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Champion sells NC printing subsidiary

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Huntington-based Champion Industries has sold its wholly owned subsidiary Blue Ridge Printing Co., headquartered in Asheville, N.C., for about $1 million.

The buyer was BRP Co. Among BRP's investors are current division manager Bruce Fowler and the son of Champion director Glenn W. Wilcox, who is a former president of Blue Ridge Printing. According to a document filed with the Securities and Exchange Commission on June 26, Champion's investment advisor conducted a nationwide marketing process for Blue Ridge Printing, but it yielded no comparable offers.

The sale price was $1,013,000, or $942,403 net of selling commissions and pro-rated taxes. The transaction is subject to a net liquidity adjustment to occur no later than 45 days from closing.