If I were asked to create something similar that should be (1) precise, (2) legible and (3) pleasant, I would not use envelopes for this specific emblem shape.
I would do it either manually by carefully rotating single letters or, if applicable, by using custom Art Brushes. Type on a Path may also be appropriate.
Of course, you may think that's laborious and you may be right to think so, but it's a valid suggestion, probably.
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