Taylor Corp. of North Mankato, Minn., on Wednesday acquired the assets of Standard Register Co., an Ohio communication services firm, for more than $307 million.
The deal was approved by U.S. Bankruptcy Judge Brendan Shannon after a bankruptcy auction in which Taylor Corp. negotiated a deal with the previous top bidder for the company, which had 2013 revenue of $719 million.
Standard Register, which has 3,500 employees, gives the North Mankato company product lines that include printed forms and communications services in the fields of health care, commercial business, financial services and industrial markets.
"While Standard Register has encountered financial challenges, I have no doubt its best days are ahead," said Deb Taylor, Taylor Corp.'s CEO. "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."
It was not immediately clear if Taylor Corp. would continue Standard Register's operations in Dayton, Ohio, or consolidate all or portions of the acquisition with Taylor's existing companies. However, Deb Taylor did say that Taylor Corp. would be adding Standard Register's employees to its workforce.
Taylor Corp. is the holding company for the diversified portfolio of billionaire businessman Glen Taylor, who also owns the Minnesota Timberwolves and Lynx professional basketball teams and the Star Tribune.
Taylor Corp. has more than 80 subsidiaries and 9,000 workers. It provides graphics and communications support in some of the same sectors as Standard Register, including financial services and health care. It also has clients in the automotive, insurance and retail sectors.
Standard Register filed for Chapter 11 bankruptcy protection last March and immediately announced its sale to Silver Point Capital, a Connecticut-based hedge fund that already had an ownership stake in the company, for $275 million.
