In a year that has been unusually chock-a-block with massive industry movements – consolidations, acquisitions, administrations, insolvencies, new products, breakthrough technology and plenty of equipment sales – Ascent Partners director, Richard Rasmussen, has kept his finger firmly on the industry’s pulse.
Throughout the year Rasmussen has kept Print21 readers in the industry loop with his monthly Market Watch updates and now, with the end of 2012 upon us, Rasmussen’s Year in Review, paints the profile of an industry that is still in the throes of massive changes but with plenty of market players transforming themselves with the game as it changes around them.
“It’s been very tough for the mum and pop commercial printers, but the ones with a specialty such as inkjet or web, or people who have embraced the new technologies and new business models out there, they seem to be doing alright,” says Rasmussen. “There are pockets that are doing very well in what can be described for most as a difficult market.
“The statistics would show you that the level of investment dollar wise has gone down, but I think the profile has changed,” he says. “People are buying the longer presses and the digital presses. There’s been a lot of big inkjet presses that have been going into the major transpromo players, but also the digital shops have been buying up digital presses. The bindery gear is more around digital as well.”
Rasmussen gives a nod to the local newspaper industry bearing the brunt of shifting market pressures, with extraordinary steps taken by both the country’s major publishers, Fairfax and News Limited, to stem losses and figure out a money-making model for the newspapers in the future.
“The closing of the Fairfax Chullora plant in NSW and The Age plant in Tullamarine was a significant announcement in 2012. Another significant change is the propose shift from broadsheet to tabloid,” says Rasmussen. “It’s very significant in the newspaper industry. It’s an admission that they can’t go on expecting newspaper sales to stay as they are. They’ve got to build a business model around a digital model.”
Welcome to the year as it was for Australia’s graphic arts and printing industry – a somewhat daunting number of stories for an industry as closely knit as this one can be. As Rasmussen says, “I don’t think anybody’s really collected all that data before.”
The year in review - 2012
November
No prizes for guessing the leading news story over the past month – the sale of Blue Star’s Australian operation to Caxton Web / Wolseley Private Equity.
Further consolidation of major plants continued with News Limited closing its Cairns facility and moving it into its Townsville plant. PMP also announced the closure of its Chullora Directories plant.
November also saw further business liquidations – Good impressions (NSW), Brite Solutions (NSW), Kudos Colour (QLD) and a voluntary administration at Hyde Park Press (SA).
In other news,
- Across the Tasman, APN announced they were selling their South Island mastheads Christchurch’s The Star, The Oamaru Mail and Wellington’s Capital Community Newspaper Group)
- Kwik Kopy City (Sydney) store was sold
- Colorpak opened its Brandpak site in Victoria
- Kosdown Printing (VIC) relocated to purpose built factory
The suppliers were also active:
- AIP Private Equity bought Presstek
- EFI bought Technique
- The Printing Industries Association bought Intech Australia
- Pro – Pac bought Source and Sell and Stronghold Wholesale
- Artref WA moved into a new showroom / warehouse
Major Equipment Sales and Installations
November provided a multitude of new machinery sales and installations.
On the offset side, KBA reported 4 new Rapida 105 or 106 presses were installed in the financial year ending 2012, whilst Heidelberg reported they had sold 37 printing units of their new SX range including a sale to Apex Printing in Wellington. A Komori LS 29 installation was reported at Sydney’s Dominion Print Group and a KBA Genius 52 UV was installed at IBIS (QLD).
There were also numerous multiple installations to single printers:
- CMYK Hub (VIC) – Muller E90 gatherer, stitcher, trimmer, 3 x Horizon (PUR binder, folder and Stitchliner), Stahl TH 82, and Indigo 5600
- Greenridge Press (QLD) – Indigo 3550, Polar system, Horizon folder
- Maxam Printing (VIC) – 3 x Horizon (Stitch and trim, folder and PUR binder)
Digital Presses and digital wide format installations included:
- Admark Visual Imaging (NZ) – Epson Surepress (digital label)
- Schoolpix (VIC) – Indigo 5600
- Kawana Signs (QLD) – Oce Arizona 550 GT with Procut
- Smartprint Group (QLD) – Oce Arizona 360 GT
- Clegg Media (QLD) and Catalyst Graphics (NSW) – An Agfa Jetti 3220 Titan wide format each
On the bindery / finishing side we saw Award Printing (QLD) install a KTM 92 guillotine and Centurion Print and Crucial Colour, both from NZ, each installed a Morgana Digifold folder/creaser.
