Precision Colour Printing has been sold, just weeks after owner Claverley Group announced it has put the Telford web and sheetfed printer up for sale.
That announcement attracted multiple expressions of interest leading to formal offers. With the continuation of the business in its current state in mind, a bid from Hypax, a private equity investor that specialises in corporate carve outs, was selected as the winner.
The speed of the deal was deemed essential to quell any nervousness among the magazine publishers that comprise the bedrock of the customer base. It also produces catalogues and direct mail taking advantage of both 16pp and 32pp heatset web capacity and substantial stitching and perfect binding.
It runs two long perfecting B1 sheetfed presses, a ten-unit Speedmaster and nine-unit RMGT9 tandem perfector with both interdeck UV and end of press UV for cover printing.
In 2022 the company bounced back with a 27% increase in sales to £36.1 million from £28.3 million helped by alleviating pressure on the market through the ongoing restructuring of the web offset market. It anticipated taking some advantage from the closure of Prinovis in Speke last year.
In a corporate statement, PCP managing director Nick Evans says: “Under the new ownership, PCP will continue to deliver the quality and service to which ours customers are accustomed while investing in the future of the business.”
The new owners believe that PCP is well positioned to take advantage of consolidation opportunities in that market conditions might offer. There will be continued to support for investment, both in machinery and the operation of the business. The management team will continue to run the company.
While Claverley is divesting itself of the production print business, as it has for its newspaper interests, including its PCP publishing software business, it will continue to use PCP as a print provider. A long term contract has been agreed with Kennedy Publishing as part of the deal.
Hypax was founded in 2023 by managing partners Christian Schmehl and Philipp Sterkel, both with extensive experience in private equity finance. Both include Aurelius on their CV, though not in the same city. Hypax is located in London and Berlin.
“We pride ourselves in having transparent and collaborative relationships with management teams, understanding their priorities and providing reliable support,” says Hypax.
