125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Greenwich,
CT</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Crown Paper Group<br />(Port co Lindsay Goldberg)</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/11/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Containerboard paper mill</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.atlasholdingsllc.com/news/atlas-holdings-acquires-crown-paper-group/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Labelink</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Anjou, QC</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Pro Label</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Appleton, WI</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/11/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font86125">(TKO Miller)</span></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labelink.ca/labelink-continues-its-expansion-in-the-united-states-with-the-acquisition-of-flexographic-printer-pro-label/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Dunes Point Capital</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rye, NY</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">K-1 Packaging Group</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">City of Industry, CA</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/11/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Diversified packaging</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/dunes-point-capital-lp-announces-the-acquisition-of-k-1-packaging-group-llc-and-everest-packaging-corp-llc-301645791.html" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Resource Label Group<br />(Port co. Ares Management)</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, TN</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Deco Labels & Flexible Packaging</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Wood Dale, IL</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/5/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels & flexible packaging</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.resourcelabel.com/resources/resource-label-group-acquires-chicago-based-deco-flexible-packaging/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl666125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Coastal Blue</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl966125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">San Juan Capistrano,<br />CA</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/5/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.linkedin.com/feed/update/urn:li:activity:6983851801825488896/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Hemlock Printers</td>
<td class="xl666125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Burnaby,
BC</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Paper Chase Press</td>
<td class="xl656125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl716125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Los
Angeles, CA</td>
<td class="xl886125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/4/22</td>
<td class="xl876125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl896125" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.hemlock.com/blog/2022/10/04/hemlock-acquires-paper-chase-press/" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl696125" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl796125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Southern Champion Tray</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chattanooga, TN</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Evergreen Packaging</td>
<td class="xl656125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">La Mirada, CA</td>
<td class="xl886125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/3/22</td>
<td class="xl876125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl906125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl676125" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl896125" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/southern-champion-tray-purchases-evergreen-packaging-301638980.html" target="_blank">Link</a></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl726125" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl696125" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl816125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl936125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl936125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl816125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl936125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl696125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl936125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl686125" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"><span style="font-size: medium;"><br /></span></span></div><div><span style="font-family: arial;"> </span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
<div align="center" id="Target Report_8860" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl678860" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl738860" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl698860" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl658860" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl708860" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl668860" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl658860" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl658860" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl658860" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl718860" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl728860" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl768860" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl768860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl778860" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 October - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl778860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl778860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl768860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl728860" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl798860" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl798860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl808860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl868860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl868860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl868860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl808860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl808860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl868860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl868860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl808860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl828860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl798860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl728860" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl688860" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl818860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl758860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl728860" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl688860" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl688860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl888860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl848860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl788860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl728860" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl688860" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl818860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl758860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl728860" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl688860" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl688860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl748860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl838860" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
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<td class="xl688860" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl878860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl758860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl758860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl688860" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_8860" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_11403" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl7511403" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl7511403" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7511403" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8211403" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8311403" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8411403" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8511403" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8511403" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8511403" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8711403" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8611403" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8611403" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7511403" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7311403" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7411403" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7411403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6811403" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2022 October - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6811403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6811403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7411403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7311403" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7611403" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7611403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7711403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7711403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7811403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7811403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7911403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7611403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7311403" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8011403" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8011403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6711403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Dunn Paper - Port Huron Mill</td>
<td class="xl7211403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">11/18/22</td>
<td class="xl9111403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9111403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Port Huron, MI</td>
<td class="xl8811403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">Dunn Paper<br />(Port co. Arbor Investments)</td>
<td class="xl6911403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Alpharetta,
GA</td>
<td class="xl7211403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/22/22</td>
<td class="xl7011403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Closing
specialty papermaking mill</td>
<td class="xl8911403" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.labelandnarrowweb.com/contents/view_breaking-news/2022-10-17/dunn-paper-closes-port-huron-mill/" target="_blank">Link</a></td>
<td class="xl8111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7311403" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8011403" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8011403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6611403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 224pt;" width="298">Catalyst Paper - Crofton Paper Mill</td>
<td class="xl9011403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dec-22</td>
<td class="xl9111403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9111403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Crofton, BC</td>
<td class="xl7011403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Paper
Excellence</td>
<td class="xl6911403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Richmond,
BC</td>
<td class="xl7211403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">10/13/22</td>
<td class="xl7011403" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Closing
printing papermaking operations</td>
<td class="xl8911403" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/paper-excellence-closing-catalyst-crofton-canadian-paper-mill/#ne=2a0b4be69beecdec9f186b2bb406cf9c&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2022-10-13" target="_blank">Link</a></td>
<td class="xl8111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7311403" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl8011403" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl8011403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6711403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">WestRock - Corrugated Operations</td>
<td class="xl7211403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/6/22</td>
<td class="xl9111403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9111403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">St. Paul, MN</td>
<td class="xl8811403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 141pt;" width="188">WestRock</td>
<td class="xl6911403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl7211403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/6/22</td>
<td class="xl7011403" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Closing
down corrugated medium mfg.</td>
<td class="xl8911403" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lesprom.com/en/news/WestRock_to_close_corrugated_medium_operations_at_St_Paul_Minnesota_facility_104858/" target="_blank">Link</a></td>
<td class="xl8111403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7311403" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl8011403" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9311403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9311403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6511403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8011403" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-61698405046309636012022-10-08T23:07:00.054-04:002022-10-09T21:52:37.960-04:00Private Equity Pieces Together Print & Packaging – September 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8hJ35DS7k_bV7oGeBo-DhwLTLxJlwUiKGtDfc8WfERVUDBP6dsXXY7_o1Sl_hXOy0ihDy7sE8nYEnhtKyL0cLC0qdrp5TYeMm5byQ_I8f_xK95UICQfJg_8W9heZyv0uCMY12m1AxUdtfcVdeBBrAuzLLUIz6Xo6dltN2E_KNTiNTZ0e2HK3uma0w/s6000/Puzzle%20w%20GW.Retouched.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="4000" data-original-width="6000" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8hJ35DS7k_bV7oGeBo-DhwLTLxJlwUiKGtDfc8WfERVUDBP6dsXXY7_o1Sl_hXOy0ihDy7sE8nYEnhtKyL0cLC0qdrp5TYeMm5byQ_I8f_xK95UICQfJg_8W9heZyv0uCMY12m1AxUdtfcVdeBBrAuzLLUIz6Xo6dltN2E_KNTiNTZ0e2HK3uma0w/w436-h290/Puzzle%20w%20GW.Retouched.jpg" width="436" /></a></div><br /><div><span style="font-family: arial;"><div><span style="font-size: large;">The consolidation of the printing and packaging industry continues to pick up momentum as new financial players enter the field. The new contenders, mostly private equity firms with backing from multiple investors, usually move into an industry segment with an initial acquisition, a transaction that drives a stake in the ground, a deal that announces their intention to invest in and grow a business in that specific sector. That first foray into the particular business segment is likely to be a company that has sufficient size and profitability to be used as a launching pad for further acquisitions. From that initial platform investment, the investment firms aggressively seek out and complete multiple sequential bolt-on acquisitions to expand their footprint in the targeted market.</span></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-size: large;">This trend has been most evident and prevalent in the label and flexible packaging segments where the PE-backed frenzy has, over the past several years, reached a fever pitch of activity. Multiple private equity buyers vying to build out their platforms to achieve significant market gravitas has led to sky-high purchase multiples for label printing companies, at least judged within the value context of the overall printing and packaging industry segments. </span></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-size: large;">As we have noted in previous Target Reports, our expectation has been that PE-driven consolidators would become interested in other print-centric segments, especially the manufacture of folding cartons. Similar to labels and flexible packaging, folding carton manufacturing is characterized by recurring revenues, strict color management, adherence to a variety of technical requirements related to the industry vertical being served, and a constant proliferation of brand extensions which requires continuity of customer interaction. These industry features are attractive to private equity firms that operate in the lower middle market, exactly the level of many family-operated privately-owned folding carton companies.</span></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-size: large;">Unlike labels and folding cartons, the level of M&A activity in the commercial printing arena has been much quieter for several years. Commercial printing has a much higher dependence on the ebb and flow of marketing budgets. Internal production in commercial print environments is characterized by the staccato rhythm of job-shop workflows. Commercial print has been and is increasingly challenged by the ongoing transition of marketing communications to electronic media. As a result of these factors, M&A activity and enterprise values in the commercial printing segment have lagged behind the other print segments, with fewer competing buyers and lower purchase multiples. Critically, in today’s market-driven dynamic that is highly influenced by private equity, the financial players stayed on the sidelines and avoided the more generalized commercial segments of the printing industry.</span></div><div><span style="font-size: large;"><br /></span></div><div><span style="font-size: large;">There are signs of change. Several financial players have now emerged to sponsor significant platforms within the general commercial segment. However, commercial printing company owners should not confuse the appearance of a select few private equity funds in the segment with a return to the robust market and higher valuations that characterized the market for commercial printing companies in the nineteen-nineties. The private equity players entering the commercial printing segment have been mostly very selective, acquiring successful profitable companies with diverse service offerings including upstream creative services and multi-channel delivery of their customers’ communications. Run-of-the-mill commercial printing companies need not apply.</span></div><i><div><span style="font-family: arial;"><i><br /></i></span></div></i></span></div><span style="font-family: arial; font-size: large;"><u><i>Folding Carton Veterans Get Back in the Game </i></u></span><br /><br /><span style="font-size: large;">Industry icons Marc Shore and Dennis Kaltman are back, establishing a brand-new platform company. Leaving no doubt about their intentions to be serious players as they return to the industry, the duo is heading up a new company, Max Solutions, with backing from private equity firm Jefferson Capital Partners. Shore and Kaltman worked together at Shorewood packaging and were supported by Jefferson Capital Partners in the formation of Multi Packaging Solutions, a highly successful folding carton roll-up that was eventually sold to Westrock, the massive publicly-traded paper and paperboard manufacturing company. </span><br /><br /><span style="font-size: large;">Rather than start with the acquisition of an existing production company, Max Solutions began by establishing two brand new manufacturing plants focused on production of folding cartons and labels for the health care and consumer markets. The first plant to open, a 100K square-foot facility in Bristol, Pennsylvania, began operations in July. The second, also a new plant, is a 150K square-foot factory in Concord, North Carolina, and is slated to open this month. <br /><br />The company announced its first acquisition, the purchase of <a href="https://www.businesswire.com/news/home/20220930005061/en/MAX-Solutions-Announces-Its-Acquisition-of-Canadian-Packaging-Company---The-Ellis-Group" target="_blank">Ellis Group</a>, Canada’s largest family-owned and operated folding carton company. The acquired company operates three facilities in the Toronto region. In addition to sheetfed offset capabilities, the company utilizes web-fed flexographic presses designed specifically for high-volume folding carton production. <br /><br />Another entrant into the contest to consolidate the folding carton market is GPA Global, with financial backing from Sweden-based private equity firm EQT Partners. GPA Global has built up a network of folding carton plants, layered on top of the company’s core outsourcing expertise, including plants in Poland, Ireland, the United Kingdom, as well as US-based factories in Massachusetts and California (see <a href="https://www.thetargetreport.com/2022/01/gpa-global-emerges-as-packaging.html" target="_blank">GPA Global Emerges as Packaging Consolidator – December 2021 M&A</a>). <br /><br />The PE-backed roll-up of Oliver Printing & Packaging, sponsored by Pfingsten Partners, was recently traded out in a secondary buyout to Tenex Capital. Pfingsten established the platform in 2016 with the purchase of Cleveland area-based Oliver Printing, at the time a commercial printing company that had successfully transitioned a substantial portion of its business to folding carton production. Building on that initial base, Pfingsten acquired multiple folding carton companies, including Pohlig Packaging in Virginia, Boutwell Owens in Massachusetts, Professional Image in Oklahoma, and DISC Graphics in Hauppauge, New York where the company is now headquartered. <br /><br />Other PE-backed players consolidating the folding carton segment include Radial Equity Partners with the Lewisburg Printing platform, Mill Rock Capital’s Mill Rock Packaging roll-up, and Wellspring Capital’s Rohrer. (For more, see <a href="https://www.thetargetreport.com/2022/04/label-roll-ups-are-red-hot-are-folding.html" target="_blank">Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022</a>). </span><br /><br /><span style="font-family: arial; font-size: large;"><i><u>Commercial Printing Roll-Up Redux (Marketing Production Providers)</u></i></span><br /><span style="font-size: large;"><br /></span><div><span style="font-size: large;">DCG One, based in Seattle, Washington, acquired <a href="https://print.dcgone.com/ccg-printing/" target="_blank">Corporate Communications Group</a> (CCG), based in Upper Marlboro, Maryland. Notably, DCG One bills itself as a “marketing services organization” and described its acquisition target as an “integrated commercial print and direct marketing company.” While neither company shies away from promoting their roots in the printing industry, nonetheless both DCG One and CCG clearly present their printing capabilities within the framework of a broad range of capabilities. In addition to print, the combined organization offers strategic marketing, creative design services, web design, grand format printing, promotional products, digital media marketing, fulfillment, direct mail services, and oh yes, printing. <br /><br />DCG One has been backed by Clavis Capital Partners and Dobbs Management Service since January 2020. The transformation into a marketing service provider was underway at the time of the purchase, and then accelerated with the acquisition of the Garrigan Lyman Group, a branding and digital advertising agency with offices in Seattle and New York. <br /><br />Post Capital Partners, a private equity fund that focuses first on its trust and belief in an experienced executive leadership team, and only thereafter will invest in a specific industry, continued its support of the team at Ironmark, with the acquisition of <a href="https://blog.ironmarkusa.com/millennium-joins-ironmark?utm_medium=email&utm_source=sharpspring&sslid=MzcwsDAwNDcxtTQyAgA&sseid=MzIxNzC1sDAxtAAA&jobid=78ceb3cf-71b7-4c39-9df0-b306f266eaab" target="_blank">Millennium Marketing Solutions</a>.* Based in Annapolis Junction, Maryland, Ironmark presents a comprehensive value proposition to its customers. With the moniker of an “Image Company,” Ironmark offers creative services, website design, database integrations, search-engine-optimization, web-to-print, digital media marketing, fulfillment, and oh yes, printing. (see <a href="https://www.thetargetreport.com/2022/07/commercial-print-awakes-from-m-slumber.html" target="_blank">Commercial Print Awakes from M&A Slumber – June 2022</a>). <br /><br />The purchased company, Millennium Marketing Solutions, is also based in Annapolis Junction, and over time transitioned from a small print shop into a full-service marketing firm. Areas of expertise include digital marketing, webpage design, graphic design, promotional products, signage, and oh yes, printing. </span><br /><br /><span style="font-family: arial; font-size: large;"><i><u>Labels Remain the Division One Segment</u></i></span><br /><br /><span style="font-size: large;">Labels continue to be the most sought-after segment, if gauged by the number of private equity consolidators that have been competing to pick up the diminished number of suitable independent label printing companies that remain in the lower middle market. </span><br /><br /><span style="font-size: large;">Fortis Solutions Group announced the acquisition of <a href="https://fortissolutionsgroup.com/2022/09/01/fortis-solutions-group-acquires-digital-dogma-corp/" target="_blank">Digital Dogma</a>, a label printing company based in Santa Fe Springs, California. Fortis is now backed by Harvest Partners which acquired the company in a secondary buyout from Main Post Partners in October 2021. Fortis has grown via acquisition from one small pressure sensitive label printing company in Virginia Beach to a national multi-product packaging manufacturer with over 1,300 employees across twenty-two plants. </span><br /><br /><span style="font-size: large;">Other active private equity players in the label segment include Incline Equity with platform company NovaVision, Quad-C Management with Catapult Print and Packaging, Dunes Point Capital with Premium Label & Packaging, Sole Source Capital with Peak Technologies, Genstar Capital with Brook + Whittle, Heartwood Partners with All American Label & Packaging, Morgan Stanley Capital with AWT Labels & Packaging, Sole Source Capital with I.D. Images, and Ares Management with Resource Label Group. And that is just the list of PE-backed platforms active in the label segment that have announced transactions in the first nine months of 2022! </span><br /><br /><span style="font-size: medium;">* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Millennium Marketing Solutions in this transaction.</span><div><div><span style="font-family: arial;"><span style="font-size: large;"> </span> </span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_31778" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8031778" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
<colgroup>
<col class="xl8031778" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8031778" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8431778" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8531778" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9631778" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8431778" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8531778" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9631778" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8331778" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8631778" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl9631778" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8231778" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9531778" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col>
<col class="xl8031778" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7231778" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6831778" colspan="9" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 833pt;" width="1105">2022 September - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7431778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9331778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7231778" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7531778" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7631778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7631778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9231778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7031778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7631778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9231778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7031778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7731778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7031778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7031778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7631778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Max Solutions<br /><span class="font8" style="font-size: 10pt;">(Port co. Jefferson Capital
Partners)</span></td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Ellis Group</td>
<td class="xl6631778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Pickering, ON</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/30/22</td>
<td class="xl8731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220930005061/en/MAX-Solutions-Announces-Its-Acquisition-of-Canadian-Packaging-Company---The-Ellis-Group" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sonoco</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$6,540</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hartsville, SC</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Skjern Paper</td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$50.0</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Skjern, Denmark</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/28/22</td>
<td class="xl8731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Recycled paperboard</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2022/09/28/2524051/26553/en/Sonoco-to-Expand-European-Manufacturing-with-the-Acquisition-of-Skjern-Paper-in-Denmark.html" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">JAL Equity</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Sarasota, FL</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Eagle Products</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, KS</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/27/22</td>
<td class="xl8731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Generational
Equity)</span></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Screen printing apparel</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220927005167/en/Generational-Equity-Advises-D.-Rockey-Holdings-dba-Eagle-Products-in-its-Sale-to-JAL-Equity" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Gallant Capital Partners</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Los Angeles, CA</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">SupplyLogic WebbMason</td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, MO</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/26/22</td>
<td class="xl8731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print & brand management</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.newswire.com/news/gallant-capital-partners-completes-acquisition-of-supplylogic-webbmason-21831873" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Keypoint Intelligence<br />Port co. Atar Capital)</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fairfield, NJ</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Karstedt Partners</td>
<td class="xl6631778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Eden, NY</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/20/22</td>
<td class="xl8731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Packaging consultants</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.keypointintelligence.com/about-us/company-news/keypoint-intelligence-announces-the-acquisition-of-karstedt-partners-llc/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="45" style="height: 33.5pt; mso-height-source: userset;">
<td class="xl6931778" height="45" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 33.5pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Adobe</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$17,190</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Jose, CA</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Figma</td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$400.0</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Francisco, CA</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/15/22</td>
<td class="xl8831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$20,000</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Online design platform</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://news.adobe.com/news/news-details/2022/Adobe-to-Acquire-Figma/default.aspx" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Environmental & Applied Solutions</td>
<td class="xl6631778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$4,700</td>
<td class="xl7131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Ghent,
Belgium</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Esko, Pantone, X-Rite, Linx<br /><span class="font531778">(Sub.
