St Neots-based wide-format printer Macro Art has been sold via a management buy-out (MBO) led by managing director James Jennings and backed by YFM Equity Partners.
The MBO follows the death of wide-format pioneer John Walker last year, who founded the business in 1992 together with his wife Gretchen, who has now decided to sell the business outright.
In addition to Jennings, the MBO team includes commercial director Michael Green and sales director Matthew Guise and is backed by new investment from YFM Equity Partners.
The team will continue to run the business with the support of: YFM Equity Partners investment director Mary Broadhead; Orbis Partners founder Chris Gregory; former Aardvark Group chief executive David Sadler, who becomes Macro Art's chairman; and non-exec finance director Nigel Luckett.
Jennings said: "This MBO and planned capital investment will enable our business to capitalise on the positive economic outlook, expand into new areas and increase efficiency. We will invest in new equipment and employ more people to support our clients’ ambitious printing demands."
Macro Art employs 70 people at its 3,800sqm purpose-built facility near St Neots in Cambridgeshire and runs a range of HP, EFI, Mimaki and Epson wide-format UV and dye-sub print equipment.
The business has forecast an "almost 8%" increase on its £6.7m turnover in the current financial year.
Macro Art's MBO team was unavailable for further comment at the time of writing.