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The acquired business produces patient instructional leaflets, commonly known as "inserts and outserts" for leading pharmaceutical customers in the United States. CCL Label manufactures similar products at its specialist factories in Baltimore MD, Canada and Puerto Rico.
CCL anticipates the final purchase price will be approximately US$10 million in a combination of cash and assumed debt. Sertech sales were US$11.2 million in the year ending December 31, 2010 with EBITDA of approximately US$2.4 million. Jeff Adesko, William McDonough and Michael Bergeron the founders of Sertech have signed long-term employment agreements as part of the transaction and will join the Healthcare Solutions business group of CCL Label North America led by Jim Sellors, Vice President and General Manager. The acquired company will immediately change its trading name to CCL Label.
Geoffrey Martin, President and CEO of CCL Industries said, "The Healthcare sector continues to be attractive for us and we have been very successful with similar acquisitions in this product space in the recent past in North America. The excellent Sertech facility in Chicago and the great team that Jeff assembled while building the business will also allow us to get closer in many respects to pharmaceutical customers based in the Midwest region."
CCL anticipates the final purchase price will be approximately US$10 million in a combination of cash and assumed debt. Sertech sales were US$11.2 million in the year ending December 31, 2010 with EBITDA of approximately US$2.4 million. Jeff Adesko, William McDonough and Michael Bergeron the founders of Sertech have signed long-term employment agreements as part of the transaction and will join the Healthcare Solutions business group of CCL Label North America led by Jim Sellors, Vice President and General Manager. The acquired company will immediately change its trading name to CCL Label.
Geoffrey Martin, President and CEO of CCL Industries said, "The Healthcare sector continues to be attractive for us and we have been very successful with similar acquisitions in this product space in the recent past in North America. The excellent Sertech facility in Chicago and the great team that Jeff assembled while building the business will also allow us to get closer in many respects to pharmaceutical customers based in the Midwest region."
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