Gardners went into administration on Friday (5 August), the same day the sale was completed.
The business operates from a four-acre purpose-built facility in Cardiff and the purchase represents PFI Group’s first production and service centre based in Wales.
Gardners’ client base includes many major brands, with a particularly strong reputation within the retail, outdoor, fleet, and venues and event sectors.
The business will continue to be led by managing director Richard Courtney and the company’s current management team.
PFI Group stated: “The business synergies and combined strengths of Gardners and the PFI Group present exciting opportunities for ongoing growth and continue to expand the group’s reach within key sectors and geographies.”
The PFI Group now comprises 16 businesses: PFI GB Signs, Sign Plus, Lofthus Signs, In2 Signs & Graphics, Shades Graphics, Mardan Products, Futurama Group, Insignia Signs, Creative Display, SignMaster, Jasmine, Cestrian, Kesslers, Proportion London, Works Manchester, PFI Speedscreen – also acquired this summer – and Gardners.
Acquired at the start of 2022, Kesslers and its global visual merchandising services brand Proportion London were also purchased from Hexcite Group.
Andy Ducker, founding partner at Hexcite’s private equity fund owner Elaghmore, told Printweek: “Like other businesses focused on serving the retail sector, the last few years have been incredibly challenging for Gardners.
“With a huge increase in the cost of materials, limited options to pass on price rises to customers, and a very competitive yet volatile market, unfortunately, the company is no longer viable.
“Having worked with the PFI Group on the sale of our business Kesslers earlier this year, we are confident that being part of PFI will secure the long-term future of Gardners.
“The remaining parts of the Hexcite Group – Blaze Signs and Cygnia Maintenance – are performing well.”
Gardners generated £11.8m in revenue in the 12 months to 31 December 2021. Its 102 staff have all transferred to PFI Group as part of the deal.
