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Acquisition expands Iconex&#39;s variable information label...

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Acquisition expands Iconex&#39;s variable information label capabilities, manufacturing capacity, and geographic reach.

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M2S Group (&#34;M2S&#34;), a portfolio company of Wynnchurch Capital, L.P. (&#34;Wynnchurch&#34;), announced today that its Iconex business has acquired Heartland Label Printers (&#34;Heartland&#34;), a North American manufacturer of direct thermal, thermal transfer, linerless, and specialty variable information labels. The acquisition expands Iconex&#39;s manufacturing footprint, enhances its production capabilities, and further strengthens its position in the variable information label market, and increases M2S Group&#39;s annual revenue to more than $1 billion.

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Headquartered in Little Chute, Wisconsin, Heartland manufactures stock and custom-printed direct thermal, thermal transfer, linerless, and specialty variable information labels. The company employs more than 170 team members and operates manufacturing facilities in Wisconsin and California.

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The acquisition expands Iconex&#39;s manufacturing presence across the Midwest and West Coast, while increasing production capacity to support continued growth.

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"We are excited to welcome the Heartland Label Printers team to M2S Group and Iconex. This acquisition aligns with our material science focus, expands our variable information label capabilities, and brings together two organizations with a shared commitment to valued customer partnerships," said Paul Charapata, Chief Executive Officer of M2S Group.

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The combination brings together two highly complementary businesses with shared customer-focused cultures and deep expertise in variable information labels. Heartland&#39;s manufacturing footprint, product portfolio, and longstanding customer relationships enhance Iconex&#39;s ability to better serve customers across North America while creating new opportunities for growth and innovation.

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&#34;Heartland is an excellent addition to the M2S platform,&#34; said Greg Gleason, Managing Partner at Wynnchurch. &#34;The company has built an outstanding reputation for quality, service, and operational excellence. Together with Iconex, we believe the combined platform is well-positioned to deliver enhanced capabilities for customers while accelerating its long-term growth strategy."

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&#34;This acquisition reflects our commitment to building leading businesses through strategic acquisitions,&#34; added Kevin Hanley, Principal at Wynnchurch. &#34;Heartland complements Iconex exceptionally well, and we look forward to supporting Paul and the M2S team as they integrate Heartland and continue to expand the platform.&#34;

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Wynnchurch established the M2S Group platform through the acquisitions of Appvion, Nekoosa, and Decorative Films. Today, M2S Group is a leading provider of material science and high-performance solutions, serving customers through its Iconex, Decorative Films, Appvion, and Nekoosa businesses. The addition of Heartland marks M2S Group&#39;s 11th acquisition and increases annual revenue to more than $1 billion, representing another important milestone in the continued growth and strategic expansion of the M2S platform.

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Baird Business Owner Solutions is acting as financial advisor to Heartland Label Printers.

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<b xmlns="http://www.w3.org/1999/xhtml">About Heartland Label Printers:</b>

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Founded in 1990, Heartland Label Printers manufactures stock and custom-printed direct thermal and thermal transfer labels. The company operates manufacturing facilities in Little Chute, Wisconsin, and Rancho Cucamonga, California, enabling it to efficiently serve customers across North America. Heartland supplies a diverse customer base through direct relationships and distribution partners throughout the United States, Canada, and the Caribbean. For more information, please visit: www.hrtlp.com.

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<b xmlns="http://www.w3.org/1999/xhtml">About Iconex:</b>

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Iconex, an M2S Group company headquartered in Morristown, Tennessee, provides variable information solutions that support business processes, productivity, customer satisfaction and sustainability. Its label solutions serve customers across the food and beverage, retail, quick-service restaurant, grocery, pharmacy, distribution, manufacturing and logistics markets. For more information, please visit: www.iconex.com.

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<b xmlns="http://www.w3.org/1999/xhtml">About M2S Group</b>:

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M2S Group is a North American-headquartered provider of material science and high-performance solutions. Through Iconex, Decorative Films, Appvion, and Nekoosa, the company offers products including variable information labels, functional and aesthetic window films, direct thermal paper and films, and specialty print media. M2S Group employs more than 1,300 team members globally. For more information, please visit: www.m2sgroup.com.

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<b xmlns="http://www.w3.org/1999/xhtml">About Wynnchurch Capital:</b>

