Thoma Cressey Begins Compiling Document Co. –

Don’t expect a paperless work environment anytime soon-not if Thoma Cressey Equity Partners gets its way. The Chicago buyout firm already is five add-ons deep into a business document platform, and does not intend to stop until the company is distributing brochures, business forms and advertisements in six to eight regions.

The company, Lincolnshire, Ill.-based Global DocuGraphiX Inc. last month acquired Dugger Business Forms, based in Jackson, Tenn., which specializes in printed advertising for medium to large-size businesses, for an undisclosed amount of equity and debt, according to Bob Manning, a partner at Thoma Cressey.

Global DocuGraphiX was established last July with $30 million in equity and a $35 million credit facility from Antares Leveraged Capital Corp. (BUYOUTS July 7, 1998, p. 17). According to Mr. Manning, Global DocuGraphiX may draw down capital from the credit facility up to a specified multiple of the company’s EBITDA, which can increase as the company’s cash flow increases.

The company is headed by Graham McClean, a former president of Chicago-based Moore Business Forms and Systems, who came to Thoma Cressey with the business plan for Global DocuGraphiX.

Thoma Cressey so far has made five acquisitions for two regional operations-in Northern California and the mid-South. The regional platforms will retain their original names to preserve brand recognition, Mr. Manning said.

The company also recently acquired Data Source Corp., also located in Tennessee, and Dallas-based TPE Business Services, bringing Global DocuGraphiX’s annual revenue to between $65 and $70 million.

Thoma Cressey has invested or committed approximately half of its sixth fund, which closed last year on $450 million. Mr. Manning said his firm has no plans yet to begin raising a new fund, and for the moment is focusing on building platforms in the travel, death-care, health and information technology sectors.