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(NASDAQ: MLNK) has completed the acquisition of direct marketing solutions firm IWCO Direct for USD 476m in cash, the company said.
With this transaction completed, IWCO Direct becomes a wholly-owned subsidiary of ModusLink Global Solutions.
For the last 12 months through October 2017, IWCO Direct had net revenue of USD 470.6m, net income of USD 18.9m and Earnings Before Interest, Taxes, Depreciation and Amortization of USD 82.2m.
IWCO Direct's range of services includes strategy, creative and production for multichannel marketing campaigns, along with one of the industry's most sophisticated postal logistics programs for direct mail.
Funding for the acquisition of IWCO Direct was provided through cash and debt financing provided by Cerberus Business Finance, LLC, as the Administrative Agent and Collateral Agent, and consists of a term loan in the principal amount of USD 393m and a borrowing in the amount of up to USD 25m under a revolving credit facility.
US-based, privately-held direct marketing solutions provider IWCO Direct announced a letter of intent to sell its Fort Worth, Texas, operations to Business Ink, Company, a provider of integrated solutions for print and distribution management.
US-based, privately-held direct marketing solutions provider IWCO Direct announced yesterday a letter of intent to sell its Fort Worth, Texas, operations to Business Ink, Company, a provider of integrated solutions for print and distribution management.
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