Pontllanfraith-based magazine printer Pensord has bought out a family-owned firm as it seeks expansion with an increase in capacity and additional services.
Pensord, which has a £12 million turnover and prints more than 400 regular publications, has bought Aberystwyth-based Cambrian Printers, after its family owners wanted to retire.
The firm, which currently employs a staff of 150, has made a commitment to maintain the 50-plus workforce of Cambrian Printers when it takes the reins of the £7m a year company.
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.
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.
“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 ‘Pensord people’, so we feel there could be no better name to take Cambrian forward from here.”
Pensord Managing Director Mr Coxon led a management buyout at Pensord with Operations Director Karl Gater some seven years ago. It has since been recognised as UK Print Company of the Year, and is a current recipient of Customer Service Team of the Year in the UK print industry’s flagship awards given by the key industry title PrintWeek.
Since 2011, Pensord has invested more than £10m in technology and processes.
Mr Coxon added: “Cambrian shares a similar customer-focused culture to ourselves, and so we don’t foresee a great upheaval in operations and we hope that existing Cambrian clients will see business as usual and then a gradual improvement as we look to strengthen the business.”
The Cambrian name will remain for the time being, well established in a number of sectors including printing high quality catalogues for well-known national fine art auction houses.
Pensord was supported in the acquisition of Cambrian Printers by legal advice from Capital Law LLP. Financial due diligence was aided by Green and Co and corporate finance support came from Lexington Corporate Advisers.