Janney Montgomery Scott Served as Sole Financial Advisor to Independent Printing Company on its Sale to Ennis

2/28/17

Ennis, Inc. (NYSE: EBF) announced the purchase of Independent Printing Company, Inc. and related entities in a stock purchase transaction. Independent was a majority-owned portfolio company of Bradford Equities Management, L.L.C.

Independent has four locations in Wisconsin, with its main facility located in DePere. The Company produces presentation folders, checks, wide format marketing materials and other commercial printing products. Independent had 2016 sales of approximately $37 million and sells mainly through distributors and resellers.

Keith Walters, chairman, president and CEO of Ennis, stated, "We are delighted to have the opportunity to combine Independent with the other operations of Ennis. With this acquisition we will continue to be the preeminent provider of all types of presentation folders in the marketplace. The addition of the wide format operation will add to the capabilities of our existing operations, which should help us to continue to penetrate the point of purchase and screen print marketplaces."

Janney Montgomery Scott LLC served as sole financial advisor to Independent Printing Company, Inc.

About Independent Printing Company, Inc.

Independent Printing Company, Inc., based in De Pere, WI., is a leading regional niche commercial printing company focused on a broad range of custom printing solutions. Independent produces presentation folders, checks and customized printed products such as greeting cards, posters, booklets, brochures and other marketing materials.

About Ennis, Inc.

Since 1909, Ennis, Inc. has primarily engaged in the production and sale of business forms and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the USA to serve the Company's national network of distributors. Ennis manufactures and sells business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, plastic cards, secure and negotiable documents, envelopes, tags and labels and other custom products.

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