Danaher)</span></td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Ghent,
Belgium</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/14/22</td>
<td class="xl8831778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Divestiture</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic technologies</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://investors.danaher.com/2022-09-14-Danaher-Announces-Intention-to-Separate-Environmental-Applied-Solutions-Segment-to-Create-an-Independent,-Publicly-Traded-Company" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">The Occasions Group<br />(Div. Taylor Corporation)</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">North Mankato, MN</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Accu Copy of Greenville</td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Greenville, NC</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/9/22</td>
<td class="xl8831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial & packaging</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220909005409/en/Taylor-Corporation-Acquires-Accu-Copy-of-Greenville-Inc.-to-Expand-Print-and-Packaging-Footprint" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CherryRoad Media</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Parsippany, NJ</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Millbury-Sutton Chronicle<br />(4 titles) (Prop. Gannett)</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Millbury, MA</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/8/22</td>
<td class="xl8831778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.wbjournal.com/article/local-news-makes-comeback-with-acquisition-of-four-local-papers" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Label Traxx</td>
<td class="xl8731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milwaukee, WI</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Batched</td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cincinnati, OH</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/7/22</td>
<td class="xl8831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label workflow software</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labeltraxx.com/label-traxx-announces-intent-to-merge/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Label Traxx</td>
<td class="xl8731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Milwaukee, WI</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Siteline</td>
<td class="xl6531778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Francisco, CA</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/7/22</td>
<td class="xl8831778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label workflow software</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labeltraxx.com/label-traxx-announces-intent-to-merge/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">O'Neil Printing</td>
<td class="xl9831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">BuckAZ Communications</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/6/22</td>
<td class="xl8831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Compliance communications</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.piworld.com/article/oneil-printing-acquires-leader-healthcare-compliant-communications/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fortis Solutions Group<br />(Port co. Harvest Partners)</td>
<td class="xl6631778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Digital Dogma</td>
<td class="xl6631778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Santa
Fe Springs, CA</td>
<td class="xl8931778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">9/1/22</td>
<td class="xl8831778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9031778" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fortissolutionsgroup.com/2022/09/01/fortis-solutions-group-acquires-digital-dogma-corp/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6931778" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DCG One<br /><span class="font8" style="font-size: 10pt;">(Port co. Clavis Capital/Dobbs
Mngt.)</span></td>
<td class="xl6531778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$65.0</td>
<td class="xl7131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Seattle,
WA</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Corporate Communications Group</td>
<td class="xl6631778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Upper Marlboro, MD</td>
<td class="xl8931778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">9/1/22</td>
<td class="xl8831778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9131778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6731778" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9031778" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://print.dcgone.com/ccg-printing/" target="_blank">Link</a></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7231778" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6931778" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8131778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9431778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9431778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8131778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9431778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6931778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9431778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6831778" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_31778" x:publishsource="Excel"><span style="text-align: left;"> </span></div><div align="center" id="Target Report_31778" x:publishsource="Excel"><div align="center" id="Target Report_9917" x:publishsource="Excel">
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<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl679917" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl739917" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl699917" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl659917" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl709917" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl669917" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl659917" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl659917" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl659917" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl719917" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl729917" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl769917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl769917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl779917" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 September - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl779917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl779917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl769917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl729917" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl799917" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl799917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl809917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl879917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl879917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl879917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl809917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl809917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl879917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl879917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl809917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl829917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl799917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729917" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl689917" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl819917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl729917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl689917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl689917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl899917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl859917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl789917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729917" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl689917" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl819917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl729917" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl689917" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl689917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl749917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Automated Mailing Services, Inc.</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/27/22</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-30224</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Huntington,
WV</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl849917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Southern WV<br />Charleston</td>
<td class="xl849917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">B. McKay Mignault</td>
<td class="xl839917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Scott
G. Stapleton</td>
<td class="xl859917" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mailing
services</td>
<td class="xl789917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl729917" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl689917" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl889917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl759917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl689917" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_9917" x:publishsource="Excel"><span style="text-align: left;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<col class="xl7420092" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8120092" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8220092" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8320092" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8420092" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8420092" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl8420092" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8620092" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8520092" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8520092" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7420092" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7220092" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7320092" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl7320092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6720092" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2022 September - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6720092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6720092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7320092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7220092" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7520092" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7520092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7620092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl7620092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7720092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl7020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl7020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7720092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7820092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7520092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7220092" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7920092" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7920092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6620092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">A&M Printing</td>
<td class="xl7120092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">10/18/22</td>
<td class="xl8920092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8920092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Pleasanton, CA</td>
<td class="xl6820092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6820092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8820092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Oct-22</td>
<td class="xl6920092" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8720092" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://maynards.com/am-printing/" target="_blank">Link</a></td>
<td class="xl8020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7220092" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7920092" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl7920092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6620092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Gray Graphics</td>
<td class="xl6820092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">9/22/22</td>
<td class="xl8920092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8920092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Capital Heights, MD</td>
<td class="xl6820092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl6820092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8820092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Sep-22</td>
<td class="xl6920092" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8720092" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/gray-graphics/?utm_source=Pressxchange.com&utm_medium=email&utm_campaign=By+Order+of+Gray+Graphics&utm_content=By+Order+of+Gray+Graphics" target="_blank">Link</a></td>
<td class="xl8020092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7220092" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7920092" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9120092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9120092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6520092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7920092" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div align="center" id="Target Report_9917" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_9917" x:publishsource="Excel"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div></div></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-65133027890542125132022-09-08T21:36:00.090-04:002023-05-07T10:27:27.926-04:00The Target Report Annual Review – August 2022 TTM M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLZAt-lUt2XAypALkAx3WXjA-KwrfV42X8cPBZtExv80llbH80iQjuX1tIiW3QvmZQORtC0Z6NRBCVOXWODQuVUnu4m0U_-QVsVOYWzYGe4C_1xWwFvoj9aFYGbFnkBa_kaovV46kTKJME3_03eiBnnBzHCvuReyPTM3-_Rqj7VcjYsV04siEN52aC/s5892/Time%20for%20Review.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3870" data-original-width="5892" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLZAt-lUt2XAypALkAx3WXjA-KwrfV42X8cPBZtExv80llbH80iQjuX1tIiW3QvmZQORtC0Z6NRBCVOXWODQuVUnu4m0U_-QVsVOYWzYGe4C_1xWwFvoj9aFYGbFnkBa_kaovV46kTKJME3_03eiBnnBzHCvuReyPTM3-_Rqj7VcjYsV04siEN52aC/w424-h280/Time%20for%20Review.jpg" width="424" /></a></div><br /><span style="font-family: arial; font-size: large;">As readers of The Target Report know, we view the printing, packaging, and related industries from the perspective of M&A transactional activity. Over the past eleven years, we have chronicled, logged, and commented on the robust merger and acquisition activity in the print-centric business segments. We traditionally take a break at this time of the year, depart from our usual review of the prior month's deal activity, and take a look back at the past twelve months from a high-level macro perspective. Our goal in this annual review process is to identify some long-term trends. Which segments have experienced more, or less, deal activity? What are the trends in the buyers’ rationale to complete these acquisitions? Are acquirers adding facilities to their networks, or opportunistically folding acquisitions into their existing facilities?<br /><br />We review, categorize, sort, count, and chart the data we have collected, comparing the trailing twelve months (“TTM”) ended this August to the prior twelve months. This year we include the prior three years which bridge the pandemic period. This provides an illustration of the business climate in the printing, packaging and related industries: pre-pandemic, pandemic, and the current post-pandemic sweet spot. <br /><br />In pure numeric M&A terms, the past twelve months were on par with the twelve months ended August 2021 and the twelve months ended August 2019. We identified approximately 217 transactions of interest during the past twelve months; compared to 218 last year. And 215 in the TTM August 2019. In the period ended August 2020, without question the period in which most companies took the biggest hit from Covid, we identified only 192 transactions in the segments we track, or otherwise stated, an 11.5% reduction from the norm of the three surrounding years. The market has moved on and Covid is in the rearview mirror. <br /><br />As illustrated in the chart below, deal activity spiked upwards in the autumn of 2018 and again at the beginning of 2020. For reasons that were never clear, at least not to us, there was a pronounced slump in deal activity during the beginning months of 2019. Activity returned to the norm in the Spring of that year. Most dramatic and no surprise to anyone, there was a steep decline in transactions during March and April of 2020 when Covid-19 broke out and much business and social activity came to a screeching halt. Beginning not long after, in August of 2020, deal activity had returned close to the norm and has continued apace ever since, with another cooling-off period last winter and early spring during the spread of the Omicron variant. The trend is now headed upward as indicated by the purple line representing the latest trailing twelve-month period. </span></div><span style="font-family: arial; font-size: large;"><div><br /></div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-WCu2VQVGSJrdYPPAuCOly-1ywArrEW1M2__TM-ZB2_ZgYOJjXo7rVtBJQ25DWqH8aCokXXgEcg9YMi4mGgMB4yCPS4ObPptgfWwPBMO__AxVCobqHUTVPNIMaV4PVLMngfIrp3n3SqdmLMgrbPaYmj5G1R7ys1VWok67s_Id7NdLXWwZcfK4qrPL/s3644/2022.08.4-Year%20TTM.Transactional%20Seasonality.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1994" data-original-width="3644" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-WCu2VQVGSJrdYPPAuCOly-1ywArrEW1M2__TM-ZB2_ZgYOJjXo7rVtBJQ25DWqH8aCokXXgEcg9YMi4mGgMB4yCPS4ObPptgfWwPBMO__AxVCobqHUTVPNIMaV4PVLMngfIrp3n3SqdmLMgrbPaYmj5G1R7ys1VWok67s_Id7NdLXWwZcfK4qrPL/w766-h420/2022.08.4-Year%20TTM.Transactional%20Seasonality.png" width="766" /></a></div></span><span style="font-family: arial; font-size: large;"><br />Looking at the gross numbers of M&A deals provides a view of overall transactional activity. However, as we know, the printing industry is not monolithic. Rather, in addition to the more generalized commercial printing business, the placement of images via ink onto a variety of substrates is comprised of a complex mix of specialties, including direct mail, wide format, industrial printing, and several forms of packaging. In our search to understand the market better, we categorize all the deals we have logged over the past eleven years by segment. We then dig deeper into the packaging, commercial printing, direct mail and wide-format printing businesses, illustrating the rationale behind all this deal activity, by segment. We also seek to understand where the business challenges facing owners are most pronounced by studying bankruptcy filings and non-bankruptcy plant closings. <br /><br />The next chart breaks down the M&A transactions over the past four years into all the segments we track in The Target Report.<br /><br /> </span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjps22P77srass7TodiBufx-slU9RPUr1myV8_wVckw4JieFHaTROhUyxQB2VK1q9Qs3YMSm4GOdh4bq6ky9LQewvRPfOUyVgncKc2wmsL1HpqGqH--F6ojnGEkEoBNb8jOxxjCPa_UlyiyJ7jEuzDddORBIxqvQSkqFQaj3Y0SCfYEDdVKgnyayyTt/s3644/2022.08.4-Year%20TTM.Transactional%20Activity.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2885" data-original-width="3644" height="610" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjps22P77srass7TodiBufx-slU9RPUr1myV8_wVckw4JieFHaTROhUyxQB2VK1q9Qs3YMSm4GOdh4bq6ky9LQewvRPfOUyVgncKc2wmsL1HpqGqH--F6ojnGEkEoBNb8jOxxjCPa_UlyiyJ7jEuzDddORBIxqvQSkqFQaj3Y0SCfYEDdVKgnyayyTt/w772-h610/2022.08.4-Year%20TTM.Transactional%20Activity.png" width="772" /></a></div><span style="font-size: large;"><br /></span><span style="font-family: arial; font-size: large;"><i><u>Commercial Printing</u></i></span><div><span style="font-size: large;"><span style="font-family: arial;"><br />Our annual deep dive into the rationale behind the transactions in the commercial printing segment reveals a meaningful change in the market. There are significantly fewer transactions structured as tuck‑ins within the commercial segment, both in absolute numbers and as a percentage of the total. In fact, the decline in the number of transactions in the commercial printing industry is almost entirely attributable to fewer companies closing up and moving their business over to the buyer’s production facility. <br /><br /></span></span><div><span style="font-size: large;"><span style="font-family: arial;">In these tuck-in transactions, the customers of the acquired company are transitioned to the buyer’s production facility. Buyers will often leave the disposition of the plant and equipment to the seller, or to the seller’s agent, avoiding responsibility for trade and other debt, and possibly cherry-picking certain equipment that is needed or desirable for the smooth continued servicing of the acquired customers. <br /><br />Back in August of 2019, when we first began digging deeper into the rationale behind the industry M&A transactions, the percentage of deals in the commercial printing segment structured as a tuck‑in was a staggering 70%, a clear indication of overcapacity and likely a necessary shuttering of shops burdened with out-of-date technology. The percentage fell dramatically during the following two years to 44.4% and 48.3%, respectively. In the twelve months just ended, tuck-ins represented only 30.8% of the total. In absolute numbers, there were only eight tuck-ins in the most recent year, compared to twenty-eight noted in the 2019 analysis. This decline in tuck-in transactional activity indicates to us that there is less excess capacity in the current market. <br /><br />There were 18 acquisitions in the commercial printing segment where the acquired facility was important to the buyer and will remain in operation, as-is-where-is. Seven of these were sold to “new entry” owners that were not previously invested in the commercial printing industry. Notably, the number of transactions in commercial printing that were completed by these new entrants increased in each of the past four years, from only two in 2019, then four, then five, and now seven in the latest year. Outsiders are once again interested in investing in the printing industry. <br /><br />The following chart shows how the past four years compare, showing tuck-ins, existing businesses adding facilities, and new entry owners into the commercial printing business. <br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBkJt6wNilVewPqxfWlqsMMWIOspNVuweWa8YQkpot3WkGZ2ojLrd5yO_5iJCsUUIx1ojrViCrGBmY0U1pSZF5KLpgBc9UZZBvfmTYv2AMAolvW2g1w_bgTb71ReI2Pb20fHLTe6jfB5ndJwMC4UHpkqOtnTFKyjr7T6uv8Hr9ClUTKW4lSUMhdzqg/s3307/2022.08.4-Year%20TTM.Commercial.Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2010" data-original-width="3307" height="465" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBkJt6wNilVewPqxfWlqsMMWIOspNVuweWa8YQkpot3WkGZ2ojLrd5yO_5iJCsUUIx1ojrViCrGBmY0U1pSZF5KLpgBc9UZZBvfmTYv2AMAolvW2g1w_bgTb71ReI2Pb20fHLTe6jfB5ndJwMC4UHpkqOtnTFKyjr7T6uv8Hr9ClUTKW4lSUMhdzqg/w767-h465/2022.08.4-Year%20TTM.Commercial.Transaction%20Rationale.png" width="767" /></a></div><div><span style="font-size: large;"><br /></span></div><span style="font-family: arial;">Digging a little deeper, we looked for instances in which buyers cited geographic expansion and/or added services as the rationale behind their acquisitions, as well as whether a private equity sponsor was involved. Expanding service territory is still the reason most often mentioned, but now followed closely by the desire to add a new service, a return to the earlier trend. Notably, many of the transactions were part of a clearly expressed strategy to grow regionally in a hub-and-spoke fashion with a core financially strong commercial printing company at the center (see <a href="https://www.thetargetreport.com/2022/07/commercial-print-awakes-from-m-slumber.html" target="_blank">The Target Report: Commercial Print Awakes from M&A Slumber – June 2022</a>). This regional consolidation trend has been in contrast to a couple companies executing a national roll-up strategy (e.g., JAL Equity and BR Printers) and clearly different from the disintegrated roll-ups from years past (see <a href="https://www.thetargetreport.com/2022/08/cenveo-returns-to-its-roots-july-2022-m.html" target="_blank">The Target Report: Cenveo Returns to its Roots – July 2022</a>). <br /><br />Many owners we talk with in the commercial segment tell us that their shops are quite busy. They share with us that their company is returning to and exceeding their pre-pandemic revenue. Availability of trained labor and limited paper supply have become the constraints on the business, rather than lack of customer orders. Almost without exception, owners we talk with are raising prices and they tell us that their customers are accepting the increases with less objection than experienced in many years. (We hear these comments across the various printing and packaging segments, not just from commercial printers). <br /><br />Owners that had put their exit plans on hold are now ready to get back into the market or are already actively seeking a buyer. We expect that trend to continue and increase over the next couple of years. Consolidation will pick up steam as the impact of government subsidies fades, while balance sheets are still flush with cash, and hopefully before the next adverse event (storm, virus, attack, recession, etc.) The demographic imperative of an aging population is a strong driver for owners in the commercial segment to bring their companies to market. It is time to cash out rather than sign up for another round of investment and related long-term debt. <br /><br />In another change in the market, private equity has warmed up to the commercial printing segment. We noted seven commercial print transactions in which private equity supported the transaction during the past year, a meaningful increase from the prior years.</span><br /><div><span style="font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKVDdDQfon9qK04FubbvDjRK_vERfhB40w3T156_KndlgIODbRIR07HZLG674NQvDXobmtuTrDC1_gB5ROpD8B1wklEwCmbPHjiA3Z6lDokwIPDnR0SS8L0ZWWRItKhdXA1C9-47apx4FXfCTJT7nSSPVX028PHjT4auA4wpolpst8DJsQtAHf0sGZ/s3314/2022.08.4-Year%20TTM.Commercial%20Transaction%20Attributes.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1994" data-original-width="3314" height="460" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKVDdDQfon9qK04FubbvDjRK_vERfhB40w3T156_KndlgIODbRIR07HZLG674NQvDXobmtuTrDC1_gB5ROpD8B1wklEwCmbPHjiA3Z6lDokwIPDnR0SS8L0ZWWRItKhdXA1C9-47apx4FXfCTJT7nSSPVX028PHjT4auA4wpolpst8DJsQtAHf0sGZ/w763-h460/2022.08.4-Year%20TTM.Commercial%20Transaction%20Attributes.png" width="763" /></a></div></div><span style="font-family: arial;"><br /><u><i>Packaging </i></u><br /><br />The packaging business is now the most active among the segments we track, by a factor of three-to-one over the number two segment, commercial printing. Packaging deal activity was red hot last year and heated up even more over the past twelve months. A multitude of private equity investment funds are driving transaction multiples up and up as they compete to consolidate a highly fragmented industry. Many packaging companies are family-owned, spanning two or more generations. At Graphic Arts Advisors, we have heard several credible stories of offers from private equity funds that out-of-the-gate open the conversation with suggested offers in the double-digits, irresistible opportunities to monetize and diversify family wealth. <br /><br />The following chart is illustrative of buyer activity in the packaging business, broken down by primary product produced at the target company. Label manufacturing retains the lead in terms of number of transactions. The corrugated box segment has remained relatively quiet; once again we suspect because the low-hanging fruit has already been picked, not because there are any fewer boxes showing up on our front porches. The flexible packaging segment continues to be of keen interest to buyers, however the number of deals is constrained in some degree by the limited number of targets compared to other packaging segments. Also worth noting is the steady uptick in transactions in which folding cartons are the primary product of the target company. We expect that trend to continue as private equity funds seek alternatives to the higher multiples in the label and flexible packaging businesses, as well as in response to social trends extolling the use of more sustainable fiber-based packaging (see <a href="https://www.thetargetreport.com/2022/04/label-roll-ups-are-red-hot-are-folding.html" target="_blank">The Target Report: Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022</a>). <br /><br />Our candidate for the most interesting development in the packaging segment during the past twelve months is the emergence of GPA Global as a roll-up bringing together traditional asset‑light outsourcing expertise with domestic production capabilities, both in the US and Europe. The moves by GPA to add localized production are indicative of the larger economic trend of onshoring brought on by the Covid pandemic and international political tensions. (See <a href="https://www.thetargetreport.com/2022/01/gpa-global-emerges-as-packaging.html" target="_blank">The Target Report: GPA Global Emerges as Packaging Consolidator – December 2021</a>). GPA’s resulting network of packaging and printing plants bridges the US with west and east coast locations. The acquired former ASG Print operations in Poland serve the European market for GPA Global. (We have noted that the industrial printing segment in the US has also been positively impacted by this onshoring trend.) <br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGkdYHypF9vaT4F1z53aEdRXbCtI5HpoAqzFt3a5Jf0IsnkEGwfKfVX16nsLG3XJO9zHTyKaj1xCWxoT7o6Xv6uuWhxByd3tA8LHyRyMU7KFHoNWuPKA8hqdFUyfSlPvwM6LRcab2nq0yRIdFnsfYHJX5NPY7nesK0jXIgjSdnW0ZujIDh7P1arXWp/s3644/2022.08.4-Year%20TTM.Packaging%20Transaction%20Segments.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2489" data-original-width="3644" height="524" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGkdYHypF9vaT4F1z53aEdRXbCtI5HpoAqzFt3a5Jf0IsnkEGwfKfVX16nsLG3XJO9zHTyKaj1xCWxoT7o6Xv6uuWhxByd3tA8LHyRyMU7KFHoNWuPKA8hqdFUyfSlPvwM6LRcab2nq0yRIdFnsfYHJX5NPY7nesK0jXIgjSdnW0ZujIDh7P1arXWp/w765-h524/2022.08.4-Year%20TTM.Packaging%20Transaction%20Segments.png" width="765" /></a></div><span style="font-family: arial;"><br />When we dig into the rationale behind transactions in the packaging segment, a very different picture emerges as compared to commercial printing. Of the 74 transactions that we recorded over the past twelve months in the packaging segment, only three were reported to be tuck-ins; two were relatively small and produced labels, the third was the divestiture of a specialty flexible packaging division in a sale in pieces of a company that primarily produced packaging films. In most of the other cases, the buyers noted that the acquired location was an important element of the rationale to complete the deal. In some, the acquired company had multiple locations, or was global in scope. An increasing number of the packaging companies, fifteen over the past year, were sold to new owners that were not currently invested in this segment, a continuation of the trend over the past four years.</span></span></div><div><span style="font-size: large;"><span style="font-family: arial;"><br /></span></span></div><div><span style="font-size: large;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEgj-hOU1dYANDnOYrFUk9AaTWpE1Eu81dWsTUXdTLat1f-EcCpNGdjpjR9bW5qsap280kZ9fie7jXSTLcVRBN_E1CM6C8mvZLvfm3OSoFv2ihecLwfXccNpj29HrpIcnCG2pNQfKpo4PC0EAcbtNh5FhmjuLqo4P367Wcl-f-_javadmhHkmzkfW3/s3308/2022.08.4-Year%20TTM.Packaging%20Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2009" data-original-width="3308" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEgj-hOU1dYANDnOYrFUk9AaTWpE1Eu81dWsTUXdTLat1f-EcCpNGdjpjR9bW5qsap280kZ9fie7jXSTLcVRBN_E1CM6C8mvZLvfm3OSoFv2ihecLwfXccNpj29HrpIcnCG2pNQfKpo4PC0EAcbtNh5FhmjuLqo4P367Wcl-f-_javadmhHkmzkfW3/w765-h464/2022.08.4-Year%20TTM.Packaging%20Transaction%20Rationale.png" width="765" /></a></div><span style="font-family: arial;"><br />Private equity was involved in 56 of the 74 total transactions in packaging, 69% of the total, comparable to the past year on a percentage basis, an increase of twelve transactions in absolute terms. The roll-up model, with financial sponsorship from private equity, is still in full swing across the various packaging segments and as we have noted repeatedly over the past two years, is driving competition for midsize and larger label printing companies to a frenzied level of activity. Adding to the hustle, fifteen new players entered the packaging business last year, and nine of these were backed by private equity firms establishing a new platform for further acquisitions. <br /><br />Seven of the buyers noted that the acquisition brought new services to the company, or significantly expanded on a small beachhead previously established in that service. For example, in January, Avery, a division of Canada-based CCL Industries, acquired International Master Products, a US manufacturer of horticultural labels and tags. They bolstered the new specialty four months later with another acquisition, the purchase in the Netherlands of the Floramedia Group, another specialized producer of horticultural labels and tags. <br /><br />In seventeen instances, geographic expansion or diversity of the acquired locations was noted as a key element in the buyer’s logic. While fewer in number than reported last year, an expanded geographic footprint still looms large in buyers’ expressed logic for completing acquisitions.<br /></span><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicrJhK0BXFX2FLssuEMmaPElR2mXGeott2e1RiAtdOwndTcTjzebDTmTf2TSmNOCeEo4_lqm4SNM7pjjctDvzxQqsX0MQvBJlQ08r3BBgedLNzxqWcCCB0kGw4yGxPRWsJ8gdOa-WnTt16V2TZ9DmCqDj1nb9zxJrtDq4WmV-rDeCQfOpzsQoRJI5V/s3308/2022.08.4-Year%20TTM.Packaging%20Transaction%20Attributes.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2010" data-original-width="3308" height="469" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicrJhK0BXFX2FLssuEMmaPElR2mXGeott2e1RiAtdOwndTcTjzebDTmTf2TSmNOCeEo4_lqm4SNM7pjjctDvzxQqsX0MQvBJlQ08r3BBgedLNzxqWcCCB0kGw4yGxPRWsJ8gdOa-WnTt16V2TZ9DmCqDj1nb9zxJrtDq4WmV-rDeCQfOpzsQoRJI5V/w774-h469/2022.08.4-Year%20TTM.Packaging%20Transaction%20Attributes.png" width="774" /></a></div></div><div class="separator" style="clear: both; text-align: left;"><u style="font-family: arial; font-size: x-large;"><i><br /></i></u></div><span style="font-family: arial; font-size: large;"><i><u>Wide-Format and Related Digital Products</u></i></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">For our purposes in forming a picture of the various market segments that comprise the overall print-centric industries, we separate out companies that produce mostly wide-format and related products from the more generalized commercial printing segment. We include retail display and trade show graphic production in this category, as well as the expanding business of indoor architectural environment graphics. <br /><br /></span></div><div><span style="font-family: arial; font-size: large;">In a complete inverse of the Covid impact on the packaging segment, which thrived during the pandemic, the wide-format market took a big hit. Event, trade show, and retail graphics all came to a screeching halt in the Spring of 2020 and are only now approaching pre-pandemic volumes according to many owners we speak with. The trends we noted in the past are still evident; gone are the days of the uniqueness of digitally printed banners and wraps, the cool factor of flatbeds has chilled, and the easy margins that came with being first on the block to offer large inkjet prints have been compressed by competition. Pricing on entry-level equipment has come way down, finishing technology is automated, and overall barriers to entry are low. Differentiation in the wide-format business has moved from first-mover advantage to more complex online direct-to-customer systems, robust planning and installation capabilities, or value-added services such as framing prints for use as home or office décor. <br /><br />Despite the challenges of the past two years, interest in the wide-format segment appears ready to resume as life returns to a post-Covid normal state. A notable example over the past year was the acquisition of Screaming Images, a wide-format printing company in Las Vegas, well-positioned to benefit from the resumption of events in America’s adult playground that doubles as a mecca for trade shows. Geographic diversity was cited by the buyer, Milwaukee-based Olympus Group, as the driving criteria for the purchase. The acquisition brings the company’s footprint to five locations, ranging from Nevada to Florida. <br /><br />In the wide-format and related products segment, there are proportionately fewer tuck-ins than in general commercial printing. Consistent with the decline in transactional activity over the past two years, there were only two wide-format tuck-ins during the past year, with the seller’s plant shuttered and production consolidated in the buyer’s existing facility. While tuck-ins are usually indicative of excess capacity and with the maturation of the wide-format segment, we frankly expected more transactions as this segment was hit hard. Many wide-format shops pivoted to producing personal protection equipment and warning signage, something that they were especially well-suited for with flatbed cutters and the capability to print floor graphics. Nonetheless, we expect that there are some weaker players in the market and tuck-ins will pick up in this segment. <br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNIWrWUj1BxUXVF6epARC4fePGNQ257uSCa6YVxXMGZ7oOb4U66N09rW_sflq9OP2dKewxR9WfFbeyK1uerBLvfdvmM8Y8TxivDq5vyVYjPdFUz0UNZ2KoSpeEuYu9d65BRwwKAnaBYnA_IfGsUq-qj6zaSqLQ_oq80nalWwzkKVEcsOJ8OU3_FgSY/s3307/2022.08.4-Year%20TTM.Wide-Format.Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2010" data-original-width="3307" height="471" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNIWrWUj1BxUXVF6epARC4fePGNQ257uSCa6YVxXMGZ7oOb4U66N09rW_sflq9OP2dKewxR9WfFbeyK1uerBLvfdvmM8Y8TxivDq5vyVYjPdFUz0UNZ2KoSpeEuYu9d65BRwwKAnaBYnA_IfGsUq-qj6zaSqLQ_oq80nalWwzkKVEcsOJ8OU3_FgSY/w777-h471/2022.08.4-Year%20TTM.Wide-Format.Transaction%20Rationale.png" width="777" /></a></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span></span></div><span style="font-family: arial; font-size: large;">Three buyers noted geographic expansion as important to their decision to move forward during the past year, consistent with prior years and with the stresses on wide-format in the pandemic period. Three buyers cited adding or greatly expanding wide format as a service offering as the logic supporting their acquisition.<br /><br />Only one transaction in the wide-format segment was backed by private equity, the purchase in August of AllOver Media by ShoreView Industries. AllOver Media, based in Minneapolis, specializes in out-of-home advertising including billboards and transportation graphics. The transaction represents a new platform company for ShoreView. <br /><br />Despite the lull in wide-format transactions, the existing presence of several private equity-backed platforms in the segment portends more activity to come. We continue to believe that the trends in wide-format and related printing, especially the involvement of financial buyers and the smattering of distressed transactions, as noted below, are predictive of increased future M&A activity and consolidation for wide-format printing companies.