Ennis Inc. (asi/52493) is continuing to make acquisitions.
The Midlothian, TX-based supplier of print solutions and promotional products has acquired Printing Technologies Inc. (PTI) of Indianapolis, IN. Financial terms of the deal were not immediately released.
Founded in 1994, PTI provides printing technology solutions in media that include direct thermal, thermal transfer, ink jet, dot matrix and laser.
The firm serves end-markets such as industrial goods, consumer goods, field services, retail, financial, healthcare/prescription, transportation/logistics, and parking/public safety and transit.
“PTI is a renowned brand with a diverse range of unique products, and we are looking forward to leveraging these new capabilities to enhance Ennis’ product offerings,” said Keith Walters, chairman, president and CEO of Ennis. “I want to extend a warm welcome to PTI’s employees and customers as they join the Ennis family.”
Ennis, a publicly traded company, sells promotional products, business forms and supplies, checks and software-compatible forms, envelopes, custom business forms, and presentation folders, among other items.
The company has been aggressive about making acquisitions in recent years. In October 2023, Ennis announced its purchase of two Pennsylvania printing companies, Eagle Graphics and Diamond Graphics. Other acquisitions within the last few years include UMC Print, Stylecraft Printing, School Photo Marketing and Gulf Business Forms.
Walters said the company plans to continue pursuing strategic acquisitions.
“Our profitability and strong financial condition will allow us to continue operations and fund acquisitions without incurring debt,” he said in a statement this month. “Given those strengths, we also anticipate timely access to credit should larger acquisition opportunities materialize.”
Despite having a strong balance sheet, Ennis’ sales fell year over year by 7.4% to $103.1 million in the firm’s fiscal first quarter, which concluded May 31. Net earnings during the same period were down on an annual basis by about 8%, slipping to approximately $10.7 million.
For the company’s prior full fiscal year, which ended Feb. 29, revenue declined 2.7% on an annual basis to $420.1 million. Net earnings fell by nearly $5 million for the year to $42.6 million.
