IMAGINE Strengthens Balance Sheet to Drive Growth Plan

The IMAGINE Group (“IMAGINE” or “the Company”), a leading provider of visual communications, announced today that it has completed a recapitalization, reducing the company’s debt load from $550 million to $100 million and facilitating new capital investment. With this new financial structure in place, IMAGINE has a stronger, healthier balance sheet that will support its ambitious growth plan to accelerate its leadership position in the industry.

In concert with this transaction, IMAGINE will have a new ownership structure, which will include support from investors managed by Cerberus Capital Management, L.P. (“Cerberus”), the Goldman Sachs Merchant Banking Division and Arbour Lane Capital Management, LP. With this new ownership group, IMAGINE believes it will be well positioned to grow the business, leverage the full strength of IMAGINE’s talented team and invest in new systems, equipment and acquisition opportunities.

“Over the past 12 months, we have been executing on a strategy of significant transformation to best position the Company for long-term success. This transaction represents a critical financial step to support our team’s work and the operational improvements we have made,” said Craig Reese, IMAGINE Chief Executive Officer. “IMAGINE has a bright future ahead and we welcome the opportunity for additional capital to improve our technology, turnaround times, creative service offerings, digital opportunities and print-on-demand capabilities. This new investment, combined with a stronger financial foundation, will give us the support and flexibility we need to succeed against our goals and grow the business.”

Rickardo Francis, Managing Director at Cerberus and newly appointed member of IMAGINE’s Board of Directors, added, “We have been impressed with the IMAGINE team, the strong customer relationships they have built and the Company’s market-leading capabilities. We are looking forward to partnering with the Company as it enters this new phase of growth and innovation. With one of the strongest balance sheets in the industry and an exciting growth plan supported by investments from the new ownership, IMAGINE will be well positioned for continued success.

Reese concluded, “None of this would be possible without the hard work of our team. Though the COVID-19 pandemic has affected each of us, I have seen the IMAGINE team continue to dedicate themselves to our work and our customers – and I want to thank them for everything they’ve done for our company.”

IMAGINE was represented by Paul Weiss as legal counsel and Moelis as financial advisor. The new equity investors were represented by King & Spalding as legal counsel and FTI Consulting as financial advisor.

Source: IMAGINE

The preceding press release was provided by a company unaffiliated with Wide-Format Impressions. The views expressed within do not directly reflect the thoughts or opinions of Wide-Format Impressions.