MBO team takes over SEMA and saves 250 jobs

Up to 250 jobs have been saved at SEMA following a management buyout completed yesterday.

The deal, for an undisclosed amount, was signed just hours after the ProPrint website exclusively revealed that it was "99.9% certain" to go ahead.

It ends five weeks of uncertainty for Australia's third-largest transactional printer, which filed for administration on 17 May.

The leader of the management buyout team, John Stewart, told ProPrint that staff had been given letters of employment today.

"We've probably saved 250 jobs, so that's not bad," he said.

The management buyout was driven by SEMA's clients, said Stewart.

He said the company provided a sophisticated product at a high quality and with excellent customer service, so clients didn’t want to have to find a new provider.

Stewart said their faith in SEMA had been reinforced by the strong customer service staff had continued to provide throughout the administration.

News of the MBO is expected to be announced at today's second creditors meeting.

According to the website of his consultancy firm, Stewart's career history has included roles as the interim chief executive of realestate.com.au and the chief executive of Ferrier Hodgson NSW.

He is a former chairman of the NSW Branch of the Institute of Chartered Accountants and former non-executive director of MYOB and is also a director of UNICEF Australia.