</span><div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6YZPgrAUYrqb1aAgGePKkUuoo0iCTgQsthMjWtTJAs3zuU-pSU-4XnAjVV3ve6kyvBrSGaUKwHKBxaTDu0ABG_likAvvoS_JS93m7MRw488E2rxkbs9erZdWqJT1ZfyA1V6f2VYljRgCkBsjHZSNimZ5ZjgBi1aiSYqiUf4RjngF5eBjvis4lg-S-/s3314/2022.08.4-Year%20TTM.Wide-Format.Transaction%20Attributes.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="1996" data-original-width="3314" height="467" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6YZPgrAUYrqb1aAgGePKkUuoo0iCTgQsthMjWtTJAs3zuU-pSU-4XnAjVV3ve6kyvBrSGaUKwHKBxaTDu0ABG_likAvvoS_JS93m7MRw488E2rxkbs9erZdWqJT1ZfyA1V6f2VYljRgCkBsjHZSNimZ5ZjgBi1aiSYqiUf4RjngF5eBjvis4lg-S-/w775-h467/2022.08.4-Year%20TTM.Wide-Format.Transaction%20Attributes.png" width="775" /></span></a></div><span style="font-family: arial;"><span style="font-size: large;"><u><i><div><span style="font-family: arial;"><span style="font-size: large;"><u><i><br /></i></u></span></span></div>Direct Mail</i></u><br /><br />Direct mail printing companies, especially those that can manage, manipulate, store, and utilize data to drive improved results for their customers, are an exception and in a class by themselves, apart from the more generalized undifferentiated “job-shop” commercial printing companies that happen to include some mailing capabilities. Therefore, we break out these highly specialized direct mail companies into a separate segment for analysis.</span><br /><br /><span style="font-size: large;">Transactional activity in the direct mail printing segment declined over the past twelve months, with a total of only four deals announced, versus eight and nine during the prior two years, respectively. Indicative of the overall health of the segment, there was only one tuck-in. For the second year in a row, there were no new entrants buying into the segment. Outsiders are either hesitating to invest in direct mail or are unable to convince sellers that the offered price is right. Our perspective is that current owners in the direct mail segment are confident, holding onto their companies, and themselves willing to invest in acquisitions.</span><br /><br /><span style="font-size: large;">Our choice for the notable transaction of the year in the direct mail segment has to be the acquisition of Mailing Services of Pittsburgh (MSP) by Direct Marketing Solutions (DMS). Based in Portland, Oregon, DMS is backed by Main Street Capital, a publicly traded investment firm headquartered in Houston. The combination of the two firms, with private equity backing, is a direct mail powerhouse and indicative of a trend we have noted in which direct mail companies (as well as transactional printing companies) are reaching across the country in their acquisition strategies to mitigate the degradation in postal delivery standards. This transaction was the only one in direct mail over the past year that involved private equity backers. There were no new PE‑backed platforms established in direct mail during the year.<br /><br /></span></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR-k3ywV21QQv2AMH7dTsCHJA3iEdmMxUMpruQYnzlUrmRdd8G4DKNY4eP7TXgXsLxaSVXAHvyJpvMQEXIYIhhYL8A_nHeT0mVGaZ5VoHC5QuN-XQJoZmLPwifTmb9uG4NYfHU900jnq9QBUJdiN7Fy2B3jVKl72xMPLc5jQgNJum2u6uGRGG_yzbA/s3308/2022.08.4-Year%20TTM.Direct%20Mail.Transaction%20Rationale.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="2006" data-original-width="3308" height="469" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR-k3ywV21QQv2AMH7dTsCHJA3iEdmMxUMpruQYnzlUrmRdd8G4DKNY4eP7TXgXsLxaSVXAHvyJpvMQEXIYIhhYL8A_nHeT0mVGaZ5VoHC5QuN-XQJoZmLPwifTmb9uG4NYfHU900jnq9QBUJdiN7Fy2B3jVKl72xMPLc5jQgNJum2u6uGRGG_yzbA/w773-h469/2022.08.4-Year%20TTM.Direct%20Mail.Transaction%20Rationale.png" width="773" /></span></a></div><span style="font-size: large;"><br /></span><span style="font-family: arial; font-size: large;">In none of the direct mail transactions did the buyer mention adding a service element as their rationale to move forward with the deal, indicating that the buyers have the services they believe are necessary for now, rather they are adding facilities to increase capacity and expand the company’s footprint within the direct mail business. <br /><br />Based on the transactional activity, as well as has been discussed with us in private conversations with owners, the direct mail industry appears to be doing quite well, but not on fire from an M&A perspective like packaging, nor are owners beginning an exodus as we believe is and will continue to be the case with many commercial printing company owners. <br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicIFGL5dwIfqQoP6ouY3TlJTGdNDGUT-u-RlBEQkx7bw1ceHuM043wEBIXJXQb2VbA8uKc5HWBIBr-Hx6U1VUCUVlXc8o_I2bNQguA4ue9RFhGmGi7wTRs4nzRQNQoJBb-fjidqwvDlqpDizK9-x2Vi6SBdQBA486aldqX6ph8h8Yk8WlJ4JDpCENI/s3310/2022.08.4-Year%20TTM.Direct%20Mail.Transaction%20Attributes.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="1978" data-original-width="3310" height="462" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicIFGL5dwIfqQoP6ouY3TlJTGdNDGUT-u-RlBEQkx7bw1ceHuM043wEBIXJXQb2VbA8uKc5HWBIBr-Hx6U1VUCUVlXc8o_I2bNQguA4ue9RFhGmGi7wTRs4nzRQNQoJBb-fjidqwvDlqpDizK9-x2Vi6SBdQBA486aldqX6ph8h8Yk8WlJ4JDpCENI/w775-h462/2022.08.4-Year%20TTM.Direct%20Mail.Transaction%20Attributes.png" width="775" /></span></a></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><br /></span></div><span style="font-family: arial; font-size: large;"><u><i><div><u><i>Challenged Segments</i></u></div></i></u><br />Transactional activity tells us that an industry segment is undergoing change, however the number of deals does not tell us if that activity is indicative of positive or negative change. To determine a directional indication, we track the number of bankruptcy filings and non-bankruptcy plant closures and correlate this information with the overall transactional activity. Our thesis, born out over several years and confirmed by industry stats derived from other sources, is that an industry segment with a high number of transactions that is also experiencing closures and bankruptcies is, or will be, in a contraction phase. There will be opportunities for consolidation at bargain prices for those companies that defy the downward trend. While this continues to be true in the commercial printing segment, this is less evident than in prior years.<br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0Wm5P6CyoU9t0JKjL33NB4sF_0GUDAKAZIT_LTrk2QMQqna1yh51u0g-iFEVL8570YQBKt7V3SRp-yA_24ed2cEHc97APsBG88jm8BdQO3AgI6JBdjfLDfS0ruGlCqQZognRHiparkUbdt2_-kzwx7ZktywpgiKRYK-h-iQXQtSJBeWb-6ZxNXCrg/s3314/2022.08.4-Year%20TTM.Bankruptcy%20Trend.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1994" data-original-width="3314" height="467" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0Wm5P6CyoU9t0JKjL33NB4sF_0GUDAKAZIT_LTrk2QMQqna1yh51u0g-iFEVL8570YQBKt7V3SRp-yA_24ed2cEHc97APsBG88jm8BdQO3AgI6JBdjfLDfS0ruGlCqQZognRHiparkUbdt2_-kzwx7ZktywpgiKRYK-h-iQXQtSJBeWb-6ZxNXCrg/w775-h467/2022.08.4-Year%20TTM.Bankruptcy%20Trend.png" width="775" /></a></div><span style="font-family: arial; font-size: large;"><br />Conversely, segments in which the number of transactions is inversely correlated to closures and bankruptcies are more likely to be expanding. Therefore, consolidation opportunities will come at much higher prices. Virtually all the packaging segments are experiencing steady transactional activity, without the corresponding bankruptcy filings and plant closures, indicating a very healthy environment for sellers as the packaging industry continues to consolidate. <br /><br />Despite the outbreak of Covid-19 and subsequent difficulties, the number of bankruptcies for the past twelve months across all segments once again decreased compared to prior years. Bankruptcy filings, across all the segments we track, decreased to 22 new filings, down from 29, 38, and 41 over the prior three years, respectively. We believe that this decrease is at least partially, if not mostly, due to the huge cash infusions structured as forgivable PPP loans and other forms of government stimulus. Another factor is likely the high cost of going through a bankruptcy proceeding versus simply winding down a business without the formal filing. As expected, even at the reduced level of bankruptcy filings, the commercial printing segment leads the pack. Of interest, there were no bankruptcies in publishing, presumably the market has been rationalized, at least for the time being. Consistent with our observations above about the wide-format segment, the business appears to be improving and we found only two bankruptcies, down from seven last year. <br /><br />Our nomination for the most significant bankruptcy filing during the past year is without question the August 6th filing of OSG Group Holdings along with a slew of affiliates and subsidiaries. OSG Billing Services, the predecessor company, was an early star buyer in our Target Report deal logs, beginning in 2014 and appearing no less than eight times. Aquiline Capital acquired the acquisitive OSG in 2017 and continued the roll-up of the transactional printing business, going quiet after the acquisition of Gabriel Group in January 2020. The Chapter 11 bankruptcy was filed as a prepackaged plan with a quick in-and-out of the bankruptcy process. If all goes according to plan, Pemberton Strategic Credit Holdings, the second lien lender, emerges as the new owners in a classic loan-to-own strategy, presumably washing out much or all of Aquiline Capital’s equity value. To many suppliers’ relief, the plan called for unsecured creditors to receive one hundred cents on the dollar of pre-petition debts. The transactional printing segment has been very quiet over the past four years, with no transactions noted in the segment during the past year. That may be about to change as we expect some fallout from even this most orderly of bankruptcies. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7cLyyitZffr2zc189EsT_nrSUamW2OqqXh0ghLuUAjL8S0tXcPwVn7DtIdneTAQQBuYEBJ4LLBpyP8D-T2XRI9twmWMNamwnGODFvotgeOiRX4v8bt0Yu_2NWwJGZbYbc0-N9WX14zS3k27xfpty1WPjyvcam4vAzl3E4mnmLbm_LwdBVxLJQKWIt/s3644/2022.08.4-Year%20TTM.Bankruptcy%20Filings.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2885" data-original-width="3644" height="613" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7cLyyitZffr2zc189EsT_nrSUamW2OqqXh0ghLuUAjL8S0tXcPwVn7DtIdneTAQQBuYEBJ4LLBpyP8D-T2XRI9twmWMNamwnGODFvotgeOiRX4v8bt0Yu_2NWwJGZbYbc0-N9WX14zS3k27xfpty1WPjyvcam4vAzl3E4mnmLbm_LwdBVxLJQKWIt/w775-h613/2022.08.4-Year%20TTM.Bankruptcy%20Filings.png" width="775" /></a></div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">And finally, we also track activity in non-bankruptcy plant closures; some companies simply close up and just disappear while others find a buyer for the book-of-business and conduct an orderly wind-down process. A closure does not always mean that the company has ceased operating, it may simply be that one of the larger printing firms is rationalizing their production capacity. Either way, closures are indicative of change, usually resulting from downward pressure in a market segment. <br /><br /></span></div><div><span style="font-family: arial; font-size: large;">Consistent with the bankruptcy filing data, the number of non-bankruptcy closures in the past twelve months declined to 23, down from 33, 45, and 49 over the past three years, respectively. <br /><br /></span><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2RZi2Inmzt8HdHyiNe9vOzm8i-wqW6mkeXkXySoUedC1ZaliguYOE6QFlqV1otBKUKhIMI8dkCOedPYm8-CXt0dRY8eoZ8aeiOc_Njr6SNhf_7CTLCIKthUGiRUNkHnWIEXP8lVUtzFqCXj9PRklP3c7oZQr8h37Mg-7m0a2alhLBWi4aX8TuOIXf/s3314/2022.08.4-Year%20TTM.Non-Bankruptcy%20Closure%20Trend.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1994" data-original-width="3314" height="461" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2RZi2Inmzt8HdHyiNe9vOzm8i-wqW6mkeXkXySoUedC1ZaliguYOE6QFlqV1otBKUKhIMI8dkCOedPYm8-CXt0dRY8eoZ8aeiOc_Njr6SNhf_7CTLCIKthUGiRUNkHnWIEXP8lVUtzFqCXj9PRklP3c7oZQr8h37Mg-7m0a2alhLBWi4aX8TuOIXf/w765-h461/2022.08.4-Year%20TTM.Non-Bankruptcy%20Closure%20Trend.png" width="765" /></a></div><br /><span style="font-family: arial; font-size: large;">As expected, general commercial printing companies represent the majority of printing facilities closing up shop. newspaper printing plants also closed in greater numbers than most other segments. Similar to our conclusion from the data on bankruptcy filings, we did not find any printing companies that closed up that were primarily in the publication or catalog printing business. However, we still hear of major titles ceasing to publish the printed edition, moving the content to a digital online experience, suggesting will be difficulties ahead in this segment as more titles go online only.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQvu_2WvBPHRaf5c-8ETGKrYZgfs3VilPHedyO7tVlRqg4Mx14zNyupYRGlUJ7KLYKCbEvWoI2aON-pcpfKLRO4PNxv1_69cxx2HPev4dV6TRKK4F0pRcLTEZ2wnNTFj-aMeP6iWoSAsih9xHxhumh5Vgtn9v5xzuygzzZpmfGfyjxXxEDsi6FM34N/s1656/2022.08.4-Year%20TTM.Non-Bankruptcy%20Closures.Rev.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1311" data-original-width="1656" height="608" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQvu_2WvBPHRaf5c-8ETGKrYZgfs3VilPHedyO7tVlRqg4Mx14zNyupYRGlUJ7KLYKCbEvWoI2aON-pcpfKLRO4PNxv1_69cxx2HPev4dV6TRKK4F0pRcLTEZ2wnNTFj-aMeP6iWoSAsih9xHxhumh5Vgtn9v5xzuygzzZpmfGfyjxXxEDsi6FM34N/w770-h608/2022.08.4-Year%20TTM.Non-Bankruptcy%20Closures.Rev.png" width="770" /></a></div></div><div><br /><div class="separator" style="clear: both;"><br /></div><div><div><div align="center" id="Target Report_22770" x:publishsource="Excel"><table border="0" cellpadding="0" cellspacing="0" class="xl8022770" style="border-collapse: collapse; table-layout: fixed; width: 1399px;"><colgroup><col class="xl8022770" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col><col class="xl8022770" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col><col class="xl8422770" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col><col class="xl8522770" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col><col class="xl9622770" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col><col class="xl8422770" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col><col class="xl8522770" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col><col class="xl9622770" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col><col class="xl8322770" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col><col class="xl8622770" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col><col class="xl9622770" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col><col class="xl8222770" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col><col class="xl9522770" style="mso-width-alt: 1186; mso-width-source: userset; width: 26pt;" width="34"></col><col class="xl8022770" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col></colgroup><tbody><tr class="xl7222770" height="47" style="height: 35pt; mso-height-source: userset;"><td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6822770" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 730pt;" width="968">2022 August - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl9322770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7422770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9322770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7222770" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7522770" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7622770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7622770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9222770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7022770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7622770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9222770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl7022770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7722770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl7022770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7022770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7622770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl7822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ironmark<br />(Port co. Post Capital Partners)</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Annapolis Junction, MD</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Millennium Marketing Solutions</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Annapolis Junction, MD</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/31/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Marketing & branding services</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://blog.ironmarkusa.com/millennium-joins-ironmark?utm_medium=email&utm_source=sharpspring&sslid=MzcwsDAwNDcxtTQyAgA&sseid=MzIxNzC1sDAxtAAA&jobid=78ceb3cf-71b7-4c39-9df0-b306f266eaab" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Open Jar Studios</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bway Printing</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://playbill.com/article/open-jar-studios-acquires-bway-printing" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fortis Solutions Group<br />(Port co. Harvest Partners)</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Identi-Graphics</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montgomery, IL</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Labels & flexible packaging</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fortissolutionsgroup.com/2022/08/30/fortis-solutions-group-acquires-identi-graphics/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Aurelius Group</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Grünwald, Germany</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Offset Solutions Business<br />(Div. Agfa-Gevaert)</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$747.3</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mortsel, Belgium</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$91.9</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Prepress supplies</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://aurelius-group.com/en/news/aurelius-announces-the-acquisition-of-agfa-offset-solutions-from-the-agfa-gevaert-group/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Incline Equity</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Pittsburgh, PA</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">NovaVision</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Bowling Green, OH</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/30/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Security tapes & labels</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://inclineequity.com/incline-acquires-novavision/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">ShoreView Industries</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">AllOver Media</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/24/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Out-of-Home advertising</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.shoreview.com/news_events/shoreview-invests-in-allover-media/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Solar Art</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Laguna Hills, CA</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Brower Tinting & Graphics</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Renton, WA</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/22/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Window graphics</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/2022/8/prweb18853048.htm" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Heath & Tasha Sullivan</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cleveland, TN</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Carroll Printing</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cleveland, TN</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/20/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & copying</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://screenprintingmag.com/70-year-old-screen-printing-business-finds-new-ownership/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Ennis</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$410.8</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Midlothian, TX </td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Gulf Business Forms</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Marcos, TX</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/17/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Business forms</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.ennis.com/press-releases/general/ennis-inc-acquires-assets-of-gulf-business-forms/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Millcraft Paper</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Cleveland,
OH</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">KW Graphics</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Springfield, IL</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/16/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Binding supplies & equipment</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.paperage.com/2022news/08-16-2022millcraft-to-acquire-kw-graphics.html#:~:text=August%2016%2C%202022%20%2D%20The%20Millcraft,the%20deal%20were%20not%20disclosed." target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Saati</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Appiano Gentile,<br />Italy</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Ikonics<br />(Sub. TeraWulf)</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Duluth, M</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/15/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Imaging technologies</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2022/08/15/2498634/8377/en/SAATI-and-IKONICS-Sign-Definitive-Acquisition-Agreement.html" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Specialty Printing & Marketing</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 103pt;" width="137">Shepherdstown, WV </td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Grubb Printing & Stamp Co</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Portsmouth, VA</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/15/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font822770">(Corp Dev Assoc)</span></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.digitaljournal.com/pr/specialty-printing-and-marketing-has-acquired-grubb-printing-and-stamp-company-of-portsmouth-virginia" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Dallas Plastics<br />(Port co. Sole Source Capital)</td>
<td class="xl9822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mesquite,
TX</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">MPP Packaging</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/15/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210"> Packaging films</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://solesourcecapital.com/sole-source-capital-portfolio-company-dallas-plastics-acquires-emballage-mpp/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">BR Printers</td>
<td class="xl9822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Jose, CA</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Egan Printing</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Denver, CO</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/12/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.brprinters.com/egan-printing-co-acquisition/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Esko<br /><span class="font522770">(Sub. Danaher)</span></td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Ghent,
Belgium</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Tilia Labs</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ottawa, ON</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/10/22</td>
<td class="xl8822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic production software</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.esko.com/en/company/press-releases/2022/esko-announces-acquisition-of-canadian-based-tilia-labs" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Charter Next Generation</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Milton,
WI</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Polymer Film & Bag<br />(Div. Polymer Packaging)</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Massillon, OH</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/8/22</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags & packaging films</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://cnginc.com/cng-acquisition-of-polymer-film-bag/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Cox Enterprises</td>
<td class="xl8822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl7122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Atlanta,
GA</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Axios</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Arlington, VA</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/8/22</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$525.0</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Online news</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.niemanlab.org/2022/08/axios-sells-for-525-million-to-a-company-that-seemed-to-be-getting-out-of-the-media-business/?utm_source=Weekly+Lab+email+list&utm_campaign=b5ce9a9989-weeklylabemail&utm_medium=email&utm_term=0_8a261fca99-b5ce9a9989-395867261" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Eukalin</td>
<td class="xl8822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Eschweiler,<br />Germany</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Adhesives Specialists</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Allentown, PA</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/8/22</td>
<td class="xl8822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Specialty adhesives</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prweb.com/releases/2022/08/prweb18825121.htm" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CenterGate Capital</td>
<td class="xl9822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Austin,
TX</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Prisma Graphic</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/4/22</td>
<td class="xl8822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.centergatecapital.com/post/centergate-capital-partners-with-leading-unified-marketing-solutions-provider-prisma" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Labelink</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Anjou, QC</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">The Label Factory</td>
<td class="xl6522770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Georgetown, ON</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/3/22</td>
<td class="xl8822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labelink.ca/labelink-acquires-taylor-label-the-label-factory-and-announces-goal-growing-trade-network-across-canada/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Labelink</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Anjou, QC</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Taylor Label</td>
<td class="xl6522770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brampton, ON</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/3/22</td>
<td class="xl8822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://labelink.ca/labelink-acquires-taylor-label-the-label-factory-and-announces-goal-growing-trade-network-across-canada/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">The Southeast Iowa Union<br />(Div. Folience)</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cedar Rapids, IA</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Belle Plaine Star Press Union<br />(4 titles) (Prop. Gannett)</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl7122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Belle
Plaine, IA</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/3/22</td>
<td class="xl8822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thegazette.com/business/gazette-southeast-iowa-union-acquire-four-weekly-newspapers/" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DazPak Flexible Packaging<br />(Port co. H.I.G. Capital)</td>
<td class="xl8722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Commerce, CA</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Inno-lok<br />(Div. Polymer Packaging)</td>
<td class="xl6622770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Massillon, OH</td>
<td class="xl8922770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">8/2/22</td>
<td class="xl8822770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl9022770" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220729005514/en/Dazpak-Flexible-Packaging-an-H.I.G.-Capital-Portfolio-Company-Completes-Acquisitions-of-Atlapac-Corporation-and-the-Inno-lok-Division-of-Polymer-Packaging" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6922770" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DazPak Flexible Packaging<br />(Port co. H.I.G. Capital)</td>
<td class="xl8722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Commerce, CA</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Atlapac</td>
<td class="xl6622770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Columbus, OH</td>
<td class="xl8922770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">8/2/22</td>
<td class="xl8822770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl9122770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl6722770" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl9022770" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220729005514/en/Dazpak-Flexible-Packaging-an-H.I.G.-Capital-Portfolio-Company-Completes-Acquisitions-of-Atlapac-Corporation-and-the-Inno-lok-Division-of-Polymer-Packaging" target="_blank">Link</a></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7222770" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6922770" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8122770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9422770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9422770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8122770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9422770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6922770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9422770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6822770" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table><br /></div><div align="center" id="Target Report_22770" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_29706" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1404px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6729706" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7329706" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl6929706" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6529706" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl7029706" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6629706" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6529706" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6529706" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6529706" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7129706" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7229706" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl7629706" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl7629706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7729706" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 August - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl7729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl7629706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7229706" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7929706" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7929706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8029706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl8729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl8729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl8029706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8029706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8729706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8029706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8329706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl7929706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7229706" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6829706" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8129706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7529706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7229706" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6829706" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6829706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8929706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">OSG Group Holdings<br />(Port co. Aquiline Capital)</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/6/22</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-10718</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Carlstadt,
NJ</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl8229706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Delaware<br />Wilmington</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">John
T. Dorsey</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Erin
R. Fay</td>
<td class="xl8529706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Transactional
printing</td>
<td class="xl7829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7229706" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6829706" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8129706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7529706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7229706" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6829706" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6829706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8429706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8529706" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7229706" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6829706" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7529706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7529706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6829706" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_29706" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_29706" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
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<div align="center" id="Target Report_365" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl73365" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl73365" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl73365" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl80365" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl81365" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl82365" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl83365" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl83365" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl83365" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl85365" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl84365" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl84365" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl73365" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl71365" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl72365" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl72365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl67365" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 736pt;" width="979">2022 August - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl67365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl67365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl72365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl71365" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl74365" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl74365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl75365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl70365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl70365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl75365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl76365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl70365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl70365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl76365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl77365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl74365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71365" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78365" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl66365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Cover Material Sales</td>
<td class="xl68365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/8/22</td>
<td class="xl88365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl88365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 114pt;" width="151">Hyannis, MA</td>
<td class="xl68365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl68365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl87365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Aug-22</td>
<td class="xl69365" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Book
cover material converting</td>
<td class="xl86365" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.josephfinn.com/auctions/major-book-cover-material-converter/" target="_blank">Link</a></td>
<td class="xl79365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
