Turnaround fund Seneca Investments is pressing on with its ambition to build up a portfolio of successful Yorkshire printing businesses, injecting an undisclosed cash sum into Sheffield family business Intoprint UK Limited.
This is the third investment in a printing firm in as many months: Seneca has already expanded its portfolio with two other South Yorkshire printing companies and sees the sector as offering great potential for further consolidation and acquisitions. hlw Keeble Hawson - one of the region's biggest practices with offices in Leeds, Sheffield and Doncaster - represented Seneca in this transaction as it has in the previous printing investments.
Ecclesfield based Intoprint was formed just over 20 years ago and, despite outgrowing its premises several times over, has remained in the Lax family ever since. Robert, Michael and Richard Lax, the founder, retain a 50% shareholding between them and will continue in their positions as directors responsible for day to day management and operations. They will work closely with the Seneca team, which has acquired the other 50% of the company, to maximise commercial efficiencies.
Said Patrick Bywater, a director of Seneca which was set up in 2011 to support the SME sector in a tough climate: “This transaction supports Seneca’s ambition to continue developing print business operations via a strategic ‘buy and build’ policy. Intoprint is ideally aligned to bring an added dimension to an already dynamic grouping. All three businesses are synonymous with quality, providing complementary products and services, and this latest investment opportunity was simply too good to miss.”
Neil Large, corporate partner at hlw Keeble Hawson LLP, added: “The funding from Seneca will provide a valuable boost for yet another reputable South Yorkshire printing business, helping to jump-start the industry in these challenging times. Intoprint has come a long way since it was founded in the Laxes’ living room over 20 years ago and it’s gratifying to see that the family’s legacy will live on.”
Wake Smith LLP acted for Yorkshire Bank and Addlestone Keane Solicitors represented the Lax family.