Pitney Bowes Inc., Stamford, CT, signed a definitive agreement yesterday to acquire a substantial portion of the assets of Ancora Capital & Management Group LLC for about $35 million net of cash and assumed liabilities.
Ancora employs about 900 people and is based in San Fernando, CA. The deal is to close within 30 days.
Ancora provides First-Class, Standard and International Mail processing and presort services with operations in southern California, Pennsylvania and Maryland. It serves commercial mailers, including many Fortune 500 companies.
Ancora will become part of Pitney's PSI operation and its national presort network, which helps customers prepare, sort and aggregate mail to earn postal discounts and expedite delivery. Pitney Bowes entered the multibillion-dollar presort industry in 2002 with the acquisition of PSI.