October
There were some major multi-million dollar “market movements” in October:
- Amcor – with the $22,000,000 sale of three Aperio sites (flexo packaging) to local player, Integrated Packaging and with the operational opening of their $300,000,000 recycled paper mill in Botany.
- Book publishers, Penguin and Random House proposed a merger which may have a major effect on the local printers, PMP and Opus.
- Geon’s bankers, Bank of Scotland International, sold off a portfolio of “distressed corporate loans” which included $80,000,000 to Gresham Private Equity.
- The Salmat BPO $375,000,000 sale transaction was completed with Fuji Xerox taking over and renaming the business Fuji Xerox Document Management Solutions.
Blue Star was also in the news with the announcement that TMA withdrew from looking at its purchase. Rumours circulated as to other possible suitors.
Opus announced that it was closing the McPherson’s Mulgrave site, with its major equipment being relocated to its ACT and Maryborough plants.
On the acquisition front we saw Excell Printing (NSW) purchase liquidated printer, Bay Print, and Print Approach (QLD) purchase Nicholson Printers.
There were two winding up applications: Universal Business Forms (NSW) and End Print Solutions (NSW), and one liquidation of print broker, All Can Print (NSW).
On the Supplier side, Ricoh purchased IMC Communications and EFI purchased Online Print Solutions.
Major Equipment Sales and Installations
Some significant installations were reported including:
- Computershare (Qld) – Ricoh Infoprint 5000
- Media Point (Vic) – HP FB700 digital flatbed
- Next Print (NSW) – Durst Rho P10 250 Inkjet printer
- Alphabet Publishing (QLD) – Screen Truepress Jet 520 inkjet printer
- Bokay Group (WA) – HP Scitex FB 7600
- Megacolour (NSW) – IN mid 2012, a Heidelberg CD 102 – 6 and Screen Platerite HD 8900 Imager
- Retail Communications (Vic) – Fuji Film Inca Onset SI 40 inkjet flatbed.
Isn’t it interesting to see the change in the industry that the above sample of installations reflects? Also, the names/types of businesses that are buying? A few years ago, perhaps pre-GFC, the list would look very different.
September
The administrations continued in the month of September, with the largest being Tasmanian forestry group Gunns, which went into voluntary administration after the banks pulled their funding. That puts around 600 jobs at risk, and raises a big question mark against its (AU)$2 billion Bell Bay pulp mill investment. In FY 2012 Gunns made a $904 million loss.
Other administrations included Printworld International, a print management firm in NSW, Printmode, an A2 commercial printer in Melbourne, and Kea Print (NSW) who went into liquidation. Allprint & Packaging in QLD is due to have a creditor’s meeting for voluntary creditor’s liquidations early in October.
CBD Printing in Sydney fell into voluntary administration earlier in the month, with a later announcement stating that the four Snap centres under the group had been purchased by former chief executive, Richard Cook.
On the acquisition front, the major news was that a German media company, Bauer Media Group, purchased ACP Magazines for around $500 million.
A merger was announced between Melbourne digital printer, Docucopy, and long standing commercial offset Printer, Troedel. This merger will create a $6 million turnover business.
Fairfax also announced during the month that they were planning to build a new press hall in their North Richmond premises.
Major equipment sales and installs
Perhaps the biggest news of the month was Southern Colour’s (Vic) purchase of two Heidelberg XL 106 presses, a ten-colour perfector and six colour and coater to replace two four year old XL presses.
Also on the offset side came the announcement of a KBA 105 six colour press installed at Labelcraft in NSW.
After a fire swept through it in February, Special Binding Service in QLD, made perhaps the largest bindery investment for many years, announcing it had purchased:
- Two Kolbus perfect binders
- Two MBO folders
- An Meccanotecnica Aster Sewing machine
- Two guillotines with joggers and unloaders
- And other ancillary bindery equipment.
Gallus had success with installations of its ECS 340 Label Press at Dragon Print (NSW) and Impact Labels (QLD).
Other sales / installations included:
- Fineline Printing (Vic) installed a Kodak Nexpress
- Prologica (Vic) installed an Oce Arizona double bed 550 XT
- Central Imaging Technolgies (QLD) installed an Agfa Anapura M2540 digital flat bed
- Discus (WA) installed the Jeti 3020 wide format press.
