Mon, 14 Mar 2011 | BUSINESS SALE
The private equity owner of printing group Wyndeham is to purchase St Ives’ magazine business in a £20 million deal.
Walstead Investments is to pay £15 million in cash and a further £5 million over two years. St Ives has been struggling with declining magazine sales as more customers begin to read online editions.
St Ives’s three magazine factories, based in Peterborough, Plymouth and Roche, will now be run by Walstead. St Ives has retained ownership of the properties and will lease them to the private equity firm. The deal excludes the operation based in Bradford.
St Ives has a workforce of 670 at the factories, and major clients include the Financial Times, Conde Nast and The Economist Group. It reported revenues of £70.5 million and pre-tax losses of £5.1 million last year.
The deal marks Walstead’s fourth acquisition since buying Wyndeham Press Group at the end of 2008. The St Ives operations are to be renamed Wyndeham.
Walstead director Stephen Hargrave commented, “Someone had to make a move like this, no-one else was going to, and we’re glad we’re the ones to have done it. We’re totally focused on this market and determined to make a go of it.”
St Ives’ shareholders have yet to approve the transaction, the group is to meet in early April to give the final go-ahead.
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