Printing firms join forces to create one ‘super dealer’
0 Comments | Express & Echo; Exeter (UK), Apr 7, 2010
THE two largest independent print providers in the South West have combined to create a single ‘super dealer’ for the region.
The deal brings together Bristol’s Portrayal Ltd and Peninsula Business Systems Ltd, which has bases in Bristol and Exeter, to create a business with a turnover of Pounds 11m.
In addition, South African office automation company ITEC has invested in the combined business in its first major UK investment, ensuring that the enlarged company remains debt free.
Once integration is complete the enlarged business will retain the Portrayal name.
Its chief executive Nick Orme said: “This is an exciting time for both companies.
“It will enable us to develop and strengthen our business in the South West and London.
“With ITEC’s involvement we are in an ideal position to create the largest independent dealership in the South West and aim to substantially grow the business in the next five years.”
ITEC’s managing director, Philip Perkins said: “Having spent nearly a year researching opportunities in the UK market, this particular deal stood out because of the strategic opportunity it offers to create a truly dominant company.
“We have been hugely impressed with the management team and believe that the South West region is poised for further growth, consolidation and improved business solutions in the future.
“Our ambition is for Portrayal to become the supplier of choice for all the major organisations across the region.” John Banks, corporate finance partner at accountants and business advisers Baker Tilly, who undertook the acquisition due diligence process, said: “ITEC’s investment in Portrayal is further evidence of inward investment into the South West.
“It also shows the SME market is beginning to see a more consistent level of investment, particularly in highly regarded businesses in the region.”