MBI at print firm
A YORKSHIRE print business has undergone a management buy-in which has seen the exit of its founders.
John Savage has acquired the entire share capital of Pega Print (PPL) from Gary Wood and Stephen Niemas.
Mr Wood and Mr Niemas will remain with PPL for a short period to ensure a smooth transition.
Rotherham-based PPL was established in 1985 and specialises in trade print services for blue-chip clients and public sector organisations including Green Flag, Scottish Water, RAC and South Yorkshire Police.
Printing a successful future: (l-r) Andy Tyas, RBS; Arif Munir, Lombard; Richard King, RBSIF; John Savage, Pega Print; Paul Faucet, Hawsons Chartered Accountants
Mr Savage, has previously held senior management positions in the motor industry and also ran his own business.
Funding for the purchase was provided by RBS Invoice Finance and Lombard, the asset finance division of RBS.
Sheffield-based accountants Hawsons advised on the transaction.
Mr Savage said: “Pega Print is a strong business that benefits from a skilled workforce and has an excellent reputation in the market based on the quality of the products they deliver.
“I am confident that I can use my experience to develop some new ideas which will help the business to grow and develop further.”
Andy Tyas, relationship manager at RBS, said: “John is an experienced operator and impressed us with is business acumen and future plans for Pega Print. We are very pleased to provide the funding to support the plans he has for the business.”
Paul Fauset, of Hawsons Corporate Finance, a division of Hawsons Chartered Accountants in Sheffield, acted as lead adviser to Mr Savage in negotiating, structuring and finance raising.
Mr Fauset said: “This deal demonstrates that with quality management and pro-active banking professionals, leveraged transactions such as MBIs are still possible, even in the current economic climate.”
