InnerWorkings To Buy Chile's CPRO In Latin American Expansion - CEO
04 Februar 2011 - 1:29PM
Dow Jones News
Printing procurement company InnerWorkings Inc. (INWK) is
acquiring Latin American counterpart CPRO Services Ltd. in a move
the company's chief executive said enables it to support clients
with business in that region of the globe.
Terms of the deal weren't announced, though InnerWorkings
President and CEO Eric Belcher said the acquisition is premised on
a three-year earnout whereby privately held CPRO's financial
performance determines whether the full proceeds of the deal are
paid out.
"It's not a transaction where all the proceeds are placed down
on day one," Belcher told Dow Jones Newswires. "It's a good
long-term joint partnership, with the incentives are properly
aligned."
Chicago's InnerWorkings is in the niche business of procuring
and managing printing of brochures, packaging, direct mail and a
range of other commercial printed materials for companies like
Unilever North America (UN, UL) and Internet grocer Peapod.
Santiago, Chile-based CPRO, which lists Nestle SA (NESN.VX) and
Procter & Gamble Co. (PG) among clients, is active in 12
countries in South and Central America. CPRO had revenue of $22
million in 2009, according to a statement by InnerWorkings.
Belcher said the deal responds to clients' demand for services
in Latin America that are comparable to InnerWorkings' U.S. and
European offerings.
-By Brendan Conway, Dow Jones Newswires; 212-416-2670;
brendan.conway@dowjones.com
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