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RAPAPORT... Jostens Inc. will acquire American Achievement Group Holding Corporation from Fenway Partners. The transaction is subject to closing conditions and regulatory review, and it is expected to close not later than the second quarter of 2014 and to be accretive to the company's free cash flow in the first year of combined operations. Jostens is a wholly owned subsidiary of Visant Corporation. American Achievement's products and brands include Balfour®, Taylor, ArtCarved® and Keepsake®. The companies did not disclose financial details, but the Minneapolis/St. Paul Business Journal quoted an insider estimating the transaction value between $486 million to $500 million.
Marc Reisch, the CEO of Visant, said, "American Achievement is an excellent company. Bringing American Achievement and Jostens together will enhance the combined business' core capabilities and create a great platform to even better serve our customers, in addition to generating significant operating efficiencies for the company."
Jim Simpson, the chief financial officer of Jostens, said, "The transaction brings together the talents of the two great companies and will enhance our opportunities to continue to provide the best products and services to our industry."
Simpson Thacher & Bartlett acted as legal advisor to Visant and Jostens, Credit Suisse provided committed loan financing to Visant in connection with the proposed transaction and is acting as sole lead arranger and bookrunner for the debt financing. KKR Capital Markets assisted in placing the financing. Ropes & Gray and Wilmer Hale acted as legal advisors to American Achievement and Fenway and Goldman Sachs & Co. acted as the financial advisor.
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