St Ives plc announced that it has sold St Ives Direct Bradford Limited (SIDB) to growing B2B services specialist Cogent B2B Limited.
£35 million turnover SIDB employs 180 staff and offers direct mail, digital printing and commercial printing (web offset, sheet fed and full colour digital personalisation) capabilities to UK based customers.
Cogent B2B has grown its group by acquisition to include Leeds-based direct mail and digital media specialist Griffin, Bradford direct mail specialist Prospect Mailing Services and packaging supplier Boxco.
Commenting on the acquisition, Cogent B2B CEO Kevin Dunstall said: “The St Ives Direct Bradford business is a great specialist provider with a solid reputation that has seen it through some tough trading conditions, and it is a perfect fit for the growing Cogent group of companies.
“We are looking forward to investing in the business and strengthening the management team, bringing it alongside the other strong B2B service providers we have in our growing Yorkshire based group,“ he added.
Rachel Dean from our corporate team advised Cogent B2B on the transaction. Mrs Dean commented: “This is a significant strategic move for Cogent and opens a whole new chapter for an already successful and profitable Bradford business.
“The opportunities that the deal brings will revitalise its prospects and boost revenues whilst also delivering additional revenue opportunities and economies of scale to the rest of the companies in the group,” he added.
The total consideration for the sale will be £8 million, comprising £3 million payable immediately and £5 million of deferred consideration over two years. St Ives will retain the ownership of the property currently occupied by SIDB in Bradford and will lease it to SIDB at a market rent.
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