AGI Media European chief leads MBO at UK label operation
By Darryl Danielli Monday, 06 April 2009
AGI Media European managing director Andrew Scrimgeour has led an MBO at the group's UK label operation, AGI Labels.
Following the deal, which was signed last Wednesday (1 April), the 50-staff, £5m-turnover Littlehampton, West Sussex firm has been rebranded as AJS Labels.
"I've loved my time with Meadwestvaco [AGI's parent], but I've always had the ambition to run my own business and I've tried on a couple occasions to lead an MBO and never quite made it until now," said Scrimgeour.
"The label sector is highly competitive and I'm sure some people will think I'm mad to go back, but everyone needs labels and I believe there are still substantial opportunities in the sector."
The company, which was PrintWeek's 2007 label printer of the year, specialises in the toiletries, cosmetics, healthcare, industrial, food and supermarket own-brand labelling sectors and clients include The Body Shop, Pasta Reale and Nestlé. As part of the sale, Scrimgeour has also acquired sister operation Labelling Logisitics in Preston, which has been rebranded AJS North.
Scrimgeour declined to reveal the value of the deal, but confirmed that the finance was from non private equity sources.
"Finance is available for the right opportunities and the right people, and I do have a reputation for turning businesses around," said Scrimgeour.
The existing management team at the sites will remain and Scrimgeour will take on the role of managing director, he also hinted that he wouldn't rule out further acquisitions, although he stressed that he would "pause for breath, consolidate and fine tune the existing business" first.
The 40-year old UK operation runs digital, conventional, and flexo/screen combination label presses and Scrimgeour is also in the process of buying some bespoke kit from one of AGI's European operations.
According to Scrimgeour, whose role at AGI Media is understood to have been taken on by previous chairman Tony Garnish, AJS is well positioned for growth and "will prosper under a more entrepreneurial approach".
"There's a fantastic team at Littlehampton and with their support I hope to build something really special," he said.
AJS Labels was officially opened this morning by Bognor Regis and Littlehampton MP Nick Gibb.
"AJS Labels presents a very welcome good news story at a time of great economic difficulties. The company secures much-needed jobs in our local area and Mr Scrimgeour’s plans make for a very exciting future," said Gibb.
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