Business News

Visant Corporation Enters Into Merger Agreement With Phoenix Color Corp., Visant to Acquire Phoenix

Wednesday 13. February 2008 - Visant Corporation and Phoenix Color Corp. jointly announced today that they have signed a definitive agreement and plan of merger.

Phoenix Color will operate as a wholly owned subsidiary of Visant following the proposed merger. Phoenix Color is a leading book component manufacturer serving primarily the trade, professional reference and educational segments. The total purchase consideration is $219.0 million, subject to certain post-closing adjustments. The all cash deal, which is subject to customary closing conditions, including regulatory approval, is anticipated to close by the end of the first calendar quarter of 2008.
Commenting on the proposed transaction, Mr. Marc Reisch, CEO of Visant Corporation, stated, “We are very excited at the prospect of having Phoenix Color join the Visant Publishing Services business. Their outstanding facilities in Hagerstown, Maryland and Rockaway, New Jersey stand to further strengthen the efficiency and flexibility of our book component production platform providing significant value to both companies’ publishing customers.”

Mr. Louis LaSorsa, CEO of Phoenix Color, commented, “We are honored and excited to join the Visant family of premier graphic arts and publishing services companies. The combination will lead to even higher levels of
service to which our customers have grown accustomed.”

Houlihan Lokey acted as financial advisor to Phoenix Color in connection with the transaction.