Industries Banking/Finance

Companies acquired and merged in management buyout

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Two Richmond-area companies, Colortree Inc. of Virginia and Graphics Innovations, have been acquired and merged in a management buyout.

The new owners of combined company , Colortree Group Inc., are Pat Patterson, its CEO and president,  and Boathouse Capital.  The deal closed at the end of September.
Colortree Inc. is a manufacturer of full-color direct mail envelopes, while Graphics Innovations is a specialty printer of direct-mail products.

“The merger of the companies will allow us to combine the capabilities of Colortree for envelopes and Graphics Innovations for high-quality print and full-service mailing, into one strong entity, providing our customers the ability to get all of their needs met in one place, “ Patterson said in a statement.

Colortree Group plans to capture a larger share of the direct-communication business by offering additional products and services to the direct-mail industry.

Glen Allen-based Dominion Partners, an investment banking company, represented the sellers. Dennis Whitcomb and Mike Heatley each owned a 50 percent share of Colortree. Terms were not disclosed.

Boathouse Capital invests mezzanine debt and equity in lower middle-market companies in partnership with management teams and private-equity funds. 

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