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Wynnchurch Capital, L.P. is a leading private equity investment firm that has been investing in industrial businesses for more than 25 years. Wynnchurch is currently investing out of its sixth private equity fund and manages approximately $9.1 billion of assets under management. The firm’s strategy is to partner with companies that possess the potential for substantial growth and profit improvement. Wynnchurch specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recent exits include the pending sale of FloWorks to Ferguson Enterprises Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FERG">FERG</a>) in a transaction valued at approximately $1.6 billion and sale of Labrie Environmental Group to Hiab Corporation (Nasdaq Helsinki: HIAB) in a transaction valued at approximately $1.035 billion. Recent investments include MSHS Pacific Power Group, Sterno, NABRICO Marine Products, Charter Industries, and Astro Shapes. For more information, please visit: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.wynnchurch.com&amp;esheet=54587308&amp;newsitemid=20260811375202&amp;lan=en-US&amp;anchor=www.wynnchurch.com&amp;index=1&amp;md5=6c478ad79765f096221b3e30a547f2dc" shape="rect">www.wynnchurch.com</a> or follow us on <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fwynnchurch-capital%2F%3FviewAsMember%3Dtrue&amp;esheet=54587308&amp;newsitemid=20260811375202&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=2&amp;md5=95fb47d7e3ad8e3bdf61e6b041670323" shape="rect">LinkedIn</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260811375202r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260811375202/en/" rel="nofollow">https://www.businesswire.com/news/home/20260811375202/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">For new investment opportunities, please contact: 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Mike Teplitsky
<br xmlns="http://www.w3.org/1999/xhtml"></br>Partner
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mteplitsky@wynnchurch.com" shape="rect">mteplitsky@wynnchurch.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Scott Fitch
<br xmlns="http://www.w3.org/1999/xhtml"></br>Partner
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:sfitch@wynnchurch.com" shape="rect">sfitch@wynnchurch.com</a>

</p>

FERG

M2S Group Surpasses $1 Billion in Annual Revenue with Acquisition of Heartland Label Printers

Iconex expands with Heartland acquisition, boosting North American capacity and reach

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;p xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;
Acquisition expands Iconex&amp;#39;s variable information label...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>M2S Group&#039;s Iconex unit buys Heartland Label Printers to strengthen its variable information labeling capabilities and geographic reach across North America. The deal adds Heartland&#039;s Wisconsin and California facilities and 170+ employees, expanding production capacity as Iconex joiner revenue pushes M2S above $1 billion. This marks an ongoing, growth-oriented consolidation within the sector.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Iconex acquires Heartland Label Printers, expanding capacity and footprint.</li><li>Heartland operates Wisconsin and California facilities, 170+ employees.</li><li>M2S revenue exceeds $1B; Heartland becomes 11th acquisition.</li><li>Combined platform aims for growth and innovation across North America.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Heartland Label Printers (N/A)</strong>: Private company; target of acquisition expanding Heartland&#039;s footprint and capabilities.</li><li><strong>Iconex (N/A)</strong>: M2S Group unit, expanding variable information label capabilities through Heartland.</li><li><strong>M2S Group (N/A)</strong>: Owner of Iconex and other units; growth-focused material science platform.</li><li><strong>Wynnchurch Capital (N/A)</strong>: Private equity backer; underscores strategic expansion through acquisitions.</li><li><strong>Ferguson Enterprises (FERG)</strong>: Potential buyer in the FloWorks deal; any closing could impact FERG stock.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>M&amp;A activity with strategic expansion; fits the Corporate Developments and M&amp;A category due to private-equity-backed consolidation and cross-business growth.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>FloWorks sale to Ferguson Enterprises (FERG) could trigger price moves if/when it closes.</li><li>Iconex expansion signals growth in the labeling space but has limited direct FERG impact.</li><li>M2S Group crosses $1B annual revenue with Heartland acquisition; catalysts hinge on integration.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Heartland Label Printers founded in 1990.</li><li>Heartland facilities in Little Chute, WI and Rancho Cucamonga, CA.</li><li>Heartland employs 170+ team members.</li><li>Heartland is M2S Group&#039;s 11th acquisition; group revenue now &gt;$1B.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>FERG exposure is indirect; monitor FloWorks sale to Ferguson Enterprises for potential near-term moves.</p>
  </section>
</section>


<article>
  <h2>M2S Group Surpasses $1 Billion in Annual Revenue with Acquisition of Heartland Label Printers</h2>
  <p><strong>M2S Group</strong> announced that its Iconex business has acquired Heartland Label Printers, a North American manufacturer of direct thermal, thermal transfer, linerless, and specialty variable information labels. The acquisition expands Iconex's manufacturing footprint, enhances its production capabilities, and further strengthens its position in the variable information label market, and increases M2S Group's annual revenue to more than $1 billion.</p>
  <p>The deal expands Iconex's footprint and capacity, boosting its ability to serve customers across North America. This move aligns with M2S Group's strategy to grow through strategic acquisitions and to broaden its material science and high-performance solutions platform.</p>

  <section>
    <h3>Transaction Details at a Glance</h3>
    <ul>
      <li><strong>Target:</strong> Heartland Label Printers</li>
      <li><strong>Headquarters:</strong> Little Chute, Wisconsin</li>
      <li><strong>Product scope:</strong> Direct thermal, thermal transfer, linerless, and specialty variable information labels</li>
      <li><strong>Employees:</strong> The company employs more than 170 team members</li>
      <li><strong>Facilities:</strong> Wisconsin and California</li>
      <li><strong>Impact on M2S revenue:</strong> Increases annual revenue to more than <strong>$1 billion</strong></li>
      <li><strong>Acquisition count:</strong> Heartland marks M2S Group's 11th acquisition</li>
    </ul>
  </section>