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<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl90365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl90365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78365" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div></div></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-4718788176240233042022-08-07T22:49:00.017-04:002022-08-08T00:23:23.016-04:00Cenveo Returns to its Roots – July 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrxThtuSz8CP-5i0UOjrOFZsu7RknaJoxmwKThlRNUGAmLbUNzs_XE50jHkXoDh8btVuNUS4xIEETo-UJcmb9zsKfxFwEWqax4kL61FDSCxOvQcly_OBiYnyGVPKuKtbUrrWxI0zZN3c_IPVYD0HaUL2htKrbY8orx-KKbAh4Fi7eycQVEC8mXnlWJ/s1039/Golden%20Envelope.Cropped.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="969" data-original-width="1039" height="378" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrxThtuSz8CP-5i0UOjrOFZsu7RknaJoxmwKThlRNUGAmLbUNzs_XE50jHkXoDh8btVuNUS4xIEETo-UJcmb9zsKfxFwEWqax4kL61FDSCxOvQcly_OBiYnyGVPKuKtbUrrWxI0zZN3c_IPVYD0HaUL2htKrbY8orx-KKbAh4Fi7eycQVEC8mXnlWJ/w406-h378/Golden%20Envelope.Cropped.jpg" width="406" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: left;"><u style="font-family: arial; font-size: x-large;"><i>Good Times in the Envelope Business</i></u></div></div><span style="font-family: arial; font-size: large;"><br />In what appears to be a positive end to a long and tortuous road, the management team of <a href="https://cenveo.com/getattachment/cb4ec6f1-8c83-4a9c-ac2f-10d15f739e28/News" target="_blank">Cenveo</a> has completed a management buyout of the company. The Burton family, which has effectively controlled the company since 2005, is now collectively the majority shareholder, with the balance of the equity owned by other senior executives. <br /><br />Cenveo, which started as an envelope manufacturer over one hundred years ago, and at one time seemed bent on acquiring anything but envelope manufacturers, has now been pared back down to its core. What remains is an envelope printing and converting powerhouse. According to the press release announcing the management buyout, “Cenveo is now exclusively an envelope focused business and the largest envelope converter in North America.” <br /><br />The management buyout transaction may be an example of brilliant strategic planning, or simply good luck getting the timing just right. The envelope business has gone from being a highly price-sensitive commodity business to become a critical component in the print-centric direct mail and transactional document supply chain. For those readers of The Target Report who are not intimately familiar with the printing business, let’s just say that printers and mailers have been scrambling to obtain sufficient quantities of envelopes to complete customer orders. With the ongoing paper shortage (see <a href="https://www.thetargetreport.com/2022/06/paper-industry-in-transition-may-2022-m.html" target="_blank">Paper Industry in Transition – May 2022</a>), converters have resorted to filling orders with brown paper stocks that are more difficult to convert into envelopes and tougher for direct mail printers to process, in lieu of normally widely available standard white paper. <br /><br />The supply-demand curve has inverted, envelopes are in demand and in short supply. Presumably, this has been good for envelope manufacturers, at least until the market comes back into balance. Cenveo is, finally, in a good spot. <br /><br /><u><i>Cenveo – Unwinding a Roll-Up </i></u><br /><br />When we last wrote about Cenveo’s stream of divestitures, in the fall of 2020, the company had just completed the sale of its Cenveo Worldwide Publisher Services division to CJK Group. This transaction followed right on the heels of the sale of a publication printing plant in Pennsylvania and a fulfillment and digital printing plant in Maryland, both sold to Intellicor, a Pennsylvania-based direct mail roll-up. In addition to these divestitures, Cenveo completed a long string of plant closures, wrapping up with the shutdown of the former Cadmus Communications publication printing plant in Richmond, Virginia. These were only the most recent transactions in a steady drumbeat of divisional sales and plant closures, all surrounding the filing for Chapter 11 bankruptcy protection in 2018. Throughout all this churning, it was difficult to discern if there was any rhyme or reason to the unwinding. The divisions that most printing-related companies would consider to be prize assets, such as manufacturers of folding cartons, shrink sleeves, and labels - all went on the chopping block. There was even, in the midst of the frenzied disassembly, a sale of an envelope company, Quality Park Envelope in Minneapolis, to LSC Communications. If management was executing a planned strategy to convert the conglomerate to a pure envelope company, it was nonetheless not apparent at the time (see <a href="https://www.thetargetreport.com/2020/10/cjk-goes-global-as-cenveo-unwinds.html" target="_blank">CJK Goes Global as Cenveo Unwinds – September 2020</a>). <br /><br /><u><i>The Picture Gets Clear </i></u><br /><br />In August 2021, the printing world learned that a new consolidator in the commercial printing segment had stepped up to the big stage and acquired the commercial printing business of Cenveo, including three large printing facilities in Eureka, Missouri, Amarillo, Texas, and San Antonio, Texas. With financial backing from JAL Equity, the consolidator had quietly built up a national network of 15 printing plants. The new entity was named ColorArt, an apparent homage to the Missouri plant’s original owner before being acquired by Mail-Well, the predecessor to Cenveo (more on this later). With this sale, Cenveo took itself out of the highly competitive commodity-level high-volume commercial printing business. <br /><br />Once more staying in the divestiture mode, Cenveo unloaded its Custom Labels Group, in a sale earlier this year, to Brook + Whittle, the label, shrink sleeve and flexible packaging roll-up currently backed by Genstar Capital. Now distilled down to purely an envelope manufacturing company, Cenveo was poised for the management buyout. <br /><br /><u><i>How did it get this Crazy? </i></u><br /><br />Cenveo traces its roots back to 1919 when two entrepreneurs moved west from Missouri and founded the Rocky Mountain Envelope Company. With the rapid economic growth of the Denver region, the company took off, along with many other “Rocky Mountain” brands, so the founders completed the first rebranding and began manufacturing “Mail-Well” products under the new corporate name, Rockmont Envelope Company. <br /><br />It was all envelopes until the late 1950s when the company made some modest inroads into printing stationery and paper bags. In 1960 Rockmont began to diversify, first into school supplies, notebooks, memo pads and tablets. The company rebranded once again as Pak-Well, with Rockmont Envelope now structured as the company’s subsidiary. The company did not escape the early 60’s go-public craze for mid-size manufacturers and was taken public when revenue was slightly more than $13 million. In addition to its home base of Denver, Colorado, the company had manufacturing plants in Portland, Houston, Phoenix, Los Angeles, Salt Lake City, and Honolulu. <br /><br />Reported earnings were never stellar. In the early 1970s, the company posted net earnings of only $1.74 million on sales of $53.8 million (3.23%), establishing a trend of low margins that would continue as the company grew. <br /><br />Through a series of transactions, Pak-Well eventually became part of the paper company Great Northern Nekoosa Corporation, which subsequently was rolled into Georgia-Pacific in 1990. By this time, the division was back to strictly producing envelopes under the Mail-Well brand, as well as under the Wisco Envelopes brand. <br /><br />The low margin envelope business was spun out of Georgia-Pacific in 1993 as the Mail-Well company, with 16 manufacturing plants (remember this number) that produced about 13 billion envelopes annually. Leverage was high, with $17 million in equity supporting $142 million of debt, another trend that would continue. Acquisitions were on the table from jump, including the 1994 purchase of American Envelope Company and the addition of Canadian envelope manufacturing Supremex in 1995 (subsequently one of the first spin-offs under Cenveo in 2005). In 1995 the company went public once again, decreasing leverage, although not for long. Margins remained tight, with reported net income of $8 million on sales of $597 million (1.34%). <br /><br />1995 also marked the diversion of Mail-Well away from the commodity printed products business and into the business of very high-quality commercial printing, with the acquisition of the Graphics Arts Center in Portland, Oregon. Instead of plain-Jane envelope products, Mail-Well had entered the business of technologically-advanced high-craft printing of critical color marketing materials, such as annual reports and automotive brochures. It had also begun to compete in the business of providing trade printing services to the distributor market, with the acquisition of Murray Envelope in Mississippi. <br /><br />Mail-Well was on a tear, competing with Consolidated Graphics to see which company could acquire more, faster. In 1998 alone, Mail-Well rang up 23 acquisitions, including the purchase of creme de la creme commercial printing company Anderson Lithograph in Los Angeles. The same year, the company entered the packaging business with the purchase of the label division of Lawson Mardon Packaging. In May of that year, Mail-Well completed a simultaneous merger with seven commercial printing companies in an exchange of stock, the largest of which was St. Louis-based Color Art with revenue of $75 million. By 1998, Mail-Well boasted revenue of $1.5 billion. However, net income remained a dismal, in relative terms, $21.7 million (1.45%). <br /><br />Things began to sour in 2000, when the company reported sales of $2.43 billion and net income of $27.6 million (1.14%). The company now employed in excess of 13,000 people across the US and Europe, operating 110 printing plants. The turn of the millennium also marked the beginning of a long-drawn-out phase of restructuring, merger of operating divisions, and closure of facilities. The company rebranded again in 2004 to the somewhat perplexing name “Cenveo” (Rockmont Envelope anyone?) <br /><br />The dealmaking days were not over, however, and in 2007 Cenveo purchased Cadmus Communications, further diversifying the company as a major provider of content management and production of scientific, technical, and medical journals. <br /><br />In what now appears to have been a prescient move, Cenveo’s last major acquisition was the purchase of bankrupt National Envelope in 2013. The deal, structured as a 363 sale in the bankruptcy proceeding, was a bargain, reported to be $25 million for a $300 million revenue business. With this transaction, the latest in a string too long to recite here, the company returns to its roots. Cenveo is now an envelope manufacturer, producing approximately 50 billion envelopes annually in 14 plants across the US. <br /><br />The question remains, can the new owners of Cenveo stick to the core business and when the time comes to grow once again by acquisition, will the path be clearly defined, strategically adjunctive, and financially accretive to the company? <br /><br /><u><i>Addendum - Other Envelope Players </i></u><br /><br />Earlier this year in March, Tension Corporation, one of the largest manufacturers of envelopes in the US, announced the acquisition of the print division assets of <a href="https://www.tensioncorp.com/news/tension-corporation-announces-acquisition-intellus-directs-print-division-assets" target="_blank">Intellus Direct</a>. The acquired division is the successor to the former IBS Direct, a direct mail and envelope converter located in King of Prussia, Pennsylvania. The plant operated under the short-lived name Intellus Marketing, a direct mail roll-up which acquired the IBS Direct plant in 2018, among other assets now sold off. <br /><br /> A new envelope manufacturing platform company with private equity backing was announced in July. CenterGate Capital, based in Austin, Texas, purchased <a href="https://www.centergatecapital.com/post/centergate-capital-invests-in-leading-manufacturer-and-printer-of-envelopes-united-envelope" target="_blank">United Envelope</a>. The acquired company is based in Ridgefield, New Jersey and has additional manufacturing locations in Pennsylvania and Ohio. CenterGate is seeking add-ons in the envelope segment. However, not content to keep its focus strictly on envelopes, CenterGate also states that it will consider add-ons in flexible packaging, folding cartons, paper-based products, and other graphic arts services.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_1579" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl811579" style="border-collapse: collapse; table-layout: fixed; width: 1399px;">
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<col class="xl871579" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
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<col class="xl831579" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
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</colgroup><tbody>
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<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl681579" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 682pt;" width="905">2022 July - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl941579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl741579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl941579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 26pt;" width="34"></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl721579" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl751579" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl761579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl761579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl931579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl701579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl761579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl931579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Pre-Deal<br />Revenue<br />(US$Mil)</td>
<td class="xl701579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl771579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl701579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63">Deal<br />Value<br />(US$Mil)</td>
<td class="xl701579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl761579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;">Link</td>
<td class="xl781579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">WestRock</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$20,940</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Norcross, GA</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Grupo Gondi</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mexico City,<br />Mexico</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/27/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$1,763.0</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paperboard mills & packaging</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ir.westrock.com/press-releases/press-release-details/2022/WestRock-to-Acquire-Remaining-Interest-in-Grupo-Gondi/default.aspx" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">JBF Finance</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Buchillon,<br />Switzerland</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bobst Group</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$1,670</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lausanne,<br />Switzerland</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/25/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$622.1</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Printing & finishing equipment</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://whattheythink.com/articles/111624-bobst-going-private-focus-future/?utm_source=newsletter1&utm_medium=email&utm_campaign=daily" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Koenig & Bauer (KBA)</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$1,163</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Wurzburg, Germany</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Celmacch Group</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brescia, Italy</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/22/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Minority Interest</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexo presses for corrugated</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.koenig-bauer.com/en/news/details/article/koenig-bauer-strengthens-presence-on-the-growth-market-for-corrugated-board/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mill Rock Packaging<br />(Port co. Mill Rock Capital)</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Impressions</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St. Paul, MN</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/18/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/mill-rock-packaging-acquires-impressions-incorporated-301587895.html" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">LBS</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Des Moines, IA</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cover Material Sales</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hyannis, MA</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/18/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Specialty paper distributor</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lbsbind.com/news/lbs-press-release-2022/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">United GMG</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Elk Grove Village, IL</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Lightbox Graphix</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mount Prospect, IL</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/18/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Signage & wide format</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2022/07/18/2480993/0/en/Chicago-Printing-Direct-Mail-Company-United-GMG-Acquires-Lightbox-Graphix-Expands-Capabilities.html" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Crisp Imaging</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Costa
Mesa, CA</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Coastal Reprographics</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">San Luis Obispo, CA</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/14/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Reprographics & wide format</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.linkedin.com/feed/update/urn:li:activity:6953747036395499521/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CenterGate Capital</td>
<td class="xl981579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Austin,
TX</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">United Envelope</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ridgefield, NJ</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/13/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font71579">(CIBC)</span></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Envelope manufacturing</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.centergatecapital.com/post/centergate-capital-invests-in-leading-manufacturer-and-printer-of-envelopes-united-envelope" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Dynos</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Troisdorf,
Germany</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cheney Pulp and Paper</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, OH </td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/13/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Natural fiber paper pulp</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.dynosgroup.com/news-en/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Mayr-Melnhof Group</td>
<td class="xl891579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$3,490</td>
<td class="xl711579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Vienna,
Austria</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Essentra Packaging (UK & US)<br />(Div. Essentra)</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$440.0</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Oxford, UK<br />Westchester, IL</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/12/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$371.0</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & labels</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lesprom.com/en/news/Mayr-Melnhof_Group_to_acquire_Essentra_Packaging_103782/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Relyco</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Dover,
NH</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Business Forms</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Roanoke, VA</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Business forms</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.relyco.com/wp-content/uploads/RELYCO-Announces-Acquisition-of-Business-Forms-Inc.pdf" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">The Graphics Shop<br />(Div. Hackworth Reprographics)</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chesapeake, VA</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Balco Sign & Safety</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Safety sign printing</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tgsva.com/the-graphics-shop-acquires-balco-sign-safety/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Plockmatic<br />(Sub. Grimaldi Industri Group)</td>
<td class="xl891579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hägersten, Sweden</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Intec Printing Solutions</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Poole, UK</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print finishing equipment</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://plockmaticgroup.com/2022/07/11/plockmatic-group-acquires-intec-printing-solutions/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Cenveo Mngt Team</td>
<td class="xl891579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl711579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Stamford,
CT</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Cenveo</td>
<td class="xl651579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Stamford, CT</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Mngt. Buyout</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Envelope manufacturing</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://cenveo.com/getattachment/cb4ec6f1-8c83-4a9c-ac2f-10d15f739e28/News'" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Tenex Capital</td>
<td class="xl891579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Oliver Printing & Packaging<br />(Port co. Pfingsten Partners)</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hauppauge, NY</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/11/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tenexcm.com/tenex-capital-invests-in-oliver-inc/" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Yankee Publishing ESOP</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dublin, NH</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Yankee Publishing</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Dublin,
NH</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/8/22</td>
<td class="xl881579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Sale to ESOP<br /><span class="font71579">(Atlantic Mngt)</span></td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Magazine publishing</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.einnews.com/pr_news/580210627/yankee-publishing-inc-becomes-100-employee-owned" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SupplyLogic<br />(Port co Inverness Graham)</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Kansas
City, MO</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">WebbMason</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hunt Valley, MD</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/7/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Print & brand management</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/supplylogic--webbmason-marketing-merge-to-form-leading-comprehensive-marketing-solutions-organization-301582633.html" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl671579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; width: 163pt;" width="217">Paper Excellence</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richmond, BC</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Resolute Forest Products</td>
<td class="xl661579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$3,740</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl901579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">7/6/22</td>
<td class="xl891579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">$2,700</td>
<td class="xl921579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper & pulp products</td>
<td class="xl911579" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/paper-excellence-group-enters-into-definitive-agreement-to-acquire-resolute-for-20-50-per-share-and-one-contingent-value-right-tied-to-potential-duty-deposit-refunds-of-up-to-500-million-301581311.html" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl691579" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl791579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Electronics for Imaging (EFI)<br />Port Co. Siris Capital Group</td>
<td class="xl661579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl711579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Foster
City, CA</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">CADlink Technology</td>
<td class="xl651579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Ottawa, ON</td>
<td class="xl901579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">7/5/22</td>
<td class="xl881579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 48pt;" width="63">No Data</td>
<td class="xl921579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl801579" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Graphic production software</td>
<td class="xl911579" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.efi.com/library/efi/documents/3110/efi_cdl_press_release_final_en_us.pdf" target="_blank">Link</a></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl721579" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl691579" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl821579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl951579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl951579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl821579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl951579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl691579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl951579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl681579" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_1579" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_1579" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl675698" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl735698" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl695698" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl655698" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl705698" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl665698" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl655698" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl655698" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl655698" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl715698" style="mso-width-alt: 8354; mso-width-source: userset; width: 180pt;" width="239"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl725698" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl765698" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; width: 16pt;" width="21"></td>
<td class="xl765698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl775698" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 723pt;" width="962">2022 July - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl775698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl775698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 180pt;" width="239"></td>
<td class="xl765698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl725698" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl795698" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl795698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl805698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl875698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date<br />Case<br />Filed</td>
<td class="xl875698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenue<br />(US$Mil)</td>
<td class="xl875698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br /><br /><br />Case #</td>
<td class="xl805698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl805698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl875698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl875698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl805698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl825698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 180pt;" width="239"><br /><br /><br />Notes</td>
<td class="xl795698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl725698" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl685698" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl815698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl725698" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl685698" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl685698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl895698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl855698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl785698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl725698" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl685698" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl815698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl725698" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl685698" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl685698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl745698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Bill's Prestige Printing, Inc</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/28/22</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-02691</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Eustis,
FL</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl845698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Middle FL<br />Orlando</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Grace
E. Robson</td>
<td class="xl835698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Michael
E. Golub</td>
<td class="xl855698" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl785698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl725698" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl685698" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl685698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl745698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Royal Graphics, Inc.</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7/14/22</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">22-+07848</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Downer's
Grove, IL</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7th</td>
<td class="xl845698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern IL<br />Chicago</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Janet
S. Baer</td>
<td class="xl835698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">William
D. Cherny</td>
<td class="xl855698" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl785698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl725698" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl685698" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl885698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl685698" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><div align="center" id="Target Report_1579" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_1579" x:publishsource="Excel"><span style="text-align: left;"> </span></div></span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_5698" style="font-size: x-large;" x:publishsource="Excel"><span style="font-size: small;"><!--The following information was generated by Microsoft Excel's Publish as Web
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</span><div align="center" id="Target Report_8433" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl728433" style="border-collapse: collapse; table-layout: fixed; width: 1405px;">
<colgroup>
<col class="xl728433" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl728433" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl798433" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl808433" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl818433" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl828433" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl828433" style="mso-width-alt: 6562; mso-width-source: userset; width: 141pt;" width="188"></col>
<col class="xl828433" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl848433" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl838433" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl838433" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl728433" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl708433" height="47" style="height: 35pt; mso-height-source: userset;">
<td class="xl718433" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 35pt; width: 15pt;" width="19"></td>
<td class="xl718433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl678433" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 683pt;" width="908">2022 July - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl878433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl678433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl678433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl718433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl708433" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl738433" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl738433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl748433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl698433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl698433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenue<br />(US$Mil)</td>
<td class="xl748433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl758433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 141pt;" width="188">Related Party</td>
<td class="xl698433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137">Related Party<br />Address</td>
<td class="xl698433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl758433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl768433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl738433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl708433" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl778433" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl778433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl658433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Challenge Graphics</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">8/25/22</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Deer
Park, NY</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">None</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl868433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Jul-22</td>
<td class="xl688433" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl858433" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/challenge-graphics/?utm_source=Pressxchange.com&utm_medium=email&utm_campaign=Challenge+Graphics%2C+Complete+Plant+Closure&utm_content=Challenge+Graphics%2C+Complete+Plant+Closure" target="_blank">Link</a></td>
<td class="xl788433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl708433" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl778433" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl888433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl888433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl668433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl778433" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><span style="font-size: large;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-83395899023848269682022-07-08T06:00:00.031-04:002022-07-10T20:33:17.917-04:00Commercial Print Awakes from M&A Slumber – June 2022 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiobAAEsW3zPK1Aht2uySjkb_fR9eE16yVzg8yJBGa4jArbVbxvtbb2UEcUF6FNO5ZvLJjedH_3aZNJgwjVNOlGzcFsPlQZUqod9cT8oy8QbyZTTFZpaM4z9TsflCe0DAsgE2nOsOnyx2jqnn-GEqboJlHIxJvCca_NfJGZLpJjRJy-tQxZLrXSSDLS/s3862/Bread,%20Fruit%20&%20Wine.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2574" data-original-width="3862" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiobAAEsW3zPK1Aht2uySjkb_fR9eE16yVzg8yJBGa4jArbVbxvtbb2UEcUF6FNO5ZvLJjedH_3aZNJgwjVNOlGzcFsPlQZUqod9cT8oy8QbyZTTFZpaM4z9TsflCe0DAsgE2nOsOnyx2jqnn-GEqboJlHIxJvCca_NfJGZLpJjRJy-tQxZLrXSSDLS/w401-h266/Bread,%20Fruit%20&%20Wine.jpg" width="401" /></a></div><br /></div><span style="font-family: arial; font-size: large;"><u><i>Commercial Print M&A Activity Falls During Covid Period</i></u></span><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In the three years leading up to the pandemic that broke out in early 2020, M&A activity in the commercial printing segment, as we define it,* averaged 43 transactions per year. For the past two years, the number of M&A transactions in the commercial printing segment has fallen to 25 and 26 in each year, respectively, or otherwise stated, approximately two per month.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">During the prior twelve months leading up to the end of the second quarter of 2022, there was one month with no M&A deals in the segment and four months with only one deal that we counted in the commercial printing segment. Of the 26 transactions in the twelve months ended June 2022, five of those occurred in just the past month. These numbers contrast with what we found in 2013, two years after we started the Target Report, when the average number of transactions in the commercial printing segment was close to 6 per month, every month. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">It is too soon to tell whether this might portend a return to the norm of the pre-pandemic era, however the nature of the transactions suggests some trends that are likely to continue even if the deal count does not.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><u><i>Companies Do Not Live on Print Alone</i></u></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Post Capital Partners announced the acquisition of <a href="https://www.postcp.com/article?ID=619090" target="_blank">Ironmark</a>, a diversified provider of marketing production services located in Annapolis Junction, Maryland. The acquired company was originally focused solely on printing services and operated from 1955 to 2011 under the banner Frank Gumpert Printing. In 2011, the company merged with Corporate Printing Solutions and was renamed CPS Gumpert. According to the company’s website, the combined entities grew and began offering a multitude of graphic and marketing services in addition to traditional offset printing, expanding into digital and large format printing, graphic design and web development, event promotions, promo products and e-comm services.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In the press release announcing the purchase of Ironmark and establishment of the firm as a new platform for future investments, Post Capital introduces Ironmark to its audience as an “image company” with plans to “further build upon its omni-channel marketing delivery platform.” While not eschewing the company’s roots in printing, noting that Ironmark has a “strong legacy in print-based marketing solutions,” the announcement elaborates that the company “provides a fully-integrated suite of services including commercial print (digital, offset and wide-format), digital marketing and web development, creative agency, promotional products management and a range of logistics services including procurement, warehousing, kitting, mailing, and e-commerce fulfillment, which enables its customers to realize the benefits of spend and vendor management consolidation with a single, omni-channel provider.” The message is clear, this is not your grandfather’s printing company. Rather, this new platform within the private equity universe is a marketing services production engine.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Also in June, Graphic Village announced the purchase of <a href="https://www.graphicvillage.com/blog/gv-acquires-sunrise-hitek" target="_blank">Sunrise Hitek Group</a> in Chicago. The acquired company provides a wide variety of printed products and extends Graphic Village’s footprint west to Chicago. Based in Cincinnati, Ohio and with backing from Revitalize Capital, Graphic Village has been a serial acquirer of a diversified collection of graphic service providers. Similar to Ironmark, Graphic Village has its beginnings as a pure commercial printer. Bramkamp Printing, a commercial printer, served as the core company, cross-selling services with other Cincinnati graphic companies including DocuPros Digital Printing, Premier Mail and Fulfillment, Everything’s Image apparel decorating, and Quality Custom Binders. Bramkamp and DocuPros eventually merged, taking on the name of the consortium Graphic Village as the new graphic services platform for Cincinnati-based private equity firm Revitalize Capital. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Well down the pathway to being a diversified marketing services production provider, the first words on Graphic Village’s website set the tone with “Welcome to Graphic Village, your multichannel marketing solutions provider.” The inference is clear, this is not your run-of-the-mill printing company. (For more about Graphic Village’s acquisition journey, (see <a href="https://www.thetargetreport.com/2020/06/regional-print-consolidator-builds.html" target="_blank">Regional Print Consolidator Builds Diverse Offerings - May 2020</a>). </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"><u><i>Regional, Not National, Consolidation</i></u></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In addition to extolling the virtues of its expanded services, Graphic Village explicitly noted that the location of the acquired company, Chicago, was a key strategic rationale behind the acquisition. This aligns with another clear trend we have noted. Healthy commercial printing companies are building out a regional network of locations via acquisition, in contrast to leaping right from a central base to a national strategy of networked commercial printing companies. That concept, which was the strategy du jour at the turn of the century, eventually faded as Consolidated Graphics (CGX), Cenveo (né Mailwell), Printing Arts America, and Nationwide Argosy, among others, all were acquired, absorbed, deconsolidated, or simply disintegrated back into separate printing companies. </span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">Representative of the current trend to build out regionally, Paper Airplane, a commercial printing company based in Birmingham, Alabama, acquired <a href="https://www.bizjournals.com/birmingham/news/2022/06/08/paper-airplane-acquisition.html" target="_blank">Colonial Printing and Packaging</a>, located in Huntsville, Alabama. Paper Airplane announced that it was assuming operations at the Huntsville location and would offers services there as well as at its headquarters in Birmingham. The new location is approximately an hour and a half away, a good example of the regional trend consolidation trend we have seen elsewhere (see <a href="https://www.thetargetreport.com/2019/12/commercial-printing-consolidation-or.html" target="_blank">Commercial Printing: Consolidation or Regional Expansion? – November 2019</a>).</span></div><div><span style="font-family: arial;"><span style="font-size: large;"><br /></span></span></div><div><span style="font-size: large;"><span style="font-family: arial;">There are exceptions to this regional consolidation trend. Missouri-based ColorArt, with backing from JAL Equity, has rapidly built up a network of acquired commercial printing companies, with locations ranging from Southern California and Las Vegas in the west, a smattering of locations in every state that connect from New Mexico all the way up to Michigan, east to Long Island in New York, and down to Florida. Ironically, in its most notable transaction, in June 2021, ColorArt acquired the commercial print division of the disintegrating Cenveo which included three major printing facilities (see <a href="https://www.thetargetreport.com/2020/10/cjk-goes-global-as-cenveo-unwinds.html" target="_blank">CJK Goes Global as Cenveo Unwinds – September 20</a></span><span style="font-family: arial;"><a href="https://www.thetargetreport.com/2020/10/cjk-goes-global-as-cenveo-unwinds.html" target="_blank">20</a>). More recently, in February 2022, ColorArt acquired Cockrell Enovation, a commercial printing company in Fort Worth, Texas. The strategy is clearly national, opportunistic, and primarily print-centric.</span></span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">In another twist of the patchwork of consolidation, deconsolidation, and re-consolidation, earlier this year the aforementioned regional consolidator Graphic Village picked up the Cincinnati division of formerly active consolidator OneTouchPoint. With backing from ICV Partners, OneTouchPoint was an active national player and an early proponent of layering marketing services on top of a network of print providers. However, OneTouchPoint has gone quiet on the buy side since right before the pandemic broke out in February 2020, when the company acquired Bluewater, a digital marketing services company. It remains to be seen if the sale of the Cincinnati operation to Graphic Village is a one off divestiture or the beginning of another deconstruction.</span></div><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;">We have no doubt that these two trends will continue, exemplified by the recent uptick in deals within the broadly defined commercial printing segment. The stronger players will continue to move upstream from pure print providers and superimpose a myriad of marketing services on top of their basic analog and digital print capabilities. Some of those same top performers will also see regional expansion as their best path to growth since the overall market is, depending on who you ask, either stable or declining, but not increasing.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial; line-height: 110%;">*In our lexicon, we draw a wide circle around
