5627 GA Eindhoven
The group confirmed that it had sold wide-format printing operations SP Group in Redditch and Service Graphics in Chessington, together with sister field marketing firms Tactical Solutions and Flare.
The purchaser is SelmerBridge, a holding company incorporated eleven months ago by French national Landry Kouakou. He is also the managing director of investment company The Martland Holdings, which owned Aylesford Newsprint before it was shut down in 2015.
St Ives said the sale price of £6m was "paid in full in cash at the time of completion", although it is subject to a cash and working capital adjustment. It will use the proceeds to reduce its debt. At the end of last year St Ives chairman Richard Stillwell said the price must be acceptable for a sale to go ahead.
The acquired businesses posted a pre-tax loss of £4.4m on sales of £106.3m in St Ives' last financial year, to 28 July 2017, and had gross assets of £40.8m. SP specialises in point-of-sale while Service Graphics produces a range of large-format graphics and exhibitions stands.
The operations produce work for a number of blue-chip clients, including Marks & Spencer, Unilever, BP, and Chanel. Service Graphics also holds a Royal Warrant.