  <section>
    <h3>Heartland Label Printers: Company Profile</h3>
    <p>Headquartered in Little Chute, Wisconsin, Heartland manufactures stock and custom-printed direct thermal, thermal transfer, linerless, and specialty variable information labels. The company employs more than 170 team members and operates manufacturing facilities in Wisconsin and California.</p>
  </section>

  <section>
    <h3>Geographic Reach and Capacity Expansion</h3>
    <p>The acquisition expands Iconex's manufacturing presence across the Midwest and West Coast, while increasing production capacity to support continued growth.</p>
  </section>

  <section>
    <h3>Leadership Commentary</h3>
    <p>"We are excited to welcome the Heartland Label Printers team to M2S Group and Iconex. This acquisition aligns with our material science focus, expands our variable information label capabilities, and brings together two organizations with a shared commitment to valued customer partnerships," said Paul Charapata, Chief Executive Officer of M2S Group.</p>
    <p>The combination brings together two highly complementary businesses with shared customer-focused cultures and deep expertise in variable information labels. Heartland's manufacturing footprint, product portfolio, and longstanding customer relationships enhance Iconex's ability to better serve customers across North America while creating new opportunities for growth and innovation.</p>
    <p>"Heartland is an excellent addition to the M2S platform," said Greg Gleason, Managing Partner at Wynnchurch. "The company has built an outstanding reputation for quality, service, and operational excellence. Together with Iconex, we believe the combined platform is well-positioned to deliver enhanced capabilities for customers while accelerating its long-term growth strategy."</p>
    <p>"This acquisition reflects our commitment to building leading businesses through strategic acquisitions," added Kevin Hanley, Principal at Wynnchurch. "Heartland complements Iconex exceptionally well, and we look forward to supporting Paul and the M2S team as they integrate Heartland and continue to expand the platform."</p>
  </section>

  <section>
    <h3>Strategic Rationale and Growth Milestones</h3>
    <p>Wynnchurch established the M2S Group platform through the acquisitions of Appvion, Nekoosa, and Decorative Films. Today, M2S Group is a leading provider of material science and high-performance solutions, serving customers through its Iconex, Decorative Films, Appvion, and Nekoosa businesses. The addition of Heartland marks M2S Group's 11th acquisition and increases annual revenue to more than $1 billion, representing another important milestone in the continued growth and strategic expansion of the M2S platform.</p>
    <p>Baird Business Owner Solutions is acting as financial advisor to Heartland Label Printers.</p>
  </section>

  <section>
    <h3>About Heartland Label Printers</h3>
    <p><strong>Founded in 1990</strong>, Heartland Label Printers manufactures stock and custom-printed direct thermal and thermal transfer labels. The company operates manufacturing facilities in Little Chute, Wisconsin, and Rancho Cucamonga, California, enabling it to efficiently serve customers across North America. Heartland supplies a diverse customer base through direct relationships and distribution partners throughout the United States, Canada, and the Caribbean. For more information, please visit: www.hrtlp.com.</p>
  </section>

  <section>
    <h3>About Iconex</h3>
    <p>Iconex, an M2S Group company headquartered in Morristown, Tennessee, provides variable information solutions that support business processes, productivity, customer satisfaction and sustainability. Its label solutions serve customers across the food and beverage, retail, quick-service restaurant, grocery, pharmacy, distribution, manufacturing and logistics markets. For more information, please visit: www.iconex.com.</p>
  </section>

  <section>
    <h3>About M2S Group</h3>
    <p>M2S Group is a North American-headquartered provider of material science and high-performance solutions. Through Iconex, Decorative Films, Appvion, and Nekoosa, the company offers products including variable information labels, functional and aesthetic window films, direct thermal paper and films, and specialty print media. M2S Group employs more than 1,300 team members globally. For more information, please visit: www.m2sgroup.com.</p>
  </section>

  <section>
    <h3>About Wynnchurch Capital</h3>
    <p>Wynnchurch Capital, L.P. is a leading private equity investment firm that has been investing in industrial businesses for more than 25 years. Wynnchurch is currently investing out of its sixth private equity fund and manages approximately $9.1 billion of assets under management. The firm’s strategy is to partner with companies that possess the potential for substantial growth and profit improvement. Wynnchurch specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recent exits include the pending sale of FloWorks to Ferguson Enterprises Inc. (NYSE: FERG) in a transaction valued at approximately $1.6 billion and sale of Labrie Environmental Group to Hiab Corporation (Nasdaq Helsinki: HIAB) in a transaction valued at approximately $1.035 billion. Recent investments include MSHS Pacific Power Group, Sterno, NABRICO Marine Products, Charter Industries, and Astro Shapes. For more information, please visit: www.wynnchurch.com.</p>
  </section>
</article>

M2S Group's Iconex unit buys Heartland Label Printers to strengthen its variable information labeling capabilities and geographic reach across North America. The deal adds Heartland's Wisconsin and California facilities and 170+ employees, expanding production capacity as Iconex joiner revenue pushes M2S above $1 billion. This marks an ongoing, growth-oriented consolidation within the sector.

News insight

M2S Group Surpasses $1 Billion in Annual Revenue with Acquisition of Heartland Label Printers

AI summary

Sentiment rationale

Key facts

M&A