the term “commercial printing” to include everything from the main street print
and copy shops up to and including RR Donnelley. In essence, if the printed
product of the acquired company is primarily used for marketing purposes,
versus labels or folding cartons, for example, then we classify the transaction
within the overall commercial printing category.</span></div><div><br /></div><div><table border="0" cellpadding="0" cellspacing="0" class="xl802427" style="border-collapse: collapse; font-family: Arial, sans-serif; font-size: 10pt; padding: 0px; table-layout: fixed; vertical-align: bottom; white-space: nowrap; width: 1434px;"><colgroup><col class="xl802427" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 15pt;" width="20"></col><col class="xl802427" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 9pt;" width="12"></col><col class="xl852427" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 167pt;" width="222"></col><col class="xl862427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl982427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 105pt;" width="140"></col><col class="xl852427" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 172pt;" width="230"></col><col class="xl862427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl982427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 105pt;" width="140"></col><col class="xl842427" style="color: windowtext; font-size: 11pt; padding: 0px; text-align: center; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl872427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl982427" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 105pt;" width="140"></col><col class="xl832427" style="color: windowtext; font-size: 12pt; padding: 0px; vertical-align: bottom; width: 161pt;" width="215"></col><col class="xl962427" style="color: windowtext; font-size: 8pt; padding: 0px; text-align: center; vertical-align: bottom; width: 26pt;" width="35"></col><col class="xl802427" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 15pt;" width="20"></col></colgroup><tbody><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; width: 15pt;" width="20"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; width: 9pt;" width="12"></td><td class="xl672427" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 693pt;" width="927">2022 June - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries</td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 48pt;" width="65"></td><td class="xl942427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; vertical-align: bottom; width: 105pt;" width="140"></td><td class="xl732427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 161pt;" width="215"></td><td class="xl942427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; vertical-align: bottom; width: 26pt;" width="35"></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 15pt;" width="20"></td></tr><tr class="xl712427" height="73" style="color: windowtext; font-size: 10pt; height: 55.05pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl742427" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55.05pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl752427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 9pt;" width="12"></td><td class="xl752427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 167pt;" width="222"><br />Deal Party #1<br />(Surviving Entity)</td><td class="xl932427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65">Pre-Deal<br />Revenue<br />(US$Mil)</td><td class="xl692427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 105pt;" width="140"><br /><br />Party #1 Address</td><td class="xl752427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 172pt;" width="230"><br /><br />Deal Party #2</td><td class="xl932427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65">Pre-Deal<br />Revenue<br />(US$Mil)</td><td class="xl692427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 105pt;" width="140"><br /><br />Party #2 Address</td><td class="xl762427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65">Date<br />Deal<br />Public</td><td class="xl692427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65">Deal<br />Value<br />(US$Mil)</td><td class="xl692427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 105pt;" width="140"><br />Deal Structure<br />(Intermediary)</td><td class="xl752427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 161pt;" width="215"><br /><br />Notes</td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;">Link</td><td class="xl772427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Green Bay Packaging</td><td class="xl822427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl702427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Green Bay, WI</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Interstate Packaging</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Albert Lea, MN</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/30/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Corrugated cartons</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://gbp.com/corrugated-packaging/newsroom/green-bay-packaging-inc-continues-expansion-with-the-acquisition-of-interstate-packaging-corp" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Fortis Solutions Group<br />(Port co. Harvest Partners)</td><td class="xl662427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Virginia Beach, VA</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Anchor Printing</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Novi, MI</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/30/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Labels & flexible packaging</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://fortissolutionsgroup.com/2022/06/30/fortis-solutions-group-acquires-anchor-printing/" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Post Capital Partners</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">New York, NY</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Ironmark</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Annapolis Junction, MD</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/22/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Marketing production services</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.postcp.com/article?ID=619090" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Carpenter Newsmedia<br />Affil. Boone Newspapers</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Natchez, MS</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Daily News of Bowling Green</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Bowling Green, KY</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/22/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl972427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 10pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140"><span class="font92427" style="font-size: 12pt;">Acquisition</span><span class="font82427" style="font-size: 10pt;"><br />Cribb, Cope & Potts</span></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Community newspapers</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.messenger-inquirer.com/news/bowling-green-paper-to-be-sold-ending-familys-140-year-history/article_63ccf836-ccf2-56c9-b73b-8a6f7bd46d73.html" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">TC Transcontinental</td><td class="xl662427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">$2,176</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Montreal, QC</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Banaplast</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Armenia, Colombia</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/22/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Flexible packaging</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://tctranscontinental.com/en-us/company-overview/news-room/press-releases/tc-transcontinental-packaging-expands-its-offering-and" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Central National Gottesman</td><td class="xl662427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">$6,200</td><td class="xl702427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Purchase, NY</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Lewis Paper International</td><td class="xl662427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Addison, IL</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/20/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Paper & supplies distribution</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.cng-inc.com/cng-acquires-illinois-based-lewis-paper-international/" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Association for PRINT Technologies (APTech)</td><td class="xl892427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl702427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Franklin, TN</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">WhatTheyThink</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">St. Paul, MN</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/15/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Printing industry publisher</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://whattheythink.us2.list-manage.com/track/click?u=1521cb5a14ee9046986f68b9c&id=ca38ab4446&e=ef7dbd73ad" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">iSign</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Boyertown, PA</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Acorn Sign Graphics</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Richmond, VA</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/15/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">$0.1</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">363 Sale in Ch. 11</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Signage business</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://richmondbizsense.com/2022/06/15/acorn-sign-graphics-revived-after-bankruptcy-auction/" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Syracuse Label & Surround Printing</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">North Syracuse, NY</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Macaran Printing Products</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Cohoes, NY</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/13/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Merger</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Label printing</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://syrlsp.com/wp-content/uploads/2022/06/Syracuse_Macaran_Merger_PR_FINAL_6_10.pdf" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Minuteman Press Spokane Valley</td><td class="xl892427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl702427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Spokane Valley, WA</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Lancer Ltd. Commercial Printing</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Spokane Valley, WA</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/10/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Printing & copying</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://news.yahoo.com/longtime-spokane-valley-based-printing-150200028.html" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Summa</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Gistel, Belgium</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Valiani</td><td class="xl662427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl702427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Certaldo, Italy</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/9/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Flatbed cutting devices</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.summa.com/en-us/company/press-room/summa-acquires-valiani-expanding-business-in-flatbed-cutting/" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Paper Airplane</td><td class="xl892427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl702427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Birmingham, AL</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Colonial Printing and Packaging</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Huntsville, AL</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/8/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">$3.0</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Commercial printing</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.bizjournals.com/birmingham/news/2022/06/08/paper-airplane-acquisition.html" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Fujifilm</td><td class="xl892427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">$22,500</td><td class="xl702427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Tokyo, Japan</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Unigraphica</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Liechtenstein</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/8/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Printing system integrator</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.fujifilm.com/mt/en/news/Fujifilm-Acquires-European-Inkjet-System-Integrator-UNIGRAPHICA-to-Expand-Inkjet-Integration-Business-Globally" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Electronics for Imaging (EFI)<br />Port Co. Siris Capital Group</td><td class="xl662427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">$1,020</td><td class="xl702427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Foster City, CA</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Inèdit Software</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Barcelona, Spain</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/8/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Textile printing software</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.efi.com/library/efi/documents/3081/efi_reggiani_workflow_annoucement_f_07june_useng_en_us.pdf" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Orbus Exhibit & Display Group<br /><span class="font72427" style="font-size: 11pt;">Port co. Tenex Capital Management</span></td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Woodbridge, IL</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">SEG Systems & Services</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Charlotte, NC</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/6/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Retail displays</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.orbus.com/share/press-releases/orbus-acquires-seg-systems-and-services" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Graphic Village<br />(Port co. Revitalize Capital)</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">$22.0</td><td class="xl702427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Cincinnati, OH</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">Sunrise Hitek</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Chicago, IL</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/5/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Commercial printing</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.graphicvillage.com/blog/gv-acquires-sunrise-hitek" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">Sigler Companies</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Ames, IA</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">AlphaCopies (w/ FastSigns)</td><td class="xl652427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Ames, IA</td><td class="xl902427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/2/22</td><td class="xl882427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Printing & copying</td><td class="xl912427" style="background: rgb(255, 255, 204); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://www.sigler.com/who-we-are/blog/sigler-unites-alpha-copies-and-fastsigns-ames-%E2%80%93-your-questions-answered" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl782427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 167pt;" width="222">A/E Graphics |Epic Color</td><td class="xl652427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Brookfield, WI</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 172pt;" width="230">B&L Graphic Solutions</td><td class="xl662427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Jackson, WI</td><td class="xl902427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; vertical-align: middle;">6/2/22</td><td class="xl882427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 48pt;" width="65">No Data</td><td class="xl922427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 105pt;" width="140">Acquisition</td><td class="xl792427" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle; white-space: normal; width: 161pt;" width="215">Wide format printing</td><td class="xl912427" style="background: rgb(216, 228, 188); color: blue; font-size: 10pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: middle;"><a href="https://patch.com/wisconsin/milwaukee/e-graphics-epic-color-acquires-b-l-graphic-solutions" target="_blank">Link</a></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr><tr class="xl712427" height="33" style="color: windowtext; font-size: 10pt; height: 25.05pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl682427" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.05pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl812427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl952427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl952427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl812427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl952427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl682427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl952427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl672427" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom;"></td></tr></tbody></table></div><div><br /></div><div><br /></div><div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1436px;"><colgroup><col style="width: 16pt;" width="21"></col><col style="width: 9pt;" width="12"></col><col class="xl6714670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 212pt;" width="282"></col><col class="xl7314670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 48pt;" width="65"></col><col class="xl6914670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 60pt;" width="80"></col><col class="xl6514670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 54pt;" width="72"></col><col class="xl7014670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; vertical-align: middle; white-space: nowrap; width: 116pt;" width="155"></col><col class="xl6614670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 37pt;" width="50"></col><col class="xl6514670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 88pt;" width="117"></col><col class="xl6514670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 122pt;" width="162"></col><col class="xl6514670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap; width: 116pt;" width="155"></col><col class="xl7114670" style="color: windowtext; font-family: Arial; font-size: 10pt; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 183pt;" width="245"></col><col style="width: 15pt;" width="20"></col></colgroup><tbody><tr class="xl7214670" height="47" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 35pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl7614670" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; padding: 0px; text-align: left; vertical-align: bottom; width: 16pt;" width="21"></td><td class="xl7614670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: bottom; width: 9pt;" width="12"></td><td class="xl7714670" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 737pt;" width="983">2022 June - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries</td><td class="xl7714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 116pt;" width="155"></td><td class="xl7714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 183pt;" width="245"></td><td class="xl7614670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: bottom; width: 15pt;" width="20"></td></tr><tr class="xl7214670" height="87" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 65.25pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl7914670" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl7914670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl8014670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 212pt;" width="282"><br /><br /><br />Filing Party</td><td class="xl8714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65"><br />Date<br />Case<br />Filed</td><td class="xl8714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 60pt;" width="80">Pre-Petition<br />Revenue<br />(US$Mil)</td><td class="xl8714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 54pt;" width="72"><br /><br /><br />Case #</td><td class="xl8014670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 116pt;" width="155"><br /><br /><br />Filing Party Address</td><td class="xl8014670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 37pt;" width="50"><br /><br /><br />Circuit</td><td class="xl8714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 88pt;" width="117"><br /><br /><br />Region & City</td><td class="xl8714670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 122pt;" width="162"><br /><br /><br />Judge</td><td class="xl8014670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 116pt;" width="155"><br /><br /><br />Attorney for Debtor</td><td class="xl8214670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 183pt;" width="245"><br /><br /><br />Notes</td><td class="xl7914670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td></tr><tr class="xl7214670" height="33" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 25.05pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl6814670" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.05pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8114670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; padding-left: 24px; text-align: left; vertical-align: middle;">Chapter 11 Filings:</td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7514670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td></tr><tr class="xl7214670" height="47" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl6814670" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7414670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle; white-space: normal; width: 212pt;" width="282">Premier Modern Commercial Printing Company</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">6/7/22</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">No Data</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">22-41296</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Burleson, TX</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">5th</td><td class="xl8414670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 88pt;" width="117">Northern TX<br />Fort Worth</td><td class="xl8414670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle; white-space: normal; width: 122pt;" width="162">Edward L. Morris</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">Michael S. Mitchell</td><td class="xl8514670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;">Commercial printing</td><td class="xl7814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td></tr><tr class="xl7214670" height="33" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 25.05pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl6814670" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.05pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8114670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; padding-left: 24px; text-align: left; vertical-align: middle;">Chapter 7 Filings:</td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl7514670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td></tr><tr class="xl7214670" height="47" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl6814670" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7414670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle; white-space: normal; width: 212pt;" width="282">No Chapter 7 Filings Found this Month</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8314670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl8514670" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;">---</td><td class="xl7814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td></tr><tr class="xl7214670" height="34" style="color: windowtext; font-family: Arial; font-size: 10pt; height: 25.8pt; padding: 0px; text-align: center; vertical-align: bottom; white-space: nowrap;"><td class="xl6814670" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.8pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl8814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl7514670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;"></td><td class="xl7514670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;"></td><td class="xl6814670" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td></tr></tbody></table><br /></div><div><br /></div><div><table border="0" cellpadding="0" cellspacing="0" class="xl7017624" style="border-collapse: collapse; font-family: Arial, sans-serif; font-size: 10pt; padding: 0px; table-layout: fixed; vertical-align: bottom; white-space: nowrap; width: 1438px;"><colgroup><col class="xl7017624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 15pt;" width="20"></col><col class="xl7017624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 9pt;" width="12"></col><col class="xl7917624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 228pt;" width="305"></col><col class="xl8017624" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl8117624" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 54pt;" width="72"></col><col class="xl8217624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: middle; width: 116pt;" width="155"></col><col class="xl8217624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: middle; width: 144pt;" width="192"></col><col class="xl8217624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: middle; width: 105pt;" width="140"></col><col class="xl8417624" style="color: windowtext; font-size: 10pt; padding: 0px; text-align: center; vertical-align: bottom; width: 54pt;" width="72"></col><col class="xl8317624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 240pt;" width="320"></col><col class="xl8317624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 48pt;" width="65"></col><col class="xl7017624" style="color: windowtext; font-size: 10pt; padding: 0px; vertical-align: bottom; width: 15pt;" width="20"></col></colgroup><tbody><tr class="xl6817624" height="47" style="color: windowtext; font-size: 10pt; height: 35pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl6917624" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35pt; padding: 0px; text-align: left; vertical-align: bottom; width: 15pt;" width="20"></td><td class="xl6917624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: bottom; width: 9pt;" width="12"></td><td class="xl6617624" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 695pt;" width="929">2022 June - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries</td><td class="xl8517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; vertical-align: bottom; width: 54pt;" width="72"></td><td class="xl6617624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 240pt;" width="320"></td><td class="xl6617624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; padding: 0px; text-align: left; vertical-align: bottom; width: 48pt;" width="65"></td><td class="xl6917624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: bottom; width: 15pt;" width="20"></td></tr><tr class="xl6817624" height="87" style="color: windowtext; font-size: 10pt; height: 65.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl7117624" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl7117624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td><td class="xl7217624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 228pt;" width="305"><br /><br /><br />Closed Company / Facility</td><td class="xl6717624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65"><br />Date of Closure</td><td class="xl6717624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 54pt;" width="72">Pre-Closure<br />Revenue<br />(US$Mil)</td><td class="xl7217624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 116pt;" width="155"><br /><br /><br />Closing Address</td><td class="xl7317624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 144pt;" width="192">Related Party</td><td class="xl6717624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 105pt;" width="140">Related Party<br />Address</td><td class="xl6717624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 54pt;" width="72">Date Closure Public</td><td class="xl7317624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 240pt;" width="320"><br /><br /><br />Notes</td><td class="xl7417624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom; white-space: normal; width: 48pt;" width="65"><br />Press<br />Releases</td><td class="xl7117624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-decoration-line: underline; vertical-align: bottom;"></td></tr><tr class="xl6817624" height="47" style="color: windowtext; font-size: 10pt; height: 35.25pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl7517624" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7617624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle; white-space: normal; width: 228pt;" width="305">No Plant Closures Found this Month</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7717624" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;">---</td><td class="xl7817624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; text-decoration-line: underline; vertical-align: bottom;"></td></tr><tr class="xl6817624" height="33" style="color: windowtext; font-size: 10pt; height: 25.05pt; padding: 0px; text-align: center; vertical-align: bottom;"><td class="xl7517624" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.05pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8617624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl8617624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; vertical-align: middle;"></td><td class="xl6517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding: 0px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td><td class="xl7517624" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; padding-left: 24px; text-align: left; vertical-align: middle;"></td></tr></tbody></table></div><div><span style="font-family: arial; line-height: 110%;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span face="Calibri, sans-serif" style="font-size: 12pt; line-height: 110%;"><div align="center" id="Target Report_2427" x:publishsource="Excel"><div align="center" id="Target Report_14670" x:publishsource="Excel"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><div align="center" id="Target Report_14670" x:publishsource="Excel"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-82923725303117561322022-06-07T17:51:00.026-04:002022-06-16T10:59:40.180-04:00Paper Industry in Transition – May 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvVMOBYzfJF_dx0yy05h7otzwLagL49LlEDvlWhroJqJdsO6_fYbNvZg7a6x9Ctbd0r2B6mDRY1A-oyjx59m48fBoA1dg8cn6wmKNx3UD_vAyiHPMF4qVcWYEPuqwyb5FuF-OuSGjqbvVmElVIMUZKgkyldoLlIt0fd724UbY-fu9Wu4fi-Mi6K8Nf/s7034/Trees.Three.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3099" data-original-width="7034" height="219" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvVMOBYzfJF_dx0yy05h7otzwLagL49LlEDvlWhroJqJdsO6_fYbNvZg7a6x9Ctbd0r2B6mDRY1A-oyjx59m48fBoA1dg8cn6wmKNx3UD_vAyiHPMF4qVcWYEPuqwyb5FuF-OuSGjqbvVmElVIMUZKgkyldoLlIt0fd724UbY-fu9Wu4fi-Mi6K8Nf/w497-h219/Trees.Three.jpg" width="497" /></a></div><br /><span style="font-family: arial; font-size: large;"><u><i>Paper-based Industries are in Flux</i></u><br /><br /></span><span style="font-family: arial; font-size: large;">As a result of the changes occurring in the paper industry, </span><span style="font-family: arial; font-size: large;">many printing and packaging companies are struggling to procure the paper they need, the grades they require, at the time they would like, and in a sufficient quantity necessary to fulfill customer orders. This is an abrupt turnabout for many companies that have striven for years to increase customer orders, always completely confident that the required paper substrates would be available on a just-in-time basis. Distributors gladly stocked and warehoused multiple grades at their own expense, ready to ship immediately, and often delivered paper on demand with extended credit terms. Some printers even enjoyed paper stocked on their premises on a consignment basis, ensuring sufficient supply without tying up excess working capital. <br /><br />At least for the foreseeable future, those days of paper plenty are over. Printing and packaging company owners report that they are spending considerable time every day just procuring needed paper stock. The efficiency inherent in longer run lengths is lost when orders are filled with multiple shorter runs requiring repetitive press makereadies. Fussy buyers have lowered their paper standards, accepting lesser grades in order to meet deadlines. Shortages are being filled in with substitute grades, sometimes several different papers used within the same print run. Distributors are enforcing paper allocation schemes based on prior years usage, hindering the growth of their printing industry customers. Credit terms have tightened considerably, with slow payers cut off or required to adhere to self-liquidating payment policies. Price increases have become routine, which must be passed on to customers who have and will consider other alternative (electronic) communication choices. <br /><br />Exacerbating the problem, printing companies have been buying whatever paper they can get whenever it becomes available and stocking up. This is completely understandable as each company seeks to defend its own position and viability, but clearly this makes the problem worse for the industry as a whole. Building up inventory has its cost, occupying valuable space and increasing net working capital requirements. Eventually this will run its course, as the hoarded paper reaches an equilibrium with available space and capital. However, during the buildup phase of increased inventory levels, the hoarding tendency just makes the situation worse. Just like that other paper shortage, that of toilet paper when the pandemic broke out. <br /><br /><u><i>M&A Activity Hits All Levels of Paper Industry </i></u><br /><br />The paper industry has been in flux over the past year, with transactions impacting all levels of the supply chain, from pulp to distribution. <br /><br /><div style="text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtKNF-dA6NLzQD9AXvlZvqrlg92rXDWhWrUEt3rOaU-S0nc4m0eCc-lp2MFKApLDRN6SQbTLOvvr5tgSzFByUi__zU8wf7pnuhcAHHd8pz2OrDEIdVlXZzxHV3caI2Ny-BKv5F03ka6w9WUh1-xHTrrxBra_4HAoXYwTSoom7j4YwVE6iCexvBnwX3/s1860/Paper%20Industry%20Transition.1.Chart.