 STAMFORD, CT (News release) -- Cenveo Worldwide Limited announced the successful completion of a management buyout of the business led by Chief Executive Officer, Rob Burton, Jr., President, Mike Burton, Chief Financial Officer, Mark Hiltwein, and Chief Strategy Officer, Ayman Zameli. As a result of the transaction, Cenveo is now 100% owned by its management with the Burton family being the majority shareholder.
Rob Burton, CEO of Cenveo said: "I am grateful for this opportunity and proud to have gained the trust of our shareholders to accomplish this buyout. We have all worked very hard on rationalizing our platform and divesting non-strategic assets all while delivering superior returns to our shareholders." With this buyout, Cenveo is now exclusively an envelope focused business and the largest envelope converter in North America. Through this transaction, the existing Cenveo management team will remain in place and will continue to focus its efforts on serving the Company's diverse and extensive envelope customer base. Rob continued, "Cenveo is an established brand with a rich history and long experience in delivering innovative solutions to our customers. This deal represents the next chapter for the brand and the ambitious team members who have helped build it over many years."
"The completion of this deal is a significant milestone for Cenveo. With our new structure, we are confident in our ability to continue to dedicate resources to serve our customers and focus on our future growth," said Mike Burton, President of Cenveo. Financial terms of the transaction were not disclosed; however, the Company highlighted the low leverage it has at the close of the transaction. "With our strong liquidity position and limited leverage, our balance sheet is in the best standing in the Company's history. This positions us well as we continue to pursue higher levels of service, quality, and support for our customers," he said.
The following organizations worked with Cenveo management on the completion of the transaction: Credit Suisse as financial advisor; AlixPartners as operational advisor and Hughes Hubbard as legal counsel.
Cenveo is a leading North American manufacturer of envelopes with over 100 years of experience and approximately 50 billion envelopes manufactured annually. Headquartered in Stamford, Connecticut, Cenveo's team of over 2,000 employees is focused on delivering quality products and service to some of the world's most recognized brands. Cenveo operates 14 facilities nationwide with a commitment to producing world-class products that foster a more sustainable future. For more information, please visit us at www.cenveo.com
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