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Creo in 27m investment deal

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Creo has signed a deal to raise 27m ($50m) through the issue of 5m shares to a syndicate of investors, which it will use primarily to fund its plate strategy.

Our main priority is to aggressively follow our digital media strategy, said Creo chief executive Amos Michelson.

Creo will invest 2.7m-5.4m in the plate lines it recently bought in South Africa and North America (PrintWeek, 19 February).

Although plate firms are its main target, Michelson also said that it was being approached by many companies looking to sell up, such as previous buys Scenicsoft and Hit, and it wanted to take advantage of these opportunities.

He also said that like its previous deals, being able to buy further capacity relied on being able to conclude deals quickly in cash.