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="1551" data-original-width="1860" height="721" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtKNF-dA6NLzQD9AXvlZvqrlg92rXDWhWrUEt3rOaU-S0nc4m0eCc-lp2MFKApLDRN6SQbTLOvvr5tgSzFByUi__zU8wf7pnuhcAHHd8pz2OrDEIdVlXZzxHV3caI2Ny-BKv5F03ka6w9WUh1-xHTrrxBra_4HAoXYwTSoom7j4YwVE6iCexvBnwX3/w865-h721/Paper%20Industry%20Transition.1.Chart.png" width="865" /></a></div></span><span style="font-family: arial; font-size: large;"><div><span style="font-family: arial; font-size: large;"><br /></span></div><i><u>Paper Making Consolidates, Specializes & Converts </u></i><br /><br />Canadian-based Kruger acquired the <a href="https://www.kruger.com/news/kruger-enters-into-a-definitive-agreement-for-the-acquisition-of-the-kamloops-pulp-mill-owned-by-domtar-inc/" target="_blank">DKP Pulp</a> subsidiary of Domtar in a transaction that was a derivative forced sale by Domtar. The Canadian Commissioner of Competition required Domtar to divest the mill as a condition to approve its acquisition by Paper Excellence. DKP Pulp owns and operates the Kamloops Mill in British Columbia which produces softwood bleached pulp and unbleached softwood kraft pulp. Kruger announced that the acquisition will secure the supply of pulp for some of its paper mills, including in Quebec where the company is constructing two state-of-the-art tissue plants. Not limited to tissue papers, Kruger also makes coated publication printing grades, newsprint, and paper designed specifically for inkjet web presses. <br /><br />In a transaction announced in May 2021, and closed late last year, 175-year-old publicly listed <a href="https://paperexcellence.com/paper-excellence-welcomes-domtar-into-its-group-of-companies/" target="_blank">Domtar</a> was acquired in an all-cash deal for $3 billion by the relative newcomer privately-owned Paper Excellence Group. Domtar, much larger and with 21 manufacturing facilities and customers in 50 countries, is now private and controlled by the much smaller British Columbia-based Paper Excellence company which operates seven mills in Canada. However, despite protestations to the contrary, Paper Excellence appears to have connections to and the backing of the billionaire Widjaja family of Indonesia, owners of Asia Pulp & Paper, among other corporate holdings. This relationship matters to those concerned with the environmental impact of deforestation and destruction of wildlife habitat, accusations that have plagued AP&P’s operations in Indonesia and Brazil. <br /><br />Domtar is currently well on its way to complete the process of converting a printing and writing paper mill in Kingsport, Tennessee, into a containerboard mill. The mill was shut down in early 2020 in an effort to balance supply with demand for printing papers which had steadily declined. When the pandemic hit and the demand for printing papers temporarily plummeted, Domtar moved forward with tentative plans to convert the mill which was in the works before its acquisition by Paper Excellence. The conversion will be complete in late 2022 and the mill re‑configured to supply regional corrugators with products made from 100% recycled fiber. As a result, there will not be any more printing grade papers emanating from this mill. The general manager of the Kingsport mill recently confirmed Domtar’s long-term goal to convert additional mills to produce recycled containerboard products, including mills in Arkansas, Kentucky, and South Carolina. These are expensive capital projects, each conversion costing several hundreds of millions of dollars. Now with the backing of Paper Excellence, and the apparent family money supporting the North American investments, the handwriting is on the wall that funding will be in place to complete more conversions, further tightening supply in the market for printing grade papers. <br /><br />Likely to be the most significant transaction impacting the printing industry is the sale of what’s left of <a href="https://www.billerudkorsnas.com/press--news/press-releases/2022/billerudkorsnas-completes-acquisition-of-verso" target="_blank">Verso</a> to Swedish paper company BillerudKorsnäs, announced in December 2021 and completed in March. The impact of this transaction will be keenly felt by the printing industry over the next seven years as BillerudKorsnäs executes its plan to convert approximately three-quarters of the acquired paper making capacity to paperboard grades designed for packaging applications. Longtime print industry veterans will recognize the name Escanaba as a production grade paper used in publications, catalogs, and commercial applications. The mill which gave its name to the paper grade, in Escanaba, Michigan, the largest in the Verso portfolio, is scheduled to be completely converted over to packaging grades. The resultant loss of capacity to produce printing grade papers will further tighten supplies to the commercial, book, direct mail, catalog, label, and publication segments of the industry. <br /><br />In April, H.I.G. Capital, which has significant holdings in printing, packaging, and related companies, acquired <a href="https://www.businesswire.com/news/home/20220403005112/en/Lindsay-Goldberg-Enters-into-Agreement-to-Sell-Pixelle-Specialty-Solutions-LLC-to-H.I.G.-Capital" target="_blank">Pixelle Specialty Solutions</a>. Pixelle was formed in 2018 by PE firm Lindsay Goldberg with the express intent of building out a profile of specialty paper mills that eventually included four mill sites with twelve paper machines. Specialized papers produced by Pixelle include release papers, casting liners, book papers, carbonless form stock, security paper, and various other niche products. Two of the mills came from Verso Corporation, itself recently acquired. Notably, Pixelle assiduously describes its products as specialty grades and strives to find niches within the larger market for commodity printing grades. <br /><br />For more detail about the transactions that have impacted the conversion to brown paper, as well as the move to specialty niches within the larger paper industry context, see <a href="https://www.thetargetreport.com/2022/03/printing-papers-get-squeezed-out.html" target="_blank">Printing Papers Get Squeezed Out – February 2022</a>). <br /><br /><u><i>Paper Distributors Move into Jan-San; Jan-San Moves into Paper </i></u><br /><br />As the demand for printing papers declined over the past several years, the major paper distributors kept up a steady drumbeat of acquisitions, purchasing many of the formerly independent family-owned paper distribution companies. Lindenmeyr Munroe, subsidiary of industry giant Central National-Gottesman, recently acquired the much smaller New Jersey-based <a href="https://www.dakgroup.com/the-dak-group-announces-the-sale-of-paterson-papers-to-lindenmeyr-munroe/" target="_blank">Paterson Papers</a>, in a move indicative that the major pickings have already been plucked. Mac Papers & Packaging, a portfolio company of Monomoy Capital, acquired <a href="https://www.macpapers.com/dps-acquisition/" target="_blank">Dependable Packaging Solutions,</a> a south-Florida based distributor of corrugated products, point‑of‑purchase displays and packaging supplies. <br /><br />In another concurrent trend, paper distributors began to branch out and distribute other graphic supplies and, in some cases, acting as sales representatives for graphic production equipment including wide format machines. Further declines in demand precipitated the move by some into more generalized supplies related to the janitorial and sanitary needs of their customers’ facilities, otherwise known as the jan‑san business. Mac Paper & Packaging, Lindenmeyr Monroe, and Veritiv, all have jan-san offerings on their websites. In a transaction that portends possible moves in the other direction, Imperial Dade, a family-owned operation headquartered in Jersey City, New Jersey, acquired the Canadian business of <a href="https://imperialdade.com/news/imperial-dade-acquires-veritiv-canada" target="_blank">Veritiv</a>. Imperial Dade’s operations focus on supplies for food service, janitorial, other facility-related needs, and now print. The company has grown via acquisitions; Vertiv’s Canadian operations is Imperial Dade’s 47th purchase. Expect further blurring of the lines between jan-san and printing paper distributors, as printing paper distribution becomes less of a specialty and is subsumed under more broadly-based distribution companies.</span><div> </div><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_23069" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8123069" style="border-collapse: collapse; table-layout: fixed; width: 1445px;">
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<col class="xl8123069" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
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<col class="xl8523069" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8623069" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8723069" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
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<td class="xl6823069" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 692pt;" width="921">2022 May - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7323069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9423069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 42pt;" width="56"></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
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<td class="xl7523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9323069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil)</td>
<td class="xl7523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9323069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil )</td>
<td class="xl7623069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7723069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl6923069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7723069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 42pt;" width="56"><br />Press<br />Release</td>
<td class="xl7823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Allegra Marketing Print Mail</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asheville, NC</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Daniels Graphics</td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Asheville, NC</td>
<td class="xl9123069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/22</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Graphic Arts
Advisors)</span></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9223069" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.allegramarketingprint.com/locations/asheville-nc-roberts/daniels-welcome" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Avery<br />(Div. CCL Industries)</td>
<td class="xl9023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$4,664</td>
<td class="xl6623069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Floramedia Group</td>
<td class="xl6523069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$62.0</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Westzaan,<br />The Netherlands</td>
<td class="xl9123069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/22</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$51.6</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Horticulture tags & labels</td>
<td class="xl9223069" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.accesswire.com/703262/CCL-Industries-Announces-Bolt-on-Acquisition-for-Avery" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">SugarHouse Industries</td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Salt Lake City, UT</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Imaginos</td>
<td class="xl6723069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Murray, UT</td>
<td class="xl9123069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/31/22</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Wide format printing</td>
<td class="xl9223069" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.utahbusiness.com/sugarhouse-industries-in-utah-acquires-imaginos/" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Quad-C Management</td>
<td class="xl6723069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6623069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Charlottesville,
VA</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Catapult Print and Packaging</td>
<td class="xl6723069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6623069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Orlando,
FL</td>
<td class="xl9123069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/26/22</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9223069" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.quadcmanagement.com/news-article/quad-c-management-announces-investment-in-catapult-in-partnership-with-management" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">ProAmpac<br /><span class="font723069">(Port co. Pritzker
Partners)</span></td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cincinnati, OH</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Specialty Packaging</td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fort Worth, TX</td>
<td class="xl9123069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/24/22</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags, wraps & films</td>
<td class="xl9223069" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220524005463/en/ProAmpac-Acquires-Specialty-Packaging-Inc." target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Kruger Specialty Papers<br />(Div. Kruger)</td>
<td class="xl6523069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6623069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Montreal,
QC</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">DKP Pulp<br />(Sub. Domtar)</td>
<td class="xl6723069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kamloops, BC</td>
<td class="xl9123069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/12/22</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper pulp mill</td>
<td class="xl9223069" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.kruger.com/news/kruger-enters-into-a-definitive-agreement-for-the-acquisition-of-the-kamloops-pulp-mill-owned-by-domtar-inc/" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Phase 3 Marketing and Communications</td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$27.8</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphic Visions Unlimited</td>
<td class="xl6723069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl9123069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/11/22</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9223069" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.phase3mc.com/thinking/phase-3-acquires-graphic-visions?hsLang=en" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Brook + Whittle<br />(Port co. Genstar Capital)</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Branford, CT</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Diamond Flexible Packaging</td>
<td class="xl6523069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Northbrook, IL</td>
<td class="xl9123069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/11/22</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & bags</td>
<td class="xl9223069" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://brookandwhittle.com/brook-whittle-acquires-diamond-flexible-packaging/" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Iconex</td>
<td class="xl6523069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Duluth, GA</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Liberty Greenleaf</td>
<td class="xl6723069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6623069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Phoenix,
AZ</td>
<td class="xl9123069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/9/22</td>
<td class="xl8923069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Receipt & packaging papers</td>
<td class="xl9223069" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.iconex.com/press-releases/iconex-acquires-liberty-greenleaf/" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7123069" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Marquis Book Printing</td>
<td class="xl6723069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montreal, QC</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Logistics Services<br /><span class="font8" style="font-size: 10pt;">(Div. Georgetown Terminal
Warehouses)</span></td>
<td class="xl6523069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6623069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Georgetown,
OH</td>
<td class="xl9123069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/5/22</td>
<td class="xl8923069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8023069" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book distribution services</td>
<td class="xl9223069" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.marquisbook.com/en/gtw_acquisition" target="_blank">Link</a></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7023069" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7123069" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8223069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8223069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7123069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9523069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6823069" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------><div><br /></div><div><div align="center" id="Target Report_23069" x:publishsource="Excel"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_28466" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl6728466" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl7328466" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl6928466" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6528466" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl7028466" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6628466" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6528466" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6528466" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6528466" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7128466" style="mso-width-alt: 9122; mso-width-source: userset; width: 196pt;" width="261"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7228466" height="34" style="height: 25.5pt; mso-height-source: userset;">
<td class="xl7628466" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.5pt; width: 16pt;" width="21"></td>
<td class="xl7628466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7728466" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 734pt;" width="977">2022 May - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl7728466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7728466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 196pt;" width="261"></td>
<td class="xl7628466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7228466" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7928466" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7928466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br />Date<br />Case<br />Filed</td>
<td class="xl8728466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenues<br />(US$Mil)</td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78"><br /><br /><br />Case #</td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8728466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8728466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8028466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8228466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 196pt;" width="261"><br /><br /><br />Notes</td>
<td class="xl7928466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228466" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6828466" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8128466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7528466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7228466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6828466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6828466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7428466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Color Graphics R Us Design and Printing, Inc.</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">5/11/22</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-13858</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Belleville,
NJ</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl8428466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">New Jersey<br />Newark</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Vincent
F. Papalia</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">David
L. Stevens</td>
<td class="xl8528466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Printing
& copying</td>
<td class="xl7828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228466" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6828466" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8128466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7528466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7228466" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6828466" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6828466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7428466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8328466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8528466" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7228466" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6828466" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7528466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7528466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6828466" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_23069" x:publishsource="Excel"><br /></div> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_160" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl73160" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
<colgroup>
<col class="xl73160" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl73160" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl80160" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl81160" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl82160" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl83160" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl83160" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl83160" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl85160" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl84160" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl84160" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl73160" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl71160" height="40" style="height: 30pt; mso-height-source: userset;">
<td class="xl72160" height="40" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 30pt; width: 15pt;" width="19"></td>
<td class="xl72160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl67160" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 711pt;" width="944">2022 May - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl89160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl67160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl67160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl72160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl71160" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl74160" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl74160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl75160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl70160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl70160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenues<br />(US$Mil)</td>
<td class="xl75160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl76160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210">Related Party</td>
<td class="xl70160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151">Related Party<br />Address</td>
<td class="xl70160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl76160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl77160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl74160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78160" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">MC Packaging</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">9/8/22</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Farmingdale,
NY</td>
<td class="xl86160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl88160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl69160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Corrugated
boxes & folding cartons</td>
<td class="xl87160" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/mc-packaging/" target="_blank">Link</a></td>
<td class="xl79160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78160" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Benton Announcements</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">7/14/22</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Buffalo,
NY</td>
<td class="xl86160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl88160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl69160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Trade
finishing</td>
<td class="xl87160" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/benton-announcements/?utm_source=pressXchange&utm_medium=Thomas+Auctions&utm_campaign=Complete+Plant+Closure%2C+Including%3A+Large+Offering+of+Dick+Moll+Folder%2FGluer+Equipment" target="_blank">Link</a></td>
<td class="xl79160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78160" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Sauers Group</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7/1/22</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Stone
Mountain, GA</td>
<td class="xl86160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl88160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl69160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl87160" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.bullseyeauctions.com/auctions/detail/bw78480?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=printing" target="_blank">Link</a></td>
<td class="xl79160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78160" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Omega Printing</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">6/28/22</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Bensenville,
IL</td>
<td class="xl86160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl68160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl88160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl69160" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing - Tuck-in Sale</td>
<td class="xl87160" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://thomasauction.com/auctions/omega-printing/" target="_blank">Link</a></td>
<td class="xl79160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl78160" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl78160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl65160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Hamilton Web Printing facility</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">6/9/22</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Stony
Creek, ON</td>
<td class="xl86160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Metroland Media<br />(Div. Torstar)</td>
<td class="xl68160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mississauga,
ON</td>
<td class="xl88160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl69160" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newspaper
printing plant</td>
<td class="xl87160" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://workingmancapital.com/auction/hamilton-web-printing-complete-facility/?utm_source=pressXchange&utm_medium=auction_calendar&utm_campaign=Hamilton" target="_blank">Link</a></td>
<td class="xl79160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl71160" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl78160" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl90160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl90160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl66160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl78160" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-1685827074853998662022-05-08T23:30:00.024-04:002022-05-09T23:16:01.375-04:00When Does Customer Concentration Become an Advantage? – April 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgluJRCGEwKdAsUmS8GLqiZqWWckogEenDyrUO8pgjw17n0RpPTF3XITtpkc6Yyw8eNm2FJcQw-J_DgTHGWNivtnEh3hlNGA50A77WhjoqNktXPQqgB_1rGqdBOBqRIVck8gOdICcfkgm5z1MIil46u8J11l0k8mh2eC9YY_cFkuMrYEUWweZgwCMlR/s851/Pokemon.1.Press%20Release%20Pix.Cropped.webp" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="575" data-original-width="851" height="264" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgluJRCGEwKdAsUmS8GLqiZqWWckogEenDyrUO8pgjw17n0RpPTF3XITtpkc6Yyw8eNm2FJcQw-J_DgTHGWNivtnEh3hlNGA50A77WhjoqNktXPQqgB_1rGqdBOBqRIVck8gOdICcfkgm5z1MIil46u8J11l0k8mh2eC9YY_cFkuMrYEUWweZgwCMlR/w390-h264/Pokemon.1.Press%20Release%20Pix.Cropped.webp" width="390" /></a></div><br /><div class="separator" style="clear: both; text-align: left;"><span style="font-family: arial; font-size: large;">One of the more pernicious characteristics of many printing companies is the reliance on one or two customers that become the majority source of revenue. A loyal key customer can be the lifeline when a company is starting up. The key customer’s demands drive the company’s strategic direction, inform capital equipment investment decisions, enable the development of particular internal skill sets, and lead to product specialization. When it comes time to sell the company, customer concentration often results in a small universe of buyers restricted to those willing to take on the risk inherent in the situation. Buyers may seek discounts on enterprise value or at minimum require some form of risk mitigation in the structure of the purchase.</span></div><span style="font-family: arial; font-size: large;"><br />Occasionally the laser-like focus on serving a customer is not a risk for a buyer, but rather the very reason that the transaction makes sense. We are reminded of the long-term strategic decision made by TC Transcontinental in 2014 to transition out of the company’s traditional publishing and publication printing services and move aggressively into the flexible packaging segment. The company acquired by TC Transcontinental, Capri Packaging, had one customer, its owner Schreiber Foods, that provided 75% of revenue. To gain entry to the new market segment with one fell swoop, TC Transcontinental paid dearly at 1.85 times acquired revenues. Risk was mitigated with a ten-year commitment from Schreiber Foods, the seller and now the number one customer of the spun-off printing operation (see <a href="http://www.thetargetreport.com/2014/04/march-2014-deals-court-filings-closures.html" target="_blank">The Target Report – March 2014</a>). <br /><br />In this example of TC Transcontinental’s foray into flexible packaging, customer concentration became a positive attribute in the deal. Despite the seller’s customer concentration, the acquired business formed a large enough base for TC Transcontinental to establish a stake in the flexible packaging market. Supported by a contractual commitment, the customer concentration became less significant within TC Transcontinental’s much larger business. <br /><br />Within four years, TC Transcontinental had built on the acquired base and successfully transformed its business to be more than 50% packaging (see <a href="https://www.thetargetreport.com/2018/05/getting-flexible-in-your-middle-years.html" target="_blank">Getting Flexible in Your Middle Years - April 2018</a>). <br /><br /><u><i>Millennium Print Group Acquired</i></u></span><div><span style="font-size: large;"><span style="font-family: arial;"><i><u><br /></u></i></span><span style="font-family: arial;"><u><i><div class="separator"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXdFtOMhZa4giY0_iWr096iRYQO8-9Jy-5O4ZMiXVUz3E_Wb1ZV5G5tCbsUaOIutJ_vpALXccVLz8mnx5qDrZ_QXBQOyRi6Ipc8sgGhkCCPwJzj1SIe2IhFoFSDsYFWmNZ1hpDVX8r6c2fAXct05NCNQeW0P9xxh6g93uqxMFDEtUSIpJ_w1W_8K6t/s1629/Pokemon%20Cards.1.Pix.Cropped.jpg" style="clear: left; float: left; font-family: "Times New Roman"; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="1629" data-original-width="1161" height="281" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXdFtOMhZa4giY0_iWr096iRYQO8-9Jy-5O4ZMiXVUz3E_Wb1ZV5G5tCbsUaOIutJ_vpALXccVLz8mnx5qDrZ_QXBQOyRi6Ipc8sgGhkCCPwJzj1SIe2IhFoFSDsYFWmNZ1hpDVX8r6c2fAXct05NCNQeW0P9xxh6g93uqxMFDEtUSIpJ_w1W_8K6t/w200-h281/Pokemon%20Cards.1.Pix.Cropped.jpg" width="200" /></a></div></i></u>The Pokémon Company International, the US division of the parent Japan-based Pokémon company, acquired <a href="https://www.videogameschronicle.com/news/the-pokemon-company-has-acquired-its-trading-card-game-manufacturer/" target="_blank">Millennium Print Group</a>. Millennium has focused on the printing and finishing of trading and specialty cards. Based in Morrisville, North Carolina, the company has in excess of 830,000 square feet of production space, seven 40” Komori presses, with in-line coating and full UV curing systems. Critically, the company boasts multiple in-house slitting lines, round cornering, and overwrapping capabilities, all necessary for efficient card production.<br /><br />The company was acquired by Park Communications in 2014 and has been printing Trading Card Game (“TCG”) cards for Pokémon since 2015. Both buyer and seller indicated that investments are forthcoming to serve not only the needs of Pokémon, but to continue to grow the printing operation to become the premier printer of trading cards in the world. <br /><br />Created in Japan in 1996 by Satoshi Tajiri, the original Pocket Monsters was inspired by his love of collecting insects, or as he saw them, little monsters. He designed the original game as a simple contest in which cartoonish humans capture fanciful little creatures by throwing Poké Balls at them. Originally hosted on the monochrome Nintendo Game Boy system, the first images were low-res, pixelated, and black and white. From that humble beginning, the brand has transformed into a multi-media phenomenon estimated to be the highest-grossing media franchise of all time. The video game, in all its iterations, is the fourth best-selling video game with more than 380 million copies sold and one billion mobile downloads. The game inspired a television series, now the most successful TV adaptation of a video game with over 20 seasons and more than a thousand episodes shown in 183 countries. 23 animated films have been based on the characters. There are now over 900 fictional little pocket monsters and the game’s ninth and latest generation is scheduled for release this year. <br /><br />Most important to Millennium and the world of print, the game was originally also launched as a collectible card game and continues to be very popular in the paper-based world. 86 sets have been published in English and almost as many in Japanese. Rare cards have sold for in excess of $350,000 and at least one unopened original box set sold for more than $1 million. No wonder that on its website Millennium promotes production site security as one of the company's differentiating factors. As of March 2021, over 34.1 billion cards have been sold worldwide. <br /><br />Neither the buyer nor seller disclosed the percentage that the Pokémon TCG cards represent of Millennium’s revenue, so we cannot be sure how concentrated is the relationship. Nonetheless, the president of the Japan parent company stated that “Millennium Print Group has been an important partner to The Pokémon Company International for many years.” Clearly, Millennium’s focus on building expertise in printing quality trading cards and serving this significant, but critical, customer was instrumental in Pokémon’s decision to convert Millennium from independent vendor to captive supplier.</span></span></div><div><span><span style="font-family: arial; font-size: x-large;"><br /></span></span></div><div><span style="font-family: arial;"><div align="center" id="Target Report_32692" x:publishsource="Excel">
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<col class="xl8432692" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8532692" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8632692" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8332692" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8732692" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8432692" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8232692" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9532692" style="mso-width-alt: 1954; mso-width-source: userset; width: 42pt;" width="56"></col>
<col class="xl8032692" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6832692" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 692pt;" width="921">2022 April - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7332692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9332692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 42pt;" width="56"></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7032692" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7432692" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9232692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil)</td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9232692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil )</td>
<td class="xl7632692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7732692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl6932692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7532692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7732692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 42pt;" width="56"><br />Press<br />Release</td>
<td class="xl7832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Snow Peak Capital</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Boulder,
CO</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Sandy Alexander</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Clifton,
NJ</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/26/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font732692">(New Direction)</span></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Commercial printing</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.snowpeakcapital.com/2022/04/26/sandy-alexander/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">TricorBraun<br />(Port co. AEA Investors)</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Louis, MO</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">PBFY</td>
<td class="xl6532692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Brea, CA</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/21/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging distributor</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tricorbraun.com/insights/news/04212022-tricorbraun-acquires-pbfy-expanding-flexible-packaging-division/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Agfa-Gevaert Group</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$2,001</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mortsel,
Belgium</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Inca Digital Printers<br />(Div. Screen)</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cambridge,
UK</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/20/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Digital inkjet printers</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.agfa.com/corporate/news-item/agfa-gevaert-to-acquire-inca-digital-printers-taking-a-significant-step-in-its-digital-printing-business-with-special-focus-on-growth-in-the-packaging-market/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Pokémon Company</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Tokyo,
Japan</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Millennium Print Group</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Morrisville,
NC</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/18/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Trading cards & packaging</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.videogameschronicle.com/news/the-pokemon-company-has-acquired-its-trading-card-game-manufacturer/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fortis Solutions Group<br />(Port co. Harvest Partners)</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Profecta Labels</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">St-Hubert, QC</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/15/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fortissolutionsgroup.com/2022/04/15/fortis-solutions-group-acquires-profecta-labels-inc/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">News Media Alliance</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Arlington,
VA</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Association of Magazine Media</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Washington,
DC</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/13/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Trade association</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.newsmediaalliance.org/release-news-media-alliance-and-mpa-the-association-of-magazine-media-announce-agreement-to-merge/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Nahan</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">St.
