For Immediate Release
Citigroup Venture Capital and Existing Senior
Management to Acquire IWCO Direct
New York and Chanhassen, MN (February 3, 2005) — Citigroup Venture Capital Equity Partners L.P.
(CVC) and IWCO Direct, the nation’s leading provider of integrated direct mail production services
and solutions, encompassing print, envelope, plastic, mailing and data services, announced today
that CVC and the company’s existing senior management team will acquire IWCO Direct from its
current shareholders.
The current management team, led by Jim Andersen (President and CEO), Tom Wicka (Executive
Vice President – Marketing & Sales) and Pete Karle (Executive Vice President and CFO) will
continue to operate the company. IWCO Direct founder Frank Beddor will retire as company
chairman. “Frank Beddor’s legacy as an entrepreneur in our industry is clearly established. IWCO
Direct could not have achieved its role as a leader in direct mail without Frank’s vision, wisdom,
and support over the past 35 years,” said Jim Andersen, President and CEO. “His imprint will
remain on our business as we move into the next phase of development with a new business
partner. We are equally excited about the prospect of our partnership with CVC and the
opportunity to accelerate our growth and scale in the market.”
“Thanks to the leadership of Jim, Pete and Tom and the concerted efforts of our 1,100 employees,
IWCO Direct’s integrated total package direct mail service is now well executed and well regarded
by North America’s leading direct marketers,” said Frank Beddor. “In the 35-year history of IWCO
Direct, this team has done an outstanding job as evidenced by new records for both sales and
efficiencies. I can retire knowing that the company is in the strongest position in its history, and
with such a powerful new partner as CVC, I have no doubt that this team will take the company to
a much higher level very quickly.”
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Citigroup Venture Capital and Existing Senior Management to Acquire I