4imprint Group Sells Supplier Division SPS
In order to focus on its marketing growth, London-based direct marketing business 4imprint Group, parent company of top 10 distributor 4imprint, announced it has sold SPS, a portion of its business that serves as a European promotional products supplier and is based in Blackpool, England.
Ensco 1024 Ltd., a newly Birmingham, England-incorporated company, purchased SPS for £7.25 million (about $11.9 million). Ensco's purchase is backed by Maven Capital Partners, a private equity and alternative asset manager with six offices throughout the United Kingdom.
SPS' senior management, who controls Ensco 1024 Ltd., consists of CEO Philip Morgan, finance director Sharon Brownley, sales and marketing director Diane Anderton and operations director Richard Wildsmith.
In 2012, SPS' operating profit was £0.8 million (about $1.3 million). During the first six months of 2013, it was £0.4 million (about $6.6 million). As of June 2013, its unaudited net assets were calculated to be £9.9 million (about $16.2 million) while its unaudited gross assets were estimated at £12.3 million (about $20.2 million).
4imprint will obtain about £5.8 million (about $9.5 million) in net proceeds from the sale after accounting for sales costs and a bonus payable to SPS senior management. Those profits will be used for general corporate purposes.
For more information, visit www.4imprint.com.