Cloud, MN</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Intellus Mail Division</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montgomeryville,<br />PA</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/13/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Direct mail printing</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.nahan.com/nahan-announces-east-coast-expansion-of-direct-mail-platform/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Premium Label & Packaging<br />(Port co. Dunes Point Capital)</td>
<td class="xl6532692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rye, NY</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">HP Mile<br />(Incl. Privateer & Label One div.)</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Syracuse, NY</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/11/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pharma label printing</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/dunes-point-capital-lp-announces-premium-label--packaging-solutions-llcs-acquisition-of-hp-mile-inc-label-one-and-privateer-ltd-301522440.html" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Peak Technologies<br />(Port co. Sole Source Capital)</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Linthicum Heights, MD</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Graphic Label</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Yakima, WA</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/8/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label & tag printing</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.peaktech.com/press-releases/sole-source-capital-portfolio-company-peak-technologies-acquires-graphic-label/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Brook + Whittle<br />(Port co. Genstar Capital)</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">North Branford, CT</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Custom Labels Group<br />(Div. Cenveo Worldwide)</td>
<td class="xl6532692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Stamford,
CT</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/8/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://brookandwhittle.com/brook-whittle-continues-expansion-with-the-announcement-of-a-definitive-agreement-to-acquire-the-cenveo-custom-labels-group/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Midland Paper</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$1,000.0</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Wheeling,
IL</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">J. Schmid</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Prairie Village, KS</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/5/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Branding & creative services</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.midlandpaper.com/jschmid/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">CCL Industries</td>
<td class="xl8932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$4,393</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Toronto,
ON</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Adelbras</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Vinhedo,
Brazil</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/4/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label & tape printing</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.accesswire.com/695562/CCL-Industries-to-Acquire-Adelbras-Brazil" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Fortis Solutions Group<br />(Port co. Harvest Partners)</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Virginia Beach, VA</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Label Tech</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Somersworth, NH</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/4/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://fortissolutionsgroup.com/2022/04/04/fortis-solutions-group-acquires-label-tech-inc/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">H.I.G. Capital</td>
<td class="xl6532692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Miami, FL</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Pixelle Specialty Solutions<br />(Port co. Lindsay Goldberg)</td>
<td class="xl6732692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Spring
Grove, PA</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/4/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font732692">(Houlihan Lokey)</span></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper manufacturing</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220403005112/en/Lindsay-Goldberg-Enters-into-Agreement-to-Sell-Pixelle-Specialty-Solutions-LLC-to-H.I.G.-Capital" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Canon Production Printing<br />(Div. Canon)</td>
<td class="xl6732692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$3,550</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tokyo, Japan</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Edale</td>
<td class="xl6532692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Hampshire,
UK</td>
<td class="xl9032692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/4/22</td>
<td class="xl8832692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Narrow web printing presses</td>
<td class="xl9132692" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://cpp.canon/canon-acquires-edale/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7132692" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">View Newspaper Group</td>
<td class="xl8932692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Lapeer,
MI</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Sherman Publications</td>
<td class="xl6532692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Oxford, MI</td>
<td class="xl9032692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">4/2/22</td>
<td class="xl8832692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl9632692" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Community newspapers</td>
<td class="xl9132692" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://tricountycitizen.mihomepaper.com/articles/view-newspaper-group-acquires-sherman-newspapers/" target="_blank">Link</a></td>
<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7032692" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7132692" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
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<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7132692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
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<td class="xl6832692" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_32692" x:publishsource="Excel"><span style="font-size: small; text-align: left;"> </span></div><div align="center" id="Target Report_32692" x:publishsource="Excel"><span style="font-size: x-small; text-align: left;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
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<col class="xl673637" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl733637" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
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<col class="xl653637" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
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<tr class="xl723637" height="34" style="height: 25.5pt; mso-height-source: userset;">
<td class="xl763637" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.5pt; width: 16pt;" width="21"></td>
<td class="xl763637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl773637" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 734pt;" width="977">2022 April - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl773637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl773637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 196pt;" width="261"></td>
<td class="xl763637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl723637" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl793637" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl793637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br />Date<br />Case<br />Filed</td>
<td class="xl873637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenues<br />(US$Mil)</td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78"><br /><br /><br />Case #</td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl873637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl873637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl803637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl823637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 196pt;" width="261"><br /><br /><br />Notes</td>
<td class="xl793637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723637" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl683637" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl813637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl883637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl883637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl723637" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683637" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Access Direct Mail, Inc.</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4/13/22</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-01482</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Sarasota,
FL</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">11th</td>
<td class="xl843637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Middle Florida<br />Orlando</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Caryl
E. Delano</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Melody
D. Genson</td>
<td class="xl853637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Direct
mail printing</td>
<td class="xl783637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723637" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl683637" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl813637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl883637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl883637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl883637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl753637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl723637" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683637" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl893637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276"><span class="font83637">Four Star Reproductions, Inc</span><span class="font63637"><br /></span><span class="font73637">dba Four Star Color & Red
Oak Packaging</span></td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4/28/22</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-13465</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Newton,
NJ</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3rd</td>
<td class="xl843637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">New Jersey<br />Newark</td>
<td class="xl843637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Stacey L. Meisel</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Leonard
S Singer</td>
<td class="xl853637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Folding
carton printing</td>
<td class="xl783637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723637" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683637" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl743637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">The Riegle Press, Inc.</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">4/27/22</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">22-30669</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Flint,
MI</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">6th</td>
<td class="xl843637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern MI<br />Flint</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Joel
D. Applebaum</td>
<td class="xl833637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Peter
T. Mooney</td>
<td class="xl853637" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl783637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723637" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl683637" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl683637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl743637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 207pt;" width="276">Midpoint Packaging, LLC</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4/12/22</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-04230</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Downers
Grove, IL</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">7th</td>
<td class="xl843637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Northern IL<br />Chicago</td>
<td class="xl843637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 119pt;" width="159">Janet S. Baer</td>
<td class="xl833637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Joshua
D. Greene</td>
<td class="xl853637" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Label
printing</td>
<td class="xl783637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl723637" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl683637" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl683637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
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<td class="xl753637" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
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<td class="xl695993" height="40" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 30pt; width: 15pt;" width="19"></td>
<td class="xl695993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl665993" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 711pt;" width="944">2022 April - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl855993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl665993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl665993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl695993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl685993" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl715993" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl715993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl725993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl675993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl675993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenues<br />(US$Mil)</td>
<td class="xl725993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl735993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210">Related Party</td>
<td class="xl675993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151">Related Party<br />Address</td>
<td class="xl675993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl735993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl745993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl715993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl685993" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl755993" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl755993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl765993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">No Plant Closures Found this Month</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl775993" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl785993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl685993" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl755993" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl865993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl865993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl755993" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><br /></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><span style="font-size: medium;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><span style="font-size: medium;"><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-21167041840212814502022-04-05T18:58:00.021-04:002022-05-08T23:18:42.954-04:00Label Roll-Ups are Red Hot; Are Folding Cartons Next? – March 2022 M&A Activity<div><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8KtERpnmWk7j3ipdbh0Cm4NE6Wz7X5tAqWV9Bq7SiTBnT2iYoXE8-LeD-DPO8vW5XBrtX7AVC6tKlPcVEoKL8xHq0TseNIR1Y227hAOl0nW-9vADHU-1N4Pd0zJIIcpQO5PKeC0OpsCxl0paxn4CQvEt--I5ZFAIxjiSU4zX34oEnT3J1LjgYjF24/s5748/Box%20w%20Fire%20Extinguishers.Cropped.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="4251" data-original-width="5748" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8KtERpnmWk7j3ipdbh0Cm4NE6Wz7X5tAqWV9Bq7SiTBnT2iYoXE8-LeD-DPO8vW5XBrtX7AVC6tKlPcVEoKL8xHq0TseNIR1Y227hAOl0nW-9vADHU-1N4Pd0zJIIcpQO5PKeC0OpsCxl0paxn4CQvEt--I5ZFAIxjiSU4zX34oEnT3J1LjgYjF24/w388-h288/Box%20w%20Fire%20Extinguishers.Cropped.jpg" width="388" /></a></div><br /></div><span style="font-family: arial; font-size: large;">Merger and acquisition activity in the label and flexible packaging printing and converting segments has been on fire, with several PE-backed roll-ups competing to pick up family-owned and managed companies. As the market becomes more crowded with competing PE platforms, several roll-ups were inevitably themselves rolled up in secondary and tertiary buys (see <a href="https://www.thetargetreport.com/2021/10/private-equity-fuel-consolidation-of.html" target="_blank">Private Equity Fuel$ Consolidation of Label Industry – September 2021</a>). <br /><br />The activity in the label and flexible packaging segments continues unabated, month after month, and March was no exception. All American Label & Packaging, with backing from Heartwood Partners, merged with <a href="https://heartwoodpartners.com/label-industry-leaders-merge-to-expand-product-and-service-offerings/" target="_blank">Western Shield Label & Packaging</a>, itself a serial acquirer of label companies. C-P Flexible Packaging, with financial sponsorship of First Atlantic Capital, acquired <a href="https://www.businesswire.com/news/home/20220304005476/en/C-P-Flexible-Packaging-Announces-Acquisition-of-Bass-Flexible-Packaging-Inc.-and-Expands-in-High-Growth-Confectionary-and-Health-Beauty-Markets?msclkid=11c7233eb37211eca92e2efcbbe19d75" target="_blank">Bass Flexible Packaging</a>. The Jordan Company, a PE firm with deep experience in packaging films and paperboard mills, acquired <a href="https://www.globenewswire.com/news-release/2022/03/30/2413337/0/en/Five-Star-Holding-Announces-Investment-in-Growth-Strategy.html" target="_blank">Five Star Holding</a>, a Texas-based group of companies that produce flexible packaging, printed films, and plastic bags. H.I.G. Capital, the global behemoth fund and no stranger to print-centric businesses, has rebranded its new flexible packaging platform simultaneously with the purchase of <a href="https://dazpak.com/press-releases/dazpak-flexible-packaging-rebrand/" target="_blank">TechFlex Packaging</a> in Gardena, California. Operating now as DazPak, the new entity incorporates the former acquisitions of Action Packaging and Signature Flexible Packaging, and certainly is in the hunt for more. <br /><br />As we noted in our September annual review of M&A activity in the printing, packaging and graphic communications industries, our expectation has been that the super-heated acquisition activity in the label and flexible packaging businesses would likely be mimicked by an increased rate of consolidation within the folding carton manufacturing segment. Activity will be most pronounced in the lower middle market that is populated by mature privately owned businesses. While the folding carton business may never experience the frenzy of activity occurring in the label business, nonetheless increased consolidation in folding cartons is now underway and, in our opinion, is likely to increase. <br /><br /><i><u>Private Equity is the Driver </u></i><br /><br />As with labels, the fuel igniting the fire in folding cartons is the institutional capital injected into the market by the multitude of private equity funds seeking to differentiate themselves and put their investor’s money to good use within limited time frames. Packaging, in general, has several of the characteristics that many funds seek: recurring revenues, reasonably predictable margins, diverse customer verticals, and a highly fragmented landscape of companies to acquire, many of which are privately owned and operating in the fertile ground of the lower middle market. <br /><br />With low interest rates and plenty of cash sloshing around the economy, old-fashioned financial engineering has been replaced by the platform-and-bolt-on strategy. Buy a good sturdy company, add on an appropriate acquisition, remove duplicative costs, institutionalize the back-office functions, and repeat. Funds seeking a coherent investment thesis have landed on packaging as a desirable and suitable business to which they can apply this basic roll-up strategy. <br /><br />As in other segments of the printing industry, aging owners of folding carton manufacturers often do not have a qualified or interested next generation to pick up the mantle of leadership or that want to assume the financial risk inherent in private company ownership. Faced with the need to embark on another cycle of investment in increasingly sophisticated capital equipment, owners instead want to exit ownership, take chips off the table, and retire from the business. Fertile ground for consolidation, indeed. <br /><br /><u><i>Lewisburg Printing Company Enters the Game </i></u><br /><br />Lewisburg Printing Company announced that it was merging <a href="https://www.radialequity.com/news/hplpcmerger-pressrelease" target="_blank">Huston Patterson</a> into its fold, along with Sigma Graphics, a subsidiary of Huston Patterson. The acquired company operates from its primary location in Decatur, Illinois, with an additional plant in Ottawa, Illinois. The acquired company perfectly fits the roll-up bolt-on criteria. With a history dating back 115 years, Huston Patterson began as the commercial printing division of the local newspaper publisher. Acquired by the current selling family in 1961 as a small letterpress printing company, three generations have managed the transition of Huston Patterson into a producer of packaging and retail display components. <br /><br />Products produced at Huston Patterson include litho labels and top sheets for mounting on corrugated stock to produce boxes with high quality graphics. Differentiation is provided with a fleet of large format offset presses capable of printing sheets large enough to wrap a box. Similar to other printing companies that run large format offset presses, Huston Patterson also produces top sheets used to manufacture retail displays. With 80 employees, the acquired company is in the sweet spot for bolt-ons in a roll-up strategy, not large enough to be purchased as a new platform company, but big enough to make an attractive addition to an existing PE-backed company ready to commence its roll-up strategy. <br /><br />Lewisburg Printing itself was acquired in April 2021 by Radial Equity Partners, a New York-based private equity firm. The Radial Equity Partners team members are no strangers to the packaging business, having worked together at predecessor private equity firms leading investments in Alpha Packaging, Chesapeake Corporation, Mold-Rite Plastics and Multi Packaging Solutions. Lewisburg Printing has 250 employees operating large format offset presses and locations in Tennessee and Texas, and as such, is the ideal platform company on which to build out another success story. <br /><br /><u><i>The Competition </i></u><br /><br />Oliver Printing & Packaging has a significant head start in this current class of PE-backed folding carton roll-ups. The Oliver family sold a controlling interest to Pfingsten Partners in May 2016. With its roots in commercial printing, Oliver had methodically built an expertise in printing and finishing folding cartons. Using Oliver as its platform, Pfingsten set about building out the platform in 2017 with the acquisition of folding carton manufacturer Pohlig Packaging in Richmond Virginia, followed by the purchase of DISC Graphics located on Long Island in New York State. DISC started as a specialized printing company producing record jackets and marketing collateral for the entertainment industry and had evolved into a high-end folding carton manufacturer serving a wide range of industries. <br /><br />Staying true to the platform and roll-up strategy, Pfingsten supported Oliver with the 2021 acquisition of Boutwell, Owens & Co, a Massachusetts folding carton and blister card printing company. More recently, in January 2022, Oliver added Professional Image, a folding carton manufacturer in Tulsa, Oklahoma. <br /><br />Another sophomore in the PE-backed roll-up of the folding carton segment is GPA Global. With backing from Sweden-based private equity firm EQT Partners, GPA has taken a more international approach, acquiring folding carton plants in the UK, Ireland, Poland, and the US. Most recently, GPA uncharacteristically staked out a position in the commercial printing segment with the purchase of Southern California Graphics (see <a href="https://www.thetargetreport.com/2022/01/gpa-global-emerges-as-packaging.html" target="_blank">GPA Global Emerges as Packaging Consolidator – December 2021</a>). <br /><br />On the varsity level is Rohrer Corporation, having graduated from its first PE sponsorship as a portfolio company of Shoreview Industries when it was acquired by Wellspring Capital in 2021. Upon its exit from ownership of Rohrer, Shoreview announced that it had grown Rohrer from $67 million to over $200 million in revenue with four add-on acquisitions since its initial investment in the company in 2009. Leaving no doubt about its intention to owners and potential sellers of folding carton companies, Wellspring announced its goal to “become the consolidator of choice in the industry.” Making good on that promise, Wellspring has already supported the acquisition of Jay Packaging in Warwick, Rhode Island and Coburn Carton Solutions in Hayesville, Ohio. <br /><br /><u><i>The Big Leagues </i></u><br /> <br />Fueled by the public markets rather than private equity funds, Graphic Packaging and Westrock are large, vertically integrated producers of folding cartons. Both companies operate their own paperboard mills with much of their mill’s output consumed by their own operations. While not completely immune to being purchased by one of the massive global private equity funds in a take-private transaction, these public entities have been at the top end of the folding carton food chain, absorbing former PE-backed roll-ups that have reached sufficient critical mass. <br /><br />If the activity of the past several years in the label printing segment is any indication, and to at least some extent we believe it is, owners of folding carton manufacturers in the lower middle end of the market will be on the receiving end of multiple calls from newly minted young MBAs working the phones and sending emails, seeking to introduce their employer, a private equity fund intent on rolling up another segment of our industry.</span><div><span style="font-family: arial; font-size: x-large;"> </span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_61" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8161" style="border-collapse: collapse; table-layout: fixed; width: 1445px;">
<colgroup>
<col class="xl8161" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8161" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8661" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8761" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8661" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8661" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8761" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8861" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8561" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8961" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8661" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8461" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9761" style="mso-width-alt: 1954; mso-width-source: userset; width: 42pt;" width="56"></col>
<col class="xl8161" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6861" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 745pt;" width="992">2022 March - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7361" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 42pt;" width="56"></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7061" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7461" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil)</td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9461" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil )</td>
<td class="xl7661" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7761" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl6961" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7561" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7761" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 42pt;" width="56"><br />Press<br />Release</td>
<td class="xl7861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Contiweb<br />(Port co. H2 Equity Partners)</td>
<td class="xl6761" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Boxmeer,<br />Netherlands</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">WS Print</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Schnaittach,<br />Germany</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/31/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pressroom chemicals</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://news.contiweb.com/contiweb-acquires-ws-print-to-expand-its-integrated-solutions-offering" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Jordan Company</td>
<td class="xl6761" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6661" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Five Star Holding</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Houston, TX</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/30/22</td>
<td class="xl9161" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$1,500</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & films</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.globenewswire.com/news-release/2022/03/30/2413337/0/en/Five-Star-Holding-Announces-Investment-in-Growth-Strategy.html" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Schweitzer-Mauduit International</td>
<td class="xl6761" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$1,440</td>
<td class="xl6661" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Alpharetta,
GA</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Neenah</td>
<td class="xl6761" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$1,030</td>
<td class="xl6661" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Alpharetta,
GA</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/28/22</td>
<td class="xl9161" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$1,000</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Specialty papers</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.swmintl.com/about-us/news-plus-events/press-releases/swm-and-neenah-to-combine-in-all-stock-transaction-to-create-a-3-billion-global-leader-in-specialty-materials" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">All American Label & Packaging<br />(Port co. Heartwood
Partners)</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Dublin, CA</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Western Shield Label & Packaging</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Rancho Dominguez, CA</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/28/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Merger</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://heartwoodpartners.com/label-industry-leaders-merge-to-expand-product-and-service-offerings/" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Gold Sachs Asset Management</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TemperPack Technologies</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Richmond, VA</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/22/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Equity Financing</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Thermal packaging</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.temperpack.com/temperpack-accelerates-growth-with-140-million-in-new-funding-led-by-goldman-sachs-asset-management/" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Lewisburg Printing Company<br />(Port co. Radial Equity Partners)</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lewisburg, TN</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Huston Patterson</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Decatur, IL</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/22/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Folding cartons & retail display</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.radialequity.com/news/hplpcmerger-pressrelease" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Cold Chain Technologies<br /><span class="font761">(Port co. Aurora
Capital Partners)</span></td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Franklin, MA</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Packaging Technology Group</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Fall River, MA</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/21/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Thermal packaging</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/cold-chain-technologies-acquires-packaging-technology-group-expanding-its-leadership-in-sustainable-thermal-packaging-301506159.html" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Imperial Dade</td>
<td class="xl6761" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6661" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Jersey
City, NJ</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Veritiv Canada<br />(Sub. Veritiv Corporation)</td>
<td class="xl6761" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$6,850</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/18/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paper distribution</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://ir.veritivcorp.com/newsroom/press-releases/Press-Release-Details/2022/Veritiv-Announces-Entry-into-Definitive-Purchase-Agreement-to-Sell-its-Canadian-Operations/default.aspx" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Tension Corporation</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Kansas City, MO</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Intellus Print Division</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Montgomeryville,<br />PA</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/16/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Envelope manufacturing</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.tensioncorp.com/news/tension-corporation-announces-acquisition-intellus-directs-print-division-assets" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Hybrid Software Group</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cambridge, UK</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">iC3d<br />Creative Edge Software</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Minneapolis, MN</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/15/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$4.0</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Packaging mockup software</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.hybridsoftware.com/press-media/hybrid-software-group-plc-acquires-3d-software-business/" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">DazPak Flexible Packaging<br />(Port co. H.I.G. Capital)</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Commerce, CA</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">TechFlex Packaging</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Gardena, CA</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/9/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://dazpak.com/press-releases/dazpak-flexible-packaging-rebrand/" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Joann</td>
<td class="xl6761" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$2,420</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hudson, OH</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">WeaveUp</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6661" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Durham,
NC</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/8/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Digital fabric printing</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://investors.joann.com/news-releases/news-release-details/joann-acquires-industry-leading-digital-printing-textile" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">C-P Flexible Packaging<br /><span class="font861">(Port co. First Atlantic
Capital)</span></td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8361" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">York,
PA</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Bass Flexible Packaging</td>
<td class="xl6561" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Lakeville, MN</td>
<td class="xl9261" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/4/22</td>
<td class="xl9061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Flexible packaging & bags</td>
<td class="xl9361" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220304005476/en/C-P-Flexible-Packaging-Announces-Acquisition-of-Bass-Flexible-Packaging-Inc.-and-Expands-in-High-Growth-Confectionary-and-Health-Beauty-Markets?msclkid=11c7233eb37211eca92e2efcbbe19d75" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7161" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7961" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Xaar</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$66.5</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cambridge, UK</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Megnajet</td>
<td class="xl6561" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Northamptonshire, UK</td>
<td class="xl9261" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">3/3/22</td>
<td class="xl9061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8061" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Ink systems</td>
<td class="xl9361" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.xaar.com/en/news/2022/xaar-acquires-megnajet-to-accelerate-growth/" target="_blank">Link</a></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7061" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7161" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8261" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8261" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7161" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9661" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6861" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><div align="center" id="Target Report_61" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_61" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_61" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
Page wizard.--><!--If the same item is republished from Excel, all information between the DIV
tags will be replaced.--><!-----------------------------><!--START OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!----------------------------->
<div align="center" id="Target Report_2822" style="font-size: x-large;" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
<colgroup>
<col style="mso-width-alt: 721; mso-width-source: userset; width: 16pt;" width="21"></col>
<col style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl672822" style="mso-width-alt: 9634; mso-width-source: userset; width: 207pt;" width="276"></col>
<col class="xl732822" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl692822" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl652822" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl702822" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl662822" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl652822" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl652822" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl652822" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl712822" style="mso-width-alt: 9122; mso-width-source: userset; width: 196pt;" width="261"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl722822" height="34" style="height: 25.5pt; mso-height-source: userset;">
<td class="xl752822" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.5pt; width: 16pt;" width="21"></td>
<td class="xl752822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl762822" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 734pt;" width="977">2022 March - Bankruptcy Filings in the Printing, Packaging,
Paper & Related Industries</td>
<td class="xl762822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl762822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 196pt;" width="261"></td>
<td class="xl752822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl722822" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl782822" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl782822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br />Date<br />Case<br />Filed</td>
<td class="xl862822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenues<br />(US$Mil)</td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78"><br /><br /><br />Case #</td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl862822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl862822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl792822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl812822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 196pt;" width="261"><br /><br /><br />Notes</td>
<td class="xl782822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl722822" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl682822" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl802822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl742822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl722822" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl682822" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl682822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl882822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Art & Antiques Worldwide Media, LLC</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3/18/22</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-00598</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Wilmington,
