The printing operation of Derby-based Bemrose Corporation has been bought by its management for 28.5m. Graham Bennington, chief executive of the 65m turnover printing business, led the MBO.
Bemrose decided to refocus earlier this year on its promotional marketing division. And since it is to be renamed 4imprint.com, the Bemrose name is sold as part of the deal.
"I think that is very important," said Bennington. "Bemrose is a very well-known group, and the name is predominately associated with printing companies. The deal will allow the printing division to pursue an independent development strategy as a privately-owned business."
The companies in the MBO are: Hull-based Henry Booth Group (HBG), Bemrose Security Printing (BSP) and Bemrose Promotional Products, (BPP). The deal also includes about 1,000 staff.
BSP supplies vouchers, cheque books, catalogues and directories; BPP specialises in advertising calendars; and HBG prints travel and leisure tickets and bar coded distribution forms and labels for inventory management and logistics tracking.
Lloyds TSB Development Capital provided the backing with Bank of Scotland providing bank facilities including debt of 18.3m.