Henrico County-based commercial printing company Worth Higgins & Associates Inc. has acquired Stern’s Printing and Engraving Co., based in Chesterfield County.
The deal, announced Monday, became effective June 1. All four full-time Stern’s employees were added to the Worth Higgins’ payroll.
The purchase price was not disclosed.
The acquisition is expected to generate an estimated $2 million in annual sales, Worth Higgins said.
Stern’s serves companies in legal, financial services and manufacturing industries across the U.S. and internationally. Employee-owned Worth Higgins, which is the largest sheet-fed commercial printer in Virginia, has 165 employees.
One main reason for Worth Higgins’ acquisition was to enable the company to enter new markets. Stern’s has additional offices in Arlington and Atlanta, so Worth Higgins will expand its reach into those markets.
“They were offering a lot of the same things we were,” Scott Hudson, director of corporate communications at Worth Higgins, said about Stern’s operations. “It just made sense to make that partnership stronger.”
Since 2008, Worth Higgins has acquired six companies.
Stern’s will continue operating as a stand-alone division of Worth Higgins, but Stern’s will move its Chesterfield operations to the Worth Higgins building at 8770 Park Central Drive in Henrico. A move date has not yet been set.
Worth Higgins agreed to honor all of Stern’s previous agreements.
“By taking advantage of Worth Higgins & Associates’ arsenal of equipment, additional service offerings and buying power, Stern’s will be able to grow their business,” Benny Bowman, president and chief operating officer of Worth Higgins, said in a statement.
Stern’s also expressed excitement about the acquisition.
“We have long admired Worth Higgins & Associates because of the company’s strong reputation for quality, service and product innovation,” said Stern’s president, Ben Harper. “We are excited about this new partnership and the additional services it will bring to our client base.”