July/August
Blue Star, having fielded offers on their business, decided to engage Goldman Sachs to sell its business, announced on 24 August. One component was in the process of being sold, Rapid Labels (NZ) to the Tiri Group.
PMP also announced it cut TMA from the process of conducting further due diligence on its business because of lack of proof of its financial wherewithal. TMA later announced they were going to open a factory in the Philippines and then PMP announced a 25% cut to their web press fleet. Whether these two later events are related to first is unknown.
Acquisitions
There were plenty of announcements in the first two months of FY 13:
- Amcor buys Wayne Richardson Sales
- Lorimer (VIC) buys Gumming and Varnishing Sales
- CCL Labels buys Graphitype Printing Services’ pharma business (NSW) for $7 million
- Champ purchases Eye for $120 million plus
- Paperlinx buys Canterbury Packaging (NZ)
- Brand Print Australia buys Visibility Event Signage
- Prographica buys McDowell Creative (NSW)
- Fuji Film buys Salmat’s BPO division for $375 million
Management Buys Outs (MBO) and Mergers
There were three MBOs reported – Zip Print (NT), Fineline Printing (VIC) and Doran Printing (VIC), one co – location proposal (McPersons into Vega), and one proposed merger (Good Impressions with Sydney Allen).
Closures/Creditor’s meetings:
These included Elephant Print Media VIC (Wound up), Mr Copy NSW (creditor’s meeting), Printergy VIC (Voluntary Administration).
We also saw Goprint (QLD) announce they intended to close and the training facility/program at RMIT (VIC) was taken over by an independent, CLB Training and Development.
Suppliers
Here we saw Mathias Bauerle go into administration and a bid by AIP (owners of Mark Andy) to buy Presstek. Weddenrnburn (NZ) announced it would move to larger premises in Mt Wellington, and Anitech is to close its ACT premises.
Sales and Installation of Equipment.
There was a substantial volume of major plant sold and installed in the first two months of FY13:
Offset Presses
Heidelberg announced it had sold 18 Speedmasters in the last six months, locations undisclosed. KBA advised they have sold large format presses to Labelcraft (VIC) and PMS Lithography (VIC). Komori installed a press at Centurion Print (NZ).
Digital
- Xerox – 800 & 1000 presses installed at Superprint (NZ), an IGen 4 to Complete Colour (VIC) and another 800 to Meteor Design and Print (NZ)
- HP – Magnify Media (VIC), a Scitex FB 7600, Discus Digital (WA) an Indigo 7600, and Centurion (NZ) an Indigo 5600
- Canon / Oce – A1 Instant Printing, a Canon ImagePress C7010VP, and Aust Post (2 x Colourstream 3700).
- Ricoh, a ProC651 printer was installed at Icon Print (NZ)
- Lanier, a PROC751 Ex digital printer was installed at Siris Printing (NZ).
Bindery / Finishing
- Kolbus – Special Equipment (QLD) ordered two Kolbus Perfect Binders and Hannanprint a third.
- Special Equipment also ordered 3 new folders, and a sewing machine.
- Polar – KW Doggetts purchased a 137N and a 115N
- Sitma – Future Sources (NSW) purchased a 950 E plastic wrapper
- Ferag – An Easysert Inserter was sold to Future Sources
June
The 2012 financial year concluded with most sectors in the large end of town consolidating or fielding offers from frequently unnamed suitors. Let’s hope they are not like the entity behind the recent bizarre offer on retailer DJ’s who received a $1.65 billion bid from EB Private Equity on Friday. DJ’s shares subsequently jumped 20 per cent and just as quickly dropped 20 per cent when the offer was withdrawn. Maybe it was an end of financial year thing.
Anyway, back to the world of print.
Perhaps the biggest news of the year came last month with the announcement by Fairfax it will be closing down its Chullora and Tullamarine plants, moving to tabloid format, and with it shedding 1,900 jobs. It’s not so much the news, but the reason behind Fairfax’s announcement – the shift from print to digital. Some pundits are now predicting the demise of the major newspapers within five years.
Other major movements in the big end of town in June include:
- SEMA, Australia’s third largest transactional printer, headed toward a management buy-out.
