another deal
Miami Computer Supply Corporation and TBS Printware, Inc. Announce Definitive Agreement
Seventh for Miami Computer Supply in 1997
DAYTON, Ohio, Dec. 29 /PRNewswire/ -- Miami Computer Supply Corporation (Nasdaq: MCSC), a leading supplier of computer supplies and projection presentation products, today announced that it has signed a definitive merger agreement with TBS Printware, Inc., a $17.0 million (annual revenues) distributor of computer supply and office automation products headquartered in Fremont, California with an additional office in Haddonfield, New Jersey. The price was not disclosed. The transaction is subject to certain conditions which must be accomplished before the closing.
Michael E. Peppel, Chief Financial Officer of Miami Computer Supply added, "The TBS transaction adds another EPS-accretive entity to the MCSC fold. Assuming that the transactions with TBS and Minnesota Western/Creative Office Products, Inc., Berkley, California, previously announced, are consummated as anticipated, we will have developed from a $63 million revenue company with 118 employees at year end 1996 to a $217 million annualized revenue run rate with 465 employees in a 12 month period. We are excited about entering 1998 with the strong momentum developed in 1997."
Miami Computer Supply Corporation went public last November. Since the IPO, Miami Computer Supply will have increased the number of its sales offices from 20 to 59.
"We are excited to be part of a dynamic organization such as Miami Computer Supply. This alliance will strengthen our vendor relationships and allow us to expand the products we offer our customers," said Rob Salomon, CEO of TBS Printware.
John McCoubrie, President of TBS Printware added, "This merger will enable us to strengthen our marketing programs and gives us the opportunity to become part of a publicly traded company." |
