The acquisition is part of PPG’s strategy of ongoing expansion in the Australian market flagged at the time of Gresham Private Equity’s purchase of a 50 per cent stake in the Group which was announced in November, 2005.
On completion of the purchase, Pacific Print Group will comprise a total of 11 operating businesses with seven located in New Zealand and four in Australia.
Sandy Maier, Pacific Print Chairman, says the Impact Printing purchase was a key strategic initiative that would boost the Group’s annual turnover to more than $190 million and increase total staff to more than 750.
“Impact Printing is an exceptional company that is highly regarded in its market and we believe it will make a strong and immediate contribution to the Pacific Print Group,” he says.
“The acquisition is consistent with our strategy of increasing the scale of the business and developing an even stronger Australian footprint. It also clearly illustrates our capacity to source and secure attractive investment opportunities on both sides of the Tasman.
“We will continue to work closely with Gresham Private Equity in the evaluation of other potential investments and believe Pacific Print Group is very well positioned to play a leading role in industry consolidation,” Maier says.
Impact Printing founders and directors, Garry, Ray and Greg Nankervis will continue to manage the business. As part of the transaction they will be investing in Pacific Print Group.
“We are very pleased that Impact is now part of the Pacific Print Group and look forward to contributing to the broader Group” says Ray Nankervis.
