14 March 2006
SMURFIT PRINT UK IN MANAGEMENT BUY-OUT AND CHANGE OF NAME
Jeremy Cole (second from right) with the MBO/MBI team
The management team of Smurfit Print UK has acquired the trade and assets of the business from Smurfit Kappa Group, in a management buy-out. The business is simultaneously changing its name to Dobson & Crowther Limited.
The business has annual turnover of over £11 million and employs 134 people at its premises in Llangollen, North Wales.
Dobson & Crowther Limited manufacture in excess of half a billion printed envelopes annually for customers in the direct mail, horticulture and photographic markets. The business was originally established in Llangollen in 1946 and traded as 'Dobson & Crowther' before being acquired by the Smurfit Group in 1973.
As Smurfit Kappa Group's core business is corrugated packaging and board manufacture, Dobson & Crowther was deemed to be non-core. The management buy-out gives the local management team the opportunity to take the business forward with a focus on growth and innovation.
The management buy-out team was advised by Cole Associates Corporate Finance and DLA Piper Rudnick Gray Cary, solicitors. Smurfit Kappa was advised by Bircham Dyson Bell, solicitors. The funding facilities and working capital were raised for the acquisition from Royal Bank of Scotland and Euro Sales Finance. Total funds raised were £3.6 million.
Managing Director of Dobson & Crowther Limited, Paul Holden commented "We are delighted to have the opportunity to take Dobson & Crowther forward as an independent, entrepreneurial business. It is in excellent shape, and we have exciting plans for the future."