The deal includes Nu Graphics' HP Indigos, HP Scitex FB 6100 and HP DesignJet 5000s, as well as a Komori 528c 5-color aqueous coater press.
However, according to Bob Coppinger, president of Wilmington, MA-based Kirkwood Holdings', the greatest thing about the deal was there is very little customer overlap between the two companies.
He said: "Many times, these types of acquisitions are based on cost cutting and downsizing, but this is all about growth and enabling our current customers to have access to the products and services that Nu Graphics specializes in.
"I don’t think it will impact our sales geographically outside of enabling us to offer our services anytime, anywhere. We at Kirkwood already have some national and international clients, but we’re concentrated in New England and the Northeast and so is Nu Graphics."
Kirkwood Holdings was formed with the acquisition of Kirkwood Printing back in 2004. "At that time it had $9 million in sales, all commercial printing," Coppinger said. "That division, Kirkwood Printing, has grown to about $23 million in sales in our most recent year. Then we also launched an integrated marketing division called Kirkwood Direct in 2007 and last year it was responsible for $18 million in revenue."
Kirkwood Holdings also acquired the $3m turnover Perrone Group, which has a niche in higher education and non-profit fundraising marketing services and enrollment management.
Coppinger credited the company’s rapid revenue growth to both new business wins and providing additional services to its existing customer base. "You certainly can’t ignore the change in marketing practices and we’ve expanded accordingly," he said. "But print is still a big piece of that puzzle."
Nu Graphics will stay in their same Woburn, MA-based facility, Coppinger said, adding there’s even room there for expansion.
"We’re retaining the entire staff and management team and we expect to add to it," he continued. "Our clients have been clamoring for these types of digital services, so we think we’ll see growth both at Kirkwood Print and Kirkwood Direct—as well as Nu Graphics. We think Nu Graphics is not the final piece of the puzzle, but the next logical piece."
