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Nov 19, 2001 12:00 AM
Allegra Network LLC (formerly American Speedy Printing Centers, Inc.), (Troy, MI), has signed a purchase agreement to acquire the assets and franchise agreements of Insty-Prints, Inc. (Minneapolis). The transaction requires approval by shareholders of IPI, Inc. , parent company of Insty-Prints, which is expected later this year. The announcement was made by Allegra Network President and CEO William D. McIntyre.
Allegra Network, founded in 1976, has more than 350 locations in the United States, Canada and Japan with system-wide sales of $192 million (2000). Insty-Prints, founded in 1965, has 211 locations in the United States and Poland with system-wide sales of $124 million (2000).
Acquisition plans are being presented to IPI, Inc. shareholders and will be voted on in December. Bringing together the two companies will expand the Allegra Network into many new markets and increase its coverage across the United States.
"This combination of two successful franchise companies offers many advantages," McIntyre said. "Both Allegra Network and Insty-Prints franchise members will benefit from increased market visibility and presence as part of a larger network. Other benefits include increased buying power as well as greater resources for marketing and new technology."
Allegra Network is privately owned by an investor group, led by the company’s management. Principal shareholders include McIntyre, members of Allegra Network management and Domino’s Pizza founder and former CEO Thomas S. Monaghan. Insty-Prints is a wholly-owned subsidiary of IPI, Inc., which is traded on the American Stock Exchange under the symbol IDH.