NC</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl832822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern NC<br />Raleigh</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">David
M. Warren</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">George
M. Oliver</td>
<td class="xl842822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Specialty
publishing</td>
<td class="xl772822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl722822" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl682822" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl802822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl742822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl722822" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl682822" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl682822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl882822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 7 Filings Found this Month</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl822822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl842822" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl772822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl722822" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl682822" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl872822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl742822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl742822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl682822" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><div align="center" id="Target Report_2822" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_2822" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_2822" style="font-size: x-large;" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_5930" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl755930" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
<colgroup>
<col class="xl755930" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl755930" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl815930" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl825930" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl835930" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl845930" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl845930" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl845930" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl865930" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl855930" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl855930" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl755930" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl735930" height="40" style="height: 30pt; mso-height-source: userset;">
<td class="xl745930" height="40" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 30pt; width: 15pt;" width="19"></td>
<td class="xl745930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl685930" colspan="6" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 711pt;" width="944">2022 March - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl905930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 53pt;" width="71"></td>
<td class="xl685930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl685930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl745930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl735930" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl765930" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl765930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl775930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl715930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl715930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenues<br />(US$Mil)</td>
<td class="xl775930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl785930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210">Related Party</td>
<td class="xl715930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151">Related Party<br />Address</td>
<td class="xl715930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl785930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl795930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl765930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Little Raymond's Print Shop</td>
<td class="xl725930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/21/22</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Indianapolis,
IN </td>
<td class="xl875930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Little Raymond's Print Shop</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Coppell,
TX</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">3/21/22</td>
<td class="xl705930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Screen
printing, apparel & promo items</td>
<td class="xl885930" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.wishtv.com/news/inside-indiana-business/indy-print-services-provider-announces-layoffs/?msclkid=5ab1d1bcb3c211ecbf76c5471a033c49" target="_blank">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">19 Titles<br />Gannett Weekly Newspapers</td>
<td class="xl895930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">May-22</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Eastern
MA</td>
<td class="xl675930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Gannett</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">McLean,
VA</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">3/17/22</td>
<td class="xl705930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Community
papers ceasing print editions</td>
<td class="xl885930" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://members.charlesriverchamber.com/blog/chamber-news-5220/post/local-newspapers-aren-t-dying-they-re-dead-32881" target="_blank">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Stephenson Printing</td>
<td class="xl725930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">4/28/22</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Alexandria,
VA</td>
<td class="xl875930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl895930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-22</td>
<td class="xl705930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl885930" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/stephenson-printing/?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=stephenson" target="_blank">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">United Bindery Service</td>
<td class="xl725930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/2/22</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Chicago,
IL</td>
<td class="xl875930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl895930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-22</td>
<td class="xl705930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
print bindery</td>
<td class="xl885930" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thebranfordgroup.com/dnn3/Auction/UNBI0522.aspx?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=united" target="_blank">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Diecrafters</td>
<td class="xl725930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">5/5/22</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Cicero,
IL</td>
<td class="xl875930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl695930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl895930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-22</td>
<td class="xl705930" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
print diecutting & finishing</td>
<td class="xl885930" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.thebranfordgroup.com/dnn3/Auction/DIEC0522.aspx?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=diecrafters">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl655930" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl655930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl665930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">Mylan Technologies - Printing facility</td>
<td class="xl725930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">5/5/22</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Swanton,
VT</td>
<td class="xl875930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pfizer</td>
<td class="xl695930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">New
York, NY</td>
<td class="xl895930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Mar-22</td>
<td class="xl705930" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">In-Plant
print shop</td>
<td class="xl885930" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/mylan-technologies/?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=mylan" target="_blank">Link</a></td>
<td class="xl805930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl735930" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl655930" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl915930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl915930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl675930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl655930" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.comtag:blogger.com,1999:blog-2527548480310133650.post-49811404562375346022022-03-07T00:52:00.010-05:002022-03-08T01:08:25.210-05:00Printing Papers Get Squeezed Out – February 2022 M&A Activity<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgjaTfbDhEBv1UPAeK6KyjULBOXoU2ucmfxH6R8nuVame9gB-wJkINtjXAZxn4PKRJnRN7ZxGQE8tx-tZ7akdV0MjJ91UjWNUSakHm-iGK1toQKc00AY_P5UUyaYBtDFzVJwvdL_JMxCp_As2yyhm79Go1nKQWXYspaMfYr2fM77EXMDvl6YlcjwqzR=s4703" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3176" data-original-width="4703" height="266" src="https://blogger.googleusercontent.com/img/a/AVvXsEgjaTfbDhEBv1UPAeK6KyjULBOXoU2ucmfxH6R8nuVame9gB-wJkINtjXAZxn4PKRJnRN7ZxGQE8tx-tZ7akdV0MjJ91UjWNUSakHm-iGK1toQKc00AY_P5UUyaYBtDFzVJwvdL_JMxCp_As2yyhm79Go1nKQWXYspaMfYr2fM77EXMDvl6YlcjwqzR=w393-h266" width="393" /></a></div><br /><span style="font-family: arial; font-size: large;">A refrain is now heard throughout the printing industry; paper supplies are very tight, allocations limit the ability to take on new customers, discounts and rebates are a thing of the past, shipments are delayed until price increases take effect, and printing and packaging companies increase paper inventories at every opportunity. The supply and demand curves have crossed, and the mills are in charge. <br /><br />There are several reasons pricing leverage has shifted to the mills, including a labor strike at Finnish papermaker UPM, Covid-related supply chain disruptions, shortages of drivers, all in addition to the numerous closures of paper mills over the past several years. <br /><br />The Finns will eventually go back to work, shipping containers will get sorted out, truck drivers will be hired, and pricing will eventually settle down. However, one trend that is not likely to reverse is the conversion of papermaking machines from printing paper grades to packaging grades. <br /><br /><u><i>Conversion to Brown Paper </i></u><br /><br />McKinley Paper Company, a subsidiary of Mexico-based paper producer Bio Pappel, acquired <a href="https://www.lesprom.com/en/news/Bio-Pappel-McKinley_acquires_Midwest_Paper_Group_102401/" target="_blank">Midwest Paper Group</a> located in Combined Locks, Wisconsin. The Midwest Paper Group mill is the former Appleton Paper mill, which for many years produced fine printing papers. The switch to packaging grades has taken several years to complete, with the mill’s loyal employees traversing a painful path through several owners, receivership, a complete shutdown of the mill, the resurrection and restarting of the machines, and finally the rebuilding of the paper machines to make lower quality, but in demand, packaging grades. <br /><br />At one time, the Appleton Papers company, which operated the mill, made some of the finest coated printing paper grades. As the former owner of a commercial printing company, I remember that some of the papers that Appleton Papers made were so fine that they were rated above number one and earned the approbation as premium and super-premium grades. Sold under the tradename Utopia One, these were beautiful papers. <br /><br />Appleton Paper was capable of making these fine grades because the company had a long history of technical proficiency in paper coating technology. Notably, in the 1950’s when the inventor of microencapsulated inks developed the technology that enabled carbonless papers, he went to Appleton to commercialize his invention. Appvion, the successor to the original Appleton Papers company, has retained much of that coating expertise, now applied to direct thermal labels and other highly specialized coated substrates. <br /><br />As Appleton transitioned to become specialty coating company Appvion, the mills were sold off and acquired by an investment group. That group foresaw the increased demand for packaging grades and began the transformation of the mill’s product lines. However, the company was overleveraged, and the Combined Locks facility eventually was forced to shut down when the company’s lender forced it into receivership in September 2017. Two used machine dealers picked up the 55-acre mill complex in the receivership proceedings, apparently intending to sell off the pieces. Fortuitously, the buyers stopped, looked at what they had bought, and listened to the investment group that had failed to complete the conversion. <br /><br />The new buyers decided to give it a go and restarted the mill’s papermaking machines in 2018, recalling many of the laid off highly skilled papermakers. Commenting on the continuation of the conversion plans, the president of Midwest was quoted at the time, “White paper is in a declining market and you’re fighting to sell every ton. When you move to brown paper, we’re making both the inside and the outside of the boxes. It may not be sexy, but that market is growing tremendously, and we’re excited about it. We’re using our ability to make high-quality white paper and it put us in a position to make brown paper very, very well.” <br /><br />McKinley Paper has other papermaking assets in the US, including U.S. Corrugated in Pennsylvania which it acquired in 2019. It’s parent company, Bio Pappel, is focusing its efforts on the production of packaging grades. The purchase by McKinley Paper firmly cements the conversion of the Combined Locks mill site to the production of brown Kraft paper and containerboard products. <br /><br /><u><i>More Conversions on the Horizon </i></u><br /><br />In December 2021, Swedish paper company BillerudKorsnäs announced the acquisition of US-based <a href="https://www.billerudkorsnas.com/press--news/press-releases/2021/billerudkorsnas-to-acquire-verso-to-ignite-growth-in-north-america" target="_blank">Verso Corporation</a>. Verso is the successor to the coated business of two major paper companies, International Paper and NewPage Holdings. Before being rolled into Verso, NewPage had itself acquired MeadWestvaco’s printing and writing paper business, as well as the North American assets of Stora Enso (formerly Consolidated Papers). Both Verso and NewPage declared bankruptcy and were restructured, shedding billions of dollars of debt in the process. During their relatively short lifespans, Verso and NewPage each separately closed numerous paper mills that produced printing paper grades as the market for these grades contracted. <br /><br />BillerudKorsnäs stated goal in its acquisition of Verso is to build one of the most cost-efficient and sustainable paperboard platforms in North America by converting some of Verso’s assets into paperboard machines. Verso’s largest mill in Escanaba, Michigan, which currently produces printing and specialty grades for printing magazines, books, direct mail, and labels will be converted into a fully integrated pulp and paperboard production site. The plans call for one machine to be converted by 2025 and a second machine by 2029. BillerudKorsnäs will produce paper at Escanaba during the conversion. At the other mill included in the Verso deal, at Quinnesec, Michigan, the company will continue to produce coated woodfree and specialty printing papers. Despite the buyer’s assertion that it is committed to serve Verso’s existing customers, it appears that almost 75% of the acquired capacity will be converted from printing grades to paperboard grades. <br /><br />The McKinley Paper mill and Verso conversions follow transitions at other paper mills, including ND Paper’s reworking of its Rumford, Maine paper mill to shift production further into packaging grades. ND Paper is a wholly-owned subsidiary of China-based Nine Dragons Paper Holdings, the largest producer of containerboard in Asia. Similar to Mexico’s Bio Pappel, the Chinese company’s focus is on the production of packaging, not printing, paper grades. <br /><br /><u><i>No Going Back </i></u><br /><br />The paper industry has been chasing falling demand across the printing grades for a couple decades, closing mills, seeking to regain pricing leverage. With the uptick in online purchasing and increased consumer spending across the board during the rebound from the Covid shutdowns, the stage was set for the significant shift in paper manufacturing now well underway. The result is that shuttered mills have reopened, and in the process, transitioned to packaging grades. Underperforming mills are purchased, and the new owners reconfigure the paper machines away from printing paper grades and to containerboard or kraft papers. Paper making operations are large and capital-intensive; the moves are major sea changes and will not be easily reversed. The result will be tight supplies of printing grade papers for the foreseeable future.</span><div><span style="font-family: arial; font-size: large;"><br /></span></div><div><span style="font-family: arial; font-size: large;"> <!--The following information was generated by Microsoft Excel's Publish as Web
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<div align="center" id="Target Report_17282" x:publishsource="Excel">
<table border="0" cellpadding="0" cellspacing="0" class="xl8117282" style="border-collapse: collapse; table-layout: fixed; width: 1445px;">
<colgroup>
<col class="xl8117282" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl8117282" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8517282" style="mso-width-alt: 7586; mso-width-source: userset; width: 163pt;" width="217"></col>
<col class="xl8617282" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8517282" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8517282" style="mso-width-alt: 7842; mso-width-source: userset; width: 169pt;" width="225"></col>
<col class="xl8617282" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8717282" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8417282" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8817282" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8517282" style="mso-width-alt: 4770; mso-width-source: userset; width: 103pt;" width="137"></col>
<col class="xl8317282" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl9617282" style="mso-width-alt: 1954; mso-width-source: userset; width: 42pt;" width="56"></col>
<col class="xl8117282" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline; width: 15pt;" width="19"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl6817282" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 745pt;" width="992">2022 February - Mergers and Acquisitions in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 103pt;" width="137"></td>
<td class="xl7317282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700; width: 158pt;" width="210"></td>
<td class="xl9417282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 42pt;" width="56"></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 15pt;" width="19"></td></tr>
<tr class="xl7017282" height="73" style="height: 55pt; mso-height-source: userset;">
<td class="xl7417282" height="73" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 55pt; text-decoration-line: underline;"></td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 9pt;" width="12"></td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 163pt;" width="217"><br />Deal Party #1<br />(Surviving Entity)</td>
<td class="xl9317282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil)</td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #1 Address</td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 169pt;" width="225"><br /><br />Deal Party #2</td>
<td class="xl9317282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Deal<br />Revenues<br />(US$Mil )</td>
<td class="xl7617282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br /><br />Party #2 Address</td>
<td class="xl7717282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63">Date<br />Deal<br />Public</td>
<td class="xl6917282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Deal<br />Value<br />(US$Mil)</td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 103pt;" width="137"><br />Deal Structure<br />(Intermediary)</td>
<td class="xl7517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210"><br /><br />Notes</td>
<td class="xl7717282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 42pt;" width="56"><br />Press<br />Release</td>
<td class="xl7817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">BlueCrest<br />(Port co. Platinum Equity)</td>
<td class="xl6717282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6617282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Danbury,
CT</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Windowbook</td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cambridge, MA</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/23/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Mail processing software</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.bluecrestinc.com/company/newsroom/bluecrest-acquires-window-book-inc/" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">ProAmpac<br /><span class="font717282">(Port co. Pritzker
Partners)</span></td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Cincinnati, OH</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Belle-Pak Packaging</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Markham, ON</td>
<td class="xl9117282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/22/22</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Pouches & flexible packaging</td>
<td class="xl9217282" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220222005485/en/ProAmpac-Acquires-Belle-Pak-Packaging" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">AWT Labels & Packaging<br /><span class="font917282">(Port co. Morgan
Stanley Capital)</span></td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6617282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Minneapolis,
MN </td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Labeltronix</td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Anaheim, CA</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/17/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://www.awtlabelpack.com/news-events/" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Providence Strategic Growth &<br />Blue Star Innovation
Partners</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Boston, MA<br />Frisco, TX</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Printavo</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6617282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Chicago,
IL</td>
<td class="xl9117282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/17/22</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Screen printing MIS software</td>
<td class="xl9217282" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://magazine.promomarketing.com/article/former-competitors-inksoft-and-printavo-acquired-in-private-equity-deal/" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Providence Strategic Growth &<br />Blue Star Innovation
Partners</td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Boston, MA<br />Frisco, TX</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">InkSoft</td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Tempe, AZ</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/17/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Promo products MIS software</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://magazine.promomarketing.com/article/former-competitors-inksoft-and-printavo-acquired-in-private-equity-deal/" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Apollo Global Management</td>
<td class="xl6717282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">$5,810</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">New York, NY</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Novolex<br />(Port co. Carlyle Group)</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6617282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Hartsville,
SC</td>
<td class="xl9117282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/14/22</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Bags & diverse packaging</td>
<td class="xl9217282" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.apollo.com/media/press-releases/2022/02-14-2022-130230138" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Menasha Packaging</td>
<td class="xl9017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$2,000</td>
<td class="xl6617282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Neenah,
WI</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Color-Box<br />(Div. Georgia-Pacific)</td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Atlanta, GA</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/14/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Corrugated boxes</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.prnewswire.com/news-releases/menasha-packaging-signs-agreement-to-acquire-georgia-pacifics-color-box-business-301481651.html" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Todd McCullough</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Belton, MO</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Prime Label KC</td>
<td class="xl6717282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Belton, MO</td>
<td class="xl9117282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/11/22</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition<br /><span class="font8" style="font-size: 10pt;">(Generational
Equity)</span></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Label printing</td>
<td class="xl9217282" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.businesswire.com/news/home/20220211005098/en/Generational-Equity-Advises-Prime-Label-KC-in-Its-Sale-to-Private-Investor" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">McKinley Paper Company<br />(Div. Bio Pappel)</td>
<td class="xl9017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl6617282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Port
Angeles, WA</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Midwest Paper Group<br /><span class="font8" style="font-size: 10pt;">(Port co. Industrial
Opportunity Partners)</span></td>
<td class="xl6517282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Combined Locks, WI</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/11/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Paperboard & kraft mill</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.lesprom.com/en/news/Bio-Pappel-McKinley_acquires_Midwest_Paper_Group_102401/" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Lakeside Book, Div. LSC <br />(Port co. Atlas Holdings)</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Chicago, IL</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Phoenix Color<br />(Sub. ALJ Regional Holdings)</td>
<td class="xl6517282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Hagerstown, MD</td>
<td class="xl9117282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11pt;">2/4/22</td>
<td class="xl8917282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">$134.8</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Book manufacturing</td>
<td class="xl9217282" style="background: rgb(216, 228, 188); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="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" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl7117282" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt; text-decoration-line: underline;"></td>
<td class="xl7917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 163pt;" width="217">Sealed Air Corporation</td>
<td class="xl6717282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$5,530</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Charlotte, NC</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 169pt;" width="225">Foxpak Flexibles</td>
<td class="xl6717282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Louth, Ireland</td>
<td class="xl9117282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">2/1/22</td>
<td class="xl8917282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 53pt;" width="71">No Data</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 103pt;" width="137">Acquisition</td>
<td class="xl8017282" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">Digital flexible packaging</td>
<td class="xl9217282" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="https://www.sealedair.com/company/media-center/press-releases/see-acquires-foxpak" target="_blank">Link</a></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr>
<tr class="xl7017282" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl7117282" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8217282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8217282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7117282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl9517282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl6817282" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;"><span> </span></span></div><div><span style="font-family: arial;"><!--The following information was generated by Microsoft Excel's Publish as Web
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<col class="xl7021485" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl6521485" style="mso-width-alt: 2722; mso-width-source: userset; width: 59pt;" width="78"></col>
<col class="xl7121485" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl6621485" style="mso-width-alt: 1698; mso-width-source: userset; width: 37pt;" width="49"></col>
<col class="xl6521485" style="mso-width-alt: 4002; mso-width-source: userset; width: 86pt;" width="115"></col>
<col class="xl6521485" style="mso-width-alt: 5538; mso-width-source: userset; width: 119pt;" width="159"></col>
<col class="xl6521485" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl7221485" style="mso-width-alt: 9122; mso-width-source: userset; width: 196pt;" width="261"></col>
<col style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7321485" height="34" style="height: 25.5pt; mso-height-source: userset;">
<td class="xl7621485" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; height: 25.5pt; width: 16pt;" width="21"></td>
<td class="xl7621485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl7721485" colspan="8" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 734pt;" width="977">2022 February - Bankruptcy Filings in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl7721485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 114pt;" width="151"></td>
<td class="xl7721485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 196pt;" width="261"></td>
<td class="xl7621485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7321485" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7921485" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 207pt;" width="276"><br /><br /><br />Filing Party</td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71"><br />Date<br />Case<br />Filed</td>
<td class="xl8821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78">Pre-Petition<br />Revenues<br />(US$Mil)</td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 59pt;" width="78"><br /><br /><br />Case #</td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Filing Party Address</td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 37pt;" width="49"><br /><br /><br />Circuit</td>
<td class="xl8821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 86pt;" width="115"><br /><br /><br />Region & City</td>
<td class="xl8821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 119pt;" width="159"><br /><br /><br />Judge</td>
<td class="xl8021485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Attorney for Debtor</td>
<td class="xl8321485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 196pt;" width="261"><br /><br /><br />Notes</td>
<td class="xl7921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7321485" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6821485" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8121485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
11 Filings:</td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7321485" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821485" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9021485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">No Chapter 11 Filings Found this Month</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl8621485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">---</td>
<td class="xl7821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7321485" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6821485" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8121485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; font-weight: 700;">Chapter
7 Filings:</td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr>
<tr class="xl7321485" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821485" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9021485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Acorn Sign Graphics, Inc.</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">2/23/22</td>
<td class="xl6921485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">$6.0</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">22-30449</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Richmond,
VA</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">4th</td>
<td class="xl8221485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Eastern VA<br />Richmond</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Kevin
R. Huennekens</td>
<td class="xl8421485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">David
K. Spiro</td>
<td class="xl8621485" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Signage</td>
<td class="xl7821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7321485" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6821485" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6821485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9021485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 11.5pt; width: 207pt;" width="276">Back Bay Sign, LLC</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">2/4/22</td>
<td class="xl6921485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">22-10136</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Wilmington,
MA</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">1st</td>
<td class="xl8521485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt; width: 86pt;" width="115">Massachusetts<br />Boston</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Frank
J. Bailey</td>
<td class="xl8421485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">David
B. Madoff</td>
<td class="xl8621485" style="background: rgb(216, 228, 188); font-family: Calibri, sans-serif; font-size: 12pt;">Signage</td>
<td class="xl7821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7321485" height="34" style="height: 25.75pt; mso-height-source: userset;">
<td class="xl6821485" height="34" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25.75pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl8921485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl7521485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6821485" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table><span><br /></span></div><div id="Target Report_21485" style="text-align: center;" x:publishsource="Excel"><br /></div><div align="center" id="Target Report_21485" style="font-size: x-large;" x:publishsource="Excel"><!--The following information was generated by Microsoft Excel's Publish as Web
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<table border="0" cellpadding="0" cellspacing="0" class="xl7523732" style="border-collapse: collapse; table-layout: fixed; width: 1441px;">
<colgroup>
<col class="xl7523732" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
<col class="xl7523732" style="mso-width-alt: 418; mso-width-source: userset; width: 9pt;" width="12"></col>
<col class="xl8123732" style="mso-width-alt: 10402; mso-width-source: userset; width: 224pt;" width="298"></col>
<col class="xl8223732" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl8323732" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8423732" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8423732" style="mso-width-alt: 7330; mso-width-source: userset; width: 158pt;" width="210"></col>
<col class="xl8423732" style="mso-width-alt: 5282; mso-width-source: userset; width: 114pt;" width="151"></col>
<col class="xl8623732" style="mso-width-alt: 2466; mso-width-source: userset; width: 53pt;" width="71"></col>
<col class="xl8523732" style="mso-width-alt: 10914; mso-width-source: userset; width: 235pt;" width="313"></col>
<col class="xl8523732" style="mso-width-alt: 2210; mso-width-source: userset; width: 48pt;" width="63"></col>
<col class="xl7523732" style="mso-width-alt: 674; mso-width-source: userset; width: 15pt;" width="19"></col>
</colgroup><tbody>
<tr class="xl7323732" height="40" style="height: 30pt; mso-height-source: userset;">
<td class="xl7423732" height="40" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 30pt; width: 15pt;" width="19"></td>
<td class="xl7423732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 9pt;" width="12"></td>
<td class="xl6823732" colspan="7" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 764pt;" width="1015">2022 February - Non-Bankruptcy Closures in the Printing,
Packaging, Paper & Related Industries</td>
<td class="xl6823732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 235pt;" width="313"></td>
<td class="xl6823732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 18pt; font-weight: 700; width: 48pt;" width="63"></td>
<td class="xl7423732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; width: 15pt;" width="19"></td></tr>
<tr class="xl7323732" height="87" style="height: 65.25pt; mso-height-source: userset;">
<td class="xl7623732" height="87" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 65.25pt; text-decoration-line: underline;"></td>
<td class="xl7623732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td>
<td class="xl7723732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 224pt;" width="298"><br /><br /><br />Closed Company / Facility</td>
<td class="xl7123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Date of Closure</td>
<td class="xl7123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Pre-Closure<br />Revenues<br />(US$Mil)</td>
<td class="xl7723732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151"><br /><br /><br />Closing Address</td>
<td class="xl7823732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 158pt;" width="210">Related Party</td>
<td class="xl7123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 114pt;" width="151">Related Party<br />Address</td>
<td class="xl7123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 53pt;" width="71">Date Closure Public</td>
<td class="xl7823732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline; width: 235pt;" width="313"><br /><br /><br />Notes</td>
<td class="xl7923732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 11pt; text-decoration-line: underline; width: 48pt;" width="63"><br />Press<br />Releases</td>
<td class="xl7623732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7323732" height="47" style="height: 35.25pt; mso-height-source: userset;">
<td class="xl6523732" height="47" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 35.25pt;"></td>
<td class="xl6523732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6623732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 224pt;" width="298">The Print House</td>
<td class="xl7223732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 11pt;">3/16/22</td>
<td class="xl6923732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">No
Data</td>
<td class="xl6923732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Brooklyn,
NY</td>
<td class="xl8723732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt; width: 158pt;" width="210">None</td>
<td class="xl6923732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">N/A</td>
<td class="xl8923732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Feb-22</td>
<td class="xl7023732" style="background: rgb(255, 255, 204); font-family: Calibri, sans-serif; font-size: 12pt;">Commercial
printing</td>
<td class="xl8823732" style="background: rgb(255, 255, 204); color: blue; font-family: Arial, sans-serif; font-size: 10pt; text-decoration-line: underline;"><a href="http://thomasauction.com/auctions/the-print-house/?utm_source=pressXchange&utm_medium=pressXchange_auctions&utm_campaign=print_house" target="_blank">Link</a></td>
<td class="xl8023732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; text-decoration-line: underline;"></td></tr>
<tr class="xl7323732" height="33" style="height: 25pt; mso-height-source: userset;">
<td class="xl6523732" height="33" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt; height: 25pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl9123732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6723732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td>
<td class="xl6523732" style="background: rgb(196, 215, 155); font-family: Calibri, sans-serif; font-size: 12pt;"></td></tr></tbody></table></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></div><!-----------------------------><!--END OF OUTPUT FROM EXCEL PUBLISH AS WEB PAGE WIZARD--><!-----------------------------></span></div>Mark R. Hahnhttp://www.blogger.com/profile/13231330726001477108noreply@blogger.com