Former Wace boss acquires Advent Digital Imaging
Monday, November 24, 2014
Thames Group has bought Advent Digital Imaging and DMA Print, which both trade as Advent Print Group.
Thames Group is a manufacturing investment vehicle headed by former Wace managing director Angus Steel.
Steel, who was unavailable for comment at the time of writing, has appointed former Close Asset Finance Print Division managing director Murray Booker as managing director of Advent.
Thames Group acquired the £8m turnover, 80 staff business on 31 October.
Advent's former directors, including Michael Ackerman, Adam de Marco, Alan de Marco and Daniel de Marco, have resigned from the boards of both DMA and Advent although they will remain involved in the business for the foreseeable future.
Booker said: "We can confirm that sufficient working capital has already been injected into the business to ensure that it is appropriately funded and we believe that the business will now continue to grow profitably under this new management structure."
He added that employees, clients and suppliers had "welcomed the stability this acquisition brings to the business" and that Advent could now focus on "being one of the best printers in the UK".
Booker said that the company would likely rebrand in future, although not in the first six months under Thames Group's ownership.
Thames Group is said to specialise in acquiring under-performing manufacturing businesses worldwide, with each business working autonomously in its own market sector and receiving financial and strategic support from the central team, headed by Steel.
The group owns manufacturing businesses in the UK, Europe, India and China.