Magazine printing firm acquires family-run rival
MAGAZINE printer Pensord has acquired family-run rival Cambrian Printers. Pensord, which has a £12m turnover, prints more than 400 regular publication and employs 150 people in Pontllanfraith.
Its takeover of Aberystwyth-based Cambrian Printers, which has a turnover of £7m, takes effect from Thursday.
Pensord said it is committed to maintaining the 50 plus workforce at Cambrian Printers and building on its litho printing of catalogues and brochures, as well as its commercial and digital work.
Cambrian’s current family owners, Robert and Tim Read will be retiring from an industry their family has worked in for 90 years.
The value of the deal has not been disclosed.
Pensord managing director Darren Coxon said: “Cambrian Printers is a well-respected name in the industry with a portfolio of long standing customers, so when the opportunity to purchase arose we jumped at it.
“In challenging times with a number of big printing names going to the wall, this acquisition gives us the chance to expand our capacity and takes us into new commercial territories, adding to our digital work, and broadening our footprint within Wales.
“Robert and Tim have been terrific to deal with, and we wish them well in their retirement, safe in the knowledge that the business is in stable ownership, and being looked after as part of the Pensord family.”
Mr Coxon led a management buyout at Pensord with operations director Karl Gater some seven years ago.
Outgoing Cambrian Printers owner Robert Read said: “Cambrian has been a significant employer in west Wales since 1860 when we printed newspapers, and 1927 when the Read family took the helm, so when we decided to sell, it was important we found a buyer who had a real understanding of what we do, and an empathy with our staff.
“Pensord is a hugely respected name in the industry, building a very successful business, and winning awards and credit for their expertise and the way they treat their staff, so we feel there could be no better name to take Cambrian forward from here.”
Since 2011 Pensord has invested over £10m in technology and processes.
The Cambrian name will remain for the time being.
Pensord received legal advice on the deal from Capital Law. Financial due diligence was provided by Green & Co with corporate finance from Lexington Corporate Advisers.