- The lack of news on TMA’s bid on Australia’s largest printer, PMP (six weeks elapsed since they were identified)
- Amcor completed its acquisition of Aperio Group.
- Aust Post identified as the likely suitor of Salmat’s BPO division – eventually purchased by Fujifilm Holdings.
- Colorpak announcing it would consolidate its Villawood plant into its Regent Park facility.
And at the start of July we had the unfolding news that Blue Star was fielding offers from a few unnamed sources.
It wasn’t just the big end of town in the news. We also saw:
- The end of the Sands Group, with their plant and equipment auction
- NSW print broker, Octopus Solution being would up, leaving with it a 1.6 million debt. The liquidator said the creditors would end up with nothing as the company had no assets. Readers may well question how a print broker can have a debt of that size.
- Kalamazoo NZ’s recent acquisition of K&M Print and Taieri Print
- Two unidentified sales of commercial printers by Ascent Partners in Melbourne
- North East Print and Copy acquiring Adelaide Image Printing
- In Melbourne, Worldwide Blackburn – creditor’s meeting for voluntary creditor’s liquidation
- In Queensland, ABC Printing’s client list sold to Print Approach.
The suppliers were also busy with Domino acquiring Graph Tech and Quark buying Mobile IQ.
Major Machinery
With Drupa winding up in May, one would have hoped that there would be more news on the machinery sales side. News was however limited to:
- Hannanprint purchasing a Ferag UniDrum 440 gatherer, stitcher trimmer
- PDQ labels (NSW) installing an Apex 1290 Digital Press
- Core Print (VIC) installing an Agfa Avalon N4 CtP unit
- JP Printing (VIC) purchasing a Heidelberg SX and SM 52 press
- K&B announcing they sold a 105-5 press to an unnamed Australian printer
- Xerox installing the 100th regional 800 /1000 press to Immij (VIC)
May
Some major market movements took place in May across a large section of our industry – the web, large and smaller commercial printing, transactional and outdoor print markets. drupa 2012 certainly didn’t slow local market activity, with TMA identified as the bidder for PMP and Salmat receiving a $300 million bid for its mail division.
The Sands Group, one of Victoria’s longest standing printers was eventually broken up and sold by the administrator – BPA Print Group purchasing the client list and the TIC Group the pick and pack section. The machinery went to auction with the Dominion Group on 14 June.
The SEMA Group, reportedly Australia’s third largest transactional printer, went into administration during the month. The business is believed to turnover around $90,000,000 per annum, with around 700 staff. They recently bought two high speed Impika IPrint eVolution presses.
APN Outdoor finalised its joint venture with Quadrant Private Equity. This now sees this division valued at $272,000,000.
On a smaller scale, Kwik Kopy bought CityPrint (Sydney) from the liquidators and Australian Managed Print Services fell into voluntary administration. On the supplier side, Jet Technologies also made a move into the NZ market with the opening on a new branch in Auckland.
Major Machinery Installations and Sales
Curries reported four regional sales of the new A2 Indigos, 3 x Horizon AFC 566 cross folders and two Horizon Stitchmasters.
GSP in NSW has installed an Onset S20 digital flatbed and an Uvistar 5032 Grand Format UV machine. Agfa reported a couple of installations of its Jetti 1224 wide format machines to Oxford and Catalyst Graphics in NSW.
In Far North Qld, Lotsa Printing, the largest printer in the region, recently installed a Morgana Digifold and an HP 26500 Wide format latex machine.
Other sales / installation stories were from
- WA, where Graphic Glass installed a Screen Truepress Jet 2500 UV machine
- Victoria, where Flow Printing installed an Agfa Avalon N8-12S CtP system
- NSW, where Pure Colours installed a new Konica Minolta Biz Hub 8000 and Momento Pro installed a HP Indigo 7500 press.
April
April provided a wide and varied mix of market movements, starting with Focus Press, NSW, receiving a Federal Government grant worth $6 million to establish a new state-of-the-art printing facility in Wollongong that will employ 190 people.
In Melbourne we saw Sands Print Group fall into administration with reported debts of $5 million. Pleasingly, yesterday came the news from the administrator that they had seven “hard offers”, so hopefully that will translate into some good news for many employees and creditors.
Perhaps the biggest news in terms of possible transaction size was announced by one of Australia’s largest printers, PMP Limited. Here we heard that an indicative offer was made on the business for between 68 and 78 cents per share. On the previous day PMP’s share price was around 25 cents.
