ALJ REGIONAL HOLDINGS, INC. COMPLETES SALE OF PHOENIX COLOR CORP.
ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) has completed the sale of its subsidiary, Phoenix Color Corp., to Lakeside Book Company. This transaction, valued at approximately $136.4 million, was finalized following stockholder approval on April 11, 2022. Phoenix, based in Hagerstown, Maryland, specializes in printing book components and children’s books. The sale is in line with ALJ's strategy, allowing it to focus resources on its core business operations, particularly through its subsidiary Faneuil, Inc., which provides various services to commercial and governmental clients.
- Successful sale of Phoenix Color Corp. enhances liquidity with approximately $136.4 million received.
- Stockholder approval signifies confidence in ALJ's strategic decisions.
- None.
NEW YORK, April 13, 2022 /PRNewswire/ -- ALJ Regional Holdings, Inc. (NASDAQ: ALJJ) ("ALJ") announced today that it has completed the previously announced sale of all of the outstanding capital stock of its wholly owned subsidiary, Phoenix Color Corp. ("Phoenix"), to Lakeside Book Company ("Lakeside"). Headquartered in Hagerstown, Maryland, Phoenix is a specialty printer of book components, children's books, and other print-related products with printing facilities in Indiana and Maryland. The transaction was completed pursuant to a Stock Purchase Agreement, dated February 3, 2022, and was approved by ALJ's stockholders at a special meeting held on April 11, 2022. Consideration paid by Lakeside to ALJ at closing was approximately
About ALJ
ALJ Regional Holdings, Inc. is the parent company of Faneuil, Inc., a leading provider of call center services, back office operations, staffing services, and toll collection services to commercial and governmental clients across the United States.
View original content:https://www.prnewswire.com/news-releases/alj-regional-holdings-inc-completes-sale-of-phoenix-color-corp-301524904.html
SOURCE ALJ Regional Holdings, Inc
FAQ
What was the sale amount for Phoenix Color Corp by ALJ?
When was the sale of Phoenix Color Corp completed?
Who acquired Phoenix Color Corp from ALJ?
What is the significance of the sale for ALJ?