Cimpress snaps up canvas prints specialist
Thursday, September 27, 2018
Cimpress has acquired online sign and canvas print business BuildASign in a $280m (£213m) deal.
BuildASign claims to be the world’s largest online sign retailer and also operates the www.easycanvasprints.com site, which is targeted at consumers. Sales grew by more than 20% in its most recent financial year.
The $129m turnover firm was founded in 2005 and is based in Austin, Texas. It currently ships to the USA and Canada and employs 400 staff.
Cimpress founder and chief executive Robert Keane praised BuildASign for its customer focus, low-cost production operations and e-commerce know-how.
He said Cimpress would help accelerate the already-fast growth at the business by bringing “a long-term investment horizon, substantial procurement synergies and our mass customisation platform technology capabilities.”
Much of the canvas printing for Vistaprint’s home décor range that is currently outsourced to third-party printers could end up being produced by BuildASign, Cimpress said.
Netherlands-headquartered Cimpress posted sales up 21% to $2.59bn in the year to 30 June, and adjusted net operating margins increased from 4.5% to 6.4%.
Adjusted net profit at the group excludes restructuring and acquisition charges, gains on the sale of subsidiaries, and losses or gains on currency hedging.