A group of senior managers at direct mail services provider IWCO Direct announced plans last week to buy their company from its current shareholders.
They are backed by Citigroup Venture Capital Equity Partners LP. Financial details of the pending transaction were not disclosed.
The management group includes Jim Andersen, president/CEO of IWCO Direct, as well as executive vice president for marketing and sales Tom Wicka and executive vice president/CFO Pete Karle.
The current management team will continue to operate the company while chairman Frank Beddor will retire, IWCO said. IWCO soon will seek to expand its production capabilities to the East Coast.
IWCO, Chanhassen, MN, has 1,100 employees. The company provides print, plastic, envelope conversion and mail and data services to direct mailers.
Scott Hovanyetz covers telemarketing, production and printing and direct response TV marketing for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters