Checkpoint Systems to Acquire Shore to Shore for $67.95M

Checkpoint Systems, Inc. CKP today announced that it has entered into a definitive agreement to acquire Shore to Shore, Inc., including the Adapt Group and related assets. Shore to Shore, headquartered in Centerville, Ohio, is a global retail apparel and footwear product identification business with production locations in 13 countries. The initial purchase price for the all cash acquisition will be $67.95 million less any debt. A contingent purchase price payment of up to $12.50 million may be made if certain financial results are realized for the calendar year ended December 31, 2010. Additionally, a $1.23 million payment will be made for transitional consulting services. The purchase price will be further increased by an additional $6.25 million, contingent upon the successful migration of specified business accounts.