G. Neil Companies of Centis

Client Profile
G. Neil Direct Mail, Inc. and G. Neil Direct Mail International, Inc. are the leading business-to-business direct marketers of Human Resource (HR) supplies and services in the United States. A wholly-owned subsidiary of Centis Direct Marketing, Inc. (‘CDMI’), G.Neil was headquartered in Sunrise, FL where it maintained operations, manufacturing, customer service and order fulfillment facilities. G. Neil also has a distribution facility in the United Kingdom.
Situation
G.Neil was part of an industry wide roll-up attempt focusing on office products. With the struggling economy causing falling sales at retail chains, the roll-up attempt failed under the cost of an exorbitant infrastructure.
Solution
G.Neil was sold to Taylor Corporation in April 2003 for approximately $41 million in a competitive auction at a 7x pro forma EBITDA valuation.