Ennis is a trade printer — it manufactures custom and semi-custom printed business products and sells them almost exclusively through independent distributors rather than directly to end users. Ennis operates roughly 50 manufacturing plants across 20 states. Core products include business forms, labels and tags, envelopes, presentation folders, and financial and security documents such as checks and MICR forms. About 95% of production is custom or semi-custom, built to a customer's specifications. Distributors — including business forms dealers, commercial printers, direct mail companies, and payroll software firms — own the end-customer relationships, and Ennis competes for distributor business on price, service, and quality. No single customer exceeds 5% of net sales. Profitability is driven by volume (which spreads fixed manufacturing costs), paper costs (sourced predominantly from one major supplier), product mix, and geographic footprint. Ennis grows primarily through bolt-on acquisitions of small regional printers and converters, which it folds into its distributor-facing model. Recent acquisitions include an envelope converter in the Northeast, a commercial print shop in Texas, and a business forms manufacturer in Indiana. Organic growth is constrained by secular decline in demand for traditional paper-based forms as digitization reduces usage, making acquisitions central to maintaining revenue over time.