Product category:
Printing Companies: General Commercial
News Release from: Wyndeham Press Group plc
Edited by the Printingtalk Editorial
Team on 12 August 2005
Wyndeham Acquires Blacketts
Complementary Services
Wyndeham, one of the largest pre-press and print groups in the UK, has acquired the Blacketts Print Group (Blacketts), a screen printing, litho and digital printing specialist.
Wyndeham, one of the largest pre-press and print groups in the UK, has acquired the Blacketts Print Group (Blacketts), a screen printing, litho and digital printing specialist, for an initial consideration of £3.92 million The deal comprises £3.17 million in cash and £0.75 million in new ordinary shares
This article was originally published on Printingtalk on 30 Jun 2005 at 8.00am (UK)
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In addition there is deferred consideration of up to £1.125 million, subject to Blacketts attaining certain profit targets for its financial year to 30 September.
Wyndeham said that the acquisition is expected to be earnings enhancing in the year to 31 March 2006 and is the second earnings enhancing acquisition it has made in the last 18 months, in line with the group's strategy of acquisitive and organic growth.
Blacketts consists of screen, digital, litho and reprographics divisions based at a single site in North Weald, Essex and has 81 employees.
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The company produces a range of print, including point of sale, leaflets, brochures, posters and large format graphics for a number of retail accounts.
In due course Blacketts will be re-branded as Wyndeham Blacketts.
Paul Utting, Wyndeham's chief executive, commented: "This latest acquisition to our portfolio of print and pre-press companies complements the group's existing range of services.
The addition of screen printing and digital printing in combination with our sheet-fed, web-offset and continuous direct mail print plants, complements the range of print services that are required to service our clients, as well as offering the potential to enter new markets.
We look forward to working with the experienced Blacketts' management team and welcoming them to the group." Mike Cartin, the chief executive of Blacketts, said: "We believe our customers will greatly benefit from the backing and stability of one of the UK's largest and most innovative commercial print groups." In the year ended September 30 2004, Blacketts reported a turnover of £15.7 million and pre-tax profit of £1.3 million.
The net assets on acquisition are warranted by the seller to be not less than £1.5 million.
The cash element of the consideration, the costs and additional working capital of £1 million are being funded by a secured bank loan from Barclays bank.
Application has been made to the UKLA and to the London Stock Exchange for the 681,818 consideration shares to be issued to be admitted to the Official List and to trading on the London Stock Exchange.
Admission is expected to occur on 16 August 2005.
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