It looks like another SPAC is going operational. Enterprise Acquisition Corp. (AMEX: EST) has agreed to acquire WF Capital Holding Inc., which is a private company and the parent company of Workflow Management Inc. for $179 million in stock. Workflow will also buy two unnamed firms in the
marketing and promotional services business sector for terms that are not yet disclosed. The surviving company will be called Workflow Corp. and the surviving business will be run by current management.
Enterprise expects this merger to close later this year or early in2009. Terms will include the assumption of some $490 million in debt.Workflow is one of the largest and fastest growing print andpromotional products companies and now has nearly $1.2 billion inannual revenue after including the planned acquisitions being proposed.
Enterprise raised $250 million in its IPO back in November 2007.Shares of Enterprise Acquisition closed have traded in a range of $8.98to $9.50 in an adjusted trading range and closed Friday at $9.49.
Jon C. Ogg
August 25, 2008
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