There was also the now familiar round of liquidations / administrations / creditor’s meeting which included Print Associates (NSW), Heatprint Australia (VIC), AP Digital (NSW), Minit Print (VIC), Print Specifix (VIC) and Steve Parish Publishing (VIC, leaving 2.9 million in debt).
Quantum Printing (NSW) and Miss Print (VIC) were also sold, both to local parties from within the trade.
On the supplier side, Shinohara was sold to Hans-Gronhi. Under normal circumstances this would be front page news, after all Shinohara was one of the major A3 sheet fed offset manufacturers for the past two decades in Australia, possibly second only to Heidelberg. We await news as to what will happen with distributorship from Currie and Co.
In other supplier news, we saw Dahaher propose to buy X-Rite and Autobox Machinery acquire Andrew and Suter.
Major Sales of Equipment
We had a relatively quiet month in terms of reported sales and installations of machinery, possibly because of that rather large German Trade Show beginning this month.
What was reported was interesting though:
- Assta Label House (NSW) installed a Indigo WS 4500 and a DIgicon label cutter
- Photobook Shop a Unibind casemaker 750A to provide triple the output of photobooks.
- AMR Hewitt (VIC), a specialist packaging company, purchased new Heideleberg Dymatrix 113 diecutter.
- And anther wide format machine, this time a Roland Versa UV LEJ-640, to Eye Tonic (NSW)
March
Liquidations and administrations dominated the month with six printers closing their doors, however positive lights always shine through, such as the case of a Worldwide Online Printing franchise in Adelaide purchased by two staff members for over $1,000,000.
Market Movements
The liquidation and administration activities called in during March were for Good Impressions (NSW), ABC Printing (QLD), Moorabbin Printing (VIC), City Print (NSW), Fortiori Publishing (VIC) and Elephant Print Media (VIC). ABC, many will remember, was a victim of the Brisbane floods last year.
Amcor was given the green light to purchase the Aperio Group by the ACCC, which will see its flexible packaging share increase substantially in the Asia Pacific region.
In other major news we saw that News Limited and Fairfax discontinued discussions about a $70 million joint printing deal. One could only imagine the effect that would have had on the industry had that gone through.
Reed Business Information (RBI) put 19 local magazines up for sale, as part of a planned exit from print media. That’s a lot of titles that, if a purchaser couldn’t be found, would likely be discontinued, with only on line presence- i.e. more advertising dollars going away from print and into the web.
Sales and Installations
There was a good mix of installation stories, with NZ printers embracing the mid sized digital presses, but also CtP installation (Agfa to Flow in VIC), and a large MBO folder installed at one of Melbourne’s largest trade binders, Marvel Bookbinding. IN other stories:
- Snap installed and Heidelberg SM 52-4 Anicolor press in its WA hub.
- HP installed two latex machines – one to Briner in VIC, the other, claimed to be the widest in Australia to Spice Digital Imaging in WA.
- In the market segment of “high end photo books”, a Canon DreamLabo 5000 press was installed at Picture Works in VIC. This is the very first of its kind sold in the world.
- Finally the highest dollar value sale goes in the form of a $10 million investment in two Impika inkjet web presses, sold to SEMA.
February
February presented the industry with some significant changes on the supplier front, specifically with the UK-based Langley Holdings purchase of manroland’s sheet-fed division in the German city of Offenbach. The local PaperlinX leadership contest continued between former Stream Solutions head, Andrew Price and chairman Harry Boon.
Fluid Technologies, a mid-tier consumable supplier in Sydney closed its doors, stating it was unable to compete with the larger groups in the present depressed market place.
The trend amongst the larger players to consolidate manufacturing sites continued with PMP reported to be relocating its Clayton bindery to NSW, and shedding 60 jobs.
Other market movements included the fall of Good Crowd Integrated Print Communications (NSW) liquidation and Impress Colour’s voluntary administration, whilst undergoing restructuring.
Machinery Sales and Installations
On the installation front the local industry saw Blue Star purchase a Gallus label press, the widest Gallus in New Zealand. In WA a couple of digital wide format machines to the The Bokay Group, with a HP Scitex FB 7600, and Discuss Digital Print with an Agfa Jeti 1224 UV machine.
