Ohio firm takes over Print Communications

January 11, 2008
Print Communications Inc., one of central Indiana's largest printers, has sold a controlling interest to Stonehenge Partners Inc., a Columbus, Ohio, private equity firm.

Terms of the deal were not disclosed, but PCI founder Randy Steenbergen said the staff will not be downsized and current management will be retained.

The firm has been renamed PCI Holdings LLC.

The deal was arranged by Indianapolis-based Periculum Capital Co. LLC in a period when the printing industry is undergoing significant contraction.

Steenbergen, who is being replaced as CEO by Lowell Morrison, will serve as chief operating officer. Greg Flora will remain PCI president.

The PCI staff of about 150 could grow slightly under the new ownership arrangement, Steenbergen said.

"We want to grow the business, and Stonehenge wants to grow the business," he said.

Stonehenge's involvement will allow PCI, which ranks as central Indiana's third-largest commercial printer in the 2008 IBJ Book of Lists, to focus on local and regional growth opportunities.

PCI, which prints Indianapolis Business Journal, will use the influx of capital with its deal with Stonehenge to buy new equipment needed for growth, Steenbergen said.

Steenbergen said PCI's enhanced offerings will appeal to a wide range of potential clients in various businesses across the U.S. He declined to say in what areas the firm intends to grow.

"Only about a dozen companies nationwide will be offering what we offer," said Steenbergen, who launched PCI in 1991.

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