If this edition of M&A Corner might look familiar, you are not losing your mind! I have decided that the January/February and July/August issues of L&NW will contain the prior year-end and first six months of the current year’s PrintStockWatch chart. There is much to be learned by following the industry’s publicly-traded companies – and more specifically the label segment, which would include Avery, Brady, CCL (Canada), Ennis, Lintec and Sato (Japan), Transcontinental (Canada), and Zebra. 

Our firm has been tracking news from all the public companies, including earnings reports, acquisitions, product offerings, executive changes, and more since January 2000.    

The chart below is 2025’s Mid-Year PrintStockWatch. As you can see, our PrintStockWatch index is down, -10.5% thru June 30, 2025. Some major contributors to this decline are non-label companies 4imprint, Cimpress and Deluxe. Label companies Avery, Brady, Ennis and Zebra were also down (but not nearly as much), with Zebra leading the group – down -20.2%.   

As you look at the PrintStockWatch chart, there is a column that may not be familiar to you, and it is the very first one, entitled “TEV/EBITDA.” TEV stands for Total Enterprise Value and is arrived at by taking the share price on any given day, times total number of public shares outstanding. EBITDA stands for Earnings Before Interest, Taxes, Depreciation & Amortization. Public companies only report pure EBITDA and not adjusted EBITDA, which is a term you might have heard if you have ever been involved in any M&A transactions. The TEV/EBITDA multiples in our PrintStockWatch chart were arrived at by taking each company’s TEV and dividing it by its Trailing Twelve Months
(TTM) EBITDA. All of the TEV/EBITDA numbers in the chart are courtesy of  Yahoo! Finance. See the second graphic on page 32 for the formula.

Private companies like to use adjusted EBITDA, which provides a better picture of how the company will produce under new ownership, with many excessive and subjective expenses removed (hence the
term “adjusted”).

Recent M&A News

CCL Industries Inc.  

On June 2, 2025, CCL Industries (TSX: CCL.B) acquired UK-based Humphreys Holdings Limited, operating as We Print Lanyards, a niche manufacturer of custom lanyards, name badges, and ID cards. The business generated $4.1 million in revenue during 2024, with an estimated 25% adjusted EBITDA margin. 

CCL paid $5.6 million in an all-cash, debt-free deal, subject to closing conditions. CEO Geoffrey Martin described the acquisition as part of the company’s expansion into access control and badging solutions, targeting markets like retail and live events. While not a label company, this deal is closely related and complements CCL’s broader labeling offering, giving customers more reason to use them for a range of branded identification products.  

Ennis

On April 11, 2025, Ennis (NYSE: EBF) acquired Northeastern Envelope, an envelope manufacturer with some continuous label capabilities. The company, based in Old Forge, PA, since 1966, is known for its custom converting and quick turnaround. 

Chairman and CEO Keith Walters noted Northeastern’s strong industry reputation and said that alongside Ennis’ existing Northeastern facilities, the acquisition will help Ennis serve more customers in the region. Though primarily focused on envelopes, Northeastern’s label production adds a useful adjacent capability that fits with Ennis’ broader product mix.  

TC Transcontinental 

On June 23, 2025, TC Transcontinental (TSX: TCL.A) announced the acquisition of the Middleton Group, an Ontario-based provider of retail services and point-of-purchase display solutions, to grow its presence in the in-store marketing sector. 

Middleton Group, established in 1952, employs 65 people and specializes in creative retail marketing, including large format printing, custom fixtures, and display systems. While this isn’t a label business, it is a related segment, and the move should help TC Transcontinental with cross-segment selling to customers who are increasingly looking for bundled solutions that combine packaging, labeling, and in-store marketing under one supplier. 

If you are the owner of a label company and are curious what your adjusted EBITDA might be – which is the first step leading to the valuation of your company – please reach out to me, and we will compute this for you at no charge. Yes, for free!

Meanwhile, the PrintStockWatch is published twice per month on the Friday closest to the 15th and the Monday following the last trading day of the month. It is a free subscription. If you go to the PrintStockWatch website, www.printstockwatch.com, you can subscribe.

Jim Anderson is the Founder & President of Scottsdale, AZ-based Corporate Development Associates (CDA). CDA is a boutique Merger & Acquisition consulting firm that has focused 100% on the printing industry since 1987. Website: www.printmergers.com. Contact Jim via email: janderson@printmergers.com or cell/text: 602-432-0426