Fuji Xerox also reported installations of its 800 / 1000 presses to Snap Mackay (QLD) and Print Storm (NSW).
In Print 21 KBA reported to have sold 20 A1 print units in FY12, and manroland, $40,000,000 of sales, presumably most of these were web presses.
January
It’s not often a major supplier goes public with how much it has sold. Market and competitive pressures usually ensure companies keep their success or otherwise close to their chests.
In January, Alistair Hadley, former General Manager Sales & Marketing for Heidelberg Australia/New Zealand reveald that life was not so bad on the supply side. It’s a long way from the heady days before the GFC, but Heidelberg figures prove the industry still has the confidence to invest in new equipment.
Heidelberg sales successes for the first nine months of their financial year (April 1st to Xmas) proves an interesting read:
• 4 x A1 presses sold (36 printing units). So that’s an average of just under ten print units per press sold.
• 4 x A2 presses sold (23 printing units) – an average of around six print units per press sold
• 4 x A3 presses sold (20 printing units) – an average of around five print units per press sold
So, while 12 press sales in nine months is a far cry from the heady pre-GFC days of one press per week, what can be seen is the definite trend to longer machines. It is reasonable to surmise that most of these purchasers are seeing the financial benefits of replacing multiple machines with one.
Other reported offset press sales are;
• 20 A1 units from KBA as reported by Dave Lewis
• +$40 million in sheetfed and web sales reported by Steve Dunwell , manroland. Undoubtedly the majority of this is taken up by the IPMG and PMP 96-page offset web presses.
On other equipment sales Heidelberg also reported a surprisingly vigorous level of activity. There were:
• 13 computer-to-plate (CtP) sales (both Heidelberg machines and Kodak units sold by Heidelberg.
• 38 Polar guillotines
• 7 Stahl folders.
The standout here is clearly Polar, with around one new Polar being sold every week. It proves that printers are upgrading their finishing departments.
Other Sales and Installations.
Label Force in WA installed an 8-colour P5 Mark Andy flexo label press, VRC an Agfa Avalon CtP, Snap Northwest (NSW) a Ricoh Pro C 901 and Kwik Kopy WA a Ricoh C901 and 1357EX.
So these and Heidelberg’s reported sales showed that there was some confidence in the market place, and that the economics of investing in new technology still hold sway with many.
January – Part Two
January provided the industry with some major movements on the merger, sales/acquisition and consolidation front. The local market saw DIC buying Pacific Ink NZ, Paperlinx receiving a private equity bid and CSG rejecting acquisition offers.
The New Year began with the news that Kodak had entered Chapter 11 and that manroland had started to split the sales of its manufacturing businesses – the web and sheet-fed sections have since been sold. Goss France merged two of its manufacturing sites, reinforcing its European customer base.
Other international sales/acquisitions came from:
- EFI buying Createprint
- 3M buying Avery consumer products division
- Zanders selling to Hahnemühle
- Baldwin being acquired by Forsyth Capital
- Xeikon acquiring RSD Technik and Flexolaser.
Printers – takeovers, proposed mergers, auctions closures and amalgamations
The first month of 2012 saw Champ (Bluestar’s PE funder) take over Ooh Media, Fairfax’s publishing arms proposing to merge with Metro Media Publishing, Unlimited Image’s auction in QLD, IPMG closes Craft and Lamb Printing and Vanguard Press in WA to amalgamate.
The last two were major stories. Craft is no small business, and Lamb Printing and Vanguard are two of WA’s major players in the commercial print space.
Ascent partners' Market Watch
Richard Rasmussen is Ascent Partners' director, he can be contacted on the company's web site, www.ascentpartners.com.au or on: mobile – 0402 021 101. For more information on these market movement and industry sales and installations, visit Ascent Partners web site: www.ascentpartners.com.au and Download a PDF which has links to each of the above stories. You can subscribe to Market Watch for free, just completion the application form on the web site. Ascent Partners publishes the bulletin which tracks the Australian and New Zealand's Printing and Graphic Arts industries at the start of each month. It covers:
- Market movements, such as business acquisitions, sales, closures, liquidations, mergers, alliances and new starts.
- Major machinery and sales installations
- Businesses we have on the market
- Businesses we are seeking
You can download previous editions from the PDFs below, or you can receive your FREE copy of Market Watch, on the day of monthly publication, automatically via email, by completing the subscription that can be found here.