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St Ives set to sell off US division in MBO deal

by Simon Nias

Jan 6, 2009

Find more like: St | Ives | USA | sale

UK company St Ives has conditionally agreed to sell its US division, St Ives (USA), to a management buyout team led by US chief executive and chairman Wayne Angstrom for US$39m (A$54.6m).

The division accounts for around 11% of group turnover, according to the company's latest annual report.

St Ives said that the proposed sale, which is subject to shareholder approval, would realise significant value for the company and allow it to reduce group indebtedness.

Miles Emley, chairman of St Ives, said: "The group currently faces a challenging trading outlook with increasing pressure on margins resulting from prevailing volatility in demand and rising input costs.

"The [sale] will allow a significant reduction in group borrowings and enable the board to focus on ensuring the continued success of St Ives' core UK businesses."

St Ives (USA) is focused on magazine, point-of-sale and general commercial printing for the North American market, and employs 564 people.

The disposal, which is expected to conclude by 21 January, follows the sale of St Ives' only other overseas subsidiary, Netherlands-based St Ives Uden, last year.

In its interim management statement, St Ives said that its US business faced "significant challenges due to volatile demand within an oversupplied market".

St Ives added that the move was "consistent with the group's strategy of focusing on its core operations".

Read the original article at www.printweek.com.

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