NORTH MANKATO, Minn.—June 18, 2015—A bankruptcy court judge has approved Taylor Corp.’s $307 million-plus bid for Dayton, Ohio-based Standard Register, the Minneapolis Star Tribune reported. The auction bid topped a proposed $275 million deal by Connecticut hedge fund and Standard Register shareholder Silver Point Capital.

Standard Register employs 3,700 workers at 34 facilities throughout the United States and Mexico. Deb Taylor, CEO of Taylor Corp., told the newspaper that her company plans to add Standard Register’s employees to its workforce. No mention was made of whether any facilities would be consolidated or negatively impacted.

“While Standard Register has encountered financial challenges, I have no doubt its best days are ahead,” Deb Taylor told the newspaper. “Together, we’ll have the scale and talent we need to pursue new market opportunities through a broader range of technology offerings, products and services.”

Billionaire Glen Taylor, founder of the commercial printing firm that bears his name and owner of the NBA’s Minnesota Timberwolves and the Minneapolis Star Tribune, seemingly came out of nowhere when he filed at the eleventh hour to take part in Monday’s bankruptcy sale of Standard Register.

Standard Register, which filed for Chapter 11 last March, seemingly had its suitor in Silver Point Capital, as the sides had agreed to a $275 million purchase. The Tribune, citing court filings, wrote that Taylor Corp. subsequently negotiated a deal with Silver Point to pay $2 million over its bid.

The deal is expected to close within 60 days, pending the resolution of objections by creditors, along with the settlement of complaints filed against Silver Point by Standard Register’s official creditors committee, the Dayton Daily News reported. One of the complaints leveled by the committee, comprised of unsecured creditors, is that Silver Point (already a substantial shareholder in Standard Register) effectively “chilled the sale process” in keeping other potential buyers away during the bidding, the newspaper said.

Standard Register specializes in printed forms and communications services for verticals including health care, financial services and industrial markets. Taylor Corp., which has 80 plants and 9,000 employees globally, crosses over with health care and financial clients, as well as automotive, insurance and retail customers.

In a separate deal, Taylor Corp. also picked up the assets of Salem, New Hampshire-based NEPS LLC, which services the insurance, finance, health care and automotive spaces.

“As we met with the management team at Taylor and learned more about the breadth of the organization, we saw genuine opportunity and value in being part of this family of companies,” notes Denise Miano, founder and president of NEPS. “We are looking forward to being part of this team and are already seeing some of the benefits to our company.”

Source: Printing Impressions