Imagine! Print Solutions has entered into a definitive agreement to acquire Midnight Oil Agency in Burbank, CA. With the addition of Midnight Oil and the continued support of Oak Hill Capital Partners, Imagine! is well positioned for future growth.
Midnight Oil’s differentiated creative capabilities will enhance Imagine!’s value-added service offering and go-to-market strategy, and bring immediate value to existing Imagine! customers. Midnight Oil will continue to operate independently and deliver high-quality creative services to its customers, while leveraging Imagine!’s design, production, and fulfillment capabilities.
Adds Bob Lothenbach, founder of Imagine!: “Midnight Oil is a great fit. We share a common culture and vision, and we look forward to welcoming the Midnight Oil team to the Imagine! family. Combining our resources and talents will provide all of our customers with access to a wider, more sophisticated array of services and capabilities.”
John Hans, CEO of Imagine!, is highly enthusiastic about the partnership. “Adding Midnight Oil’s creative capabilities, its talented team, and its leadership position in the gaming and entertainment industries to Imagine!’s capabilities and network make this a partnership built for success,” he says.
“We’re making this strategic move to position Midnight Oil as a global, industry leader,” states Tom Stillwell, CEO of Midnight Oil. “The partnership with Imagine! will provide ample support and resources to drive expansion into new categories and markets. With our larger and stronger infrastructure, we will delight our current customers and open the doors to many new opportunities.”
The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2016. New Direction Partners acted as financial advisor to Midnight Oil in the transaction. RBC Capital Markets and Societe Generale and their affiliates have underwritten and will arrange first lien financing in connection with the transaction. Buchalter Nemer LLP is serving as legal counsel to Midnight Oil. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Imagine!