This morning (19 November) Konica Minolta Business Solutions Europe announced that it had signed a deal to acquire £98m-turnover Charterhouse PM, subject to regulatory approval.

In a statement Konica said the buy was part of its strategy to boost its existing 'beyond printing' range of services, by adding print management to its existing marketing management, business process consulting, and optimised print services offerings.

Ken Osuga, president of Konica Minolta Business Solutions Europe, praised Charterhouse's track record and said the deal would enable a major expansion of Konica Minolta's services. "This strategic investment will significantly extend the range of print and outsourced marketing management capabilities we can offer our clients."

Hatfield-headquartered Charterhouse PM has expanded rapidly in recent years, becoming a top 25 company in PrintWeek's Top 500 and one of the ten biggest print managers in the country. It is active across 35 European markets and employs more than 240 staff.

The company works for a host of blue-chip clients including Coca-Cola, Shell, Sony, BMW, Heinz and Unilever.

Chief executive Gary Mahoney said the deal and Konica Minolta's backing would allow Charterhouse to become "a truly global business".

"Konica Minolta gives us a global footprint and provides the financial resources to continue expanding our business and supporting leading brands with cutting edge communications," he said.

The Charterhouse name and management team will be retained, and the business will continue to operate from its existing offices.

Konica Minolta said the deal was expected to be completed by the end of the year, assuming merger control clearance is approved. The terms were not disclosed. Charterhouse has private equity backing and some £23m of debt.