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Subsequent Events | 6 Months Ended
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Aug. 31, 2013
Subsequent Events [Abstract] |
Subsequent Events | 14. Subsequent Events On September 27, 2013, the Company acquired certain assets of the Custom Envelope Division (“CED”), part of the Custom Resale Group of Cenveo, Inc., for $47.25 million in cash plus the assumption of certain trade liabilities. The CED assets are comprised of the WISCO envelope brand, which is produced at a now owned facility in Tullahoma, TN., and the National Imprint Corporation (“NIC”) brand, which is produced in a leased facility in Claysburg, PA. WISCO produces and folds various types of envelopes, and NIC is an imprinter of envelopes. Both of these products are sold through print distributors. CED had sales in excess of $40 million for the twelve month period ended December 31, 2013. On September 30, 2013, the Company acquired the assets of the businesses operating under the trade name of Folder Express for $15 million plus the assumption of certain trade payables. The businesses had combined sales of approximately $20 million during the twelve month period ended December 31, 2012 and will continue to operate under the Folder Express brand name. On September 19, 2013, the Company entered into the Third Amendment and Consent to Second Amended and Restated Credit Agreement (the “Amendment”) with a syndicate of lenders lead by Bank of America, N.A. (the “Facility”). The Amendment amends and restates the financial covenant relating to Minimum Tangible Net Worth. The amended covenant requires a Minimum Tangible Net Worth of $100 million, with step-ups equal to 25% of consolidated net income, commencing with the first quarter ending November 30, 2013. The Amendment also provides for the consent by the syndicate of lenders, subject to the satisfaction of conditions specified therein, for the acquisition of the CED assets.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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