DruckChemie, which has annual revenues of €75m (£59m) and 300 staff, is one of Europe's leading producers of print chemicals with sites throughout Europe, as well as in Brazil, Dubai and Mexico.

PrintWeek understands that while all of DruckChemie's trading entities were profitable, the holding company that was created by 3i to acquire the group in 2007 was placed in administration in September, with the sale to Langley agreed last Friday (7 November).

The deal is now awaiting competition authority clearance, which is expected "imminently".

A spokesman for Langley Holdings said: "We are delighted to have reached agreement to acquire DruckChemie, the company complements our Manroland print business and further demonstrates our commitment to the sector."

Langley acquired the sheetfed press business of Manroland out of administration in January 2012 and has since restructured it so that it can breakeven if it manufactures 100 presses a year, a feat it "slightly exceeded" in last year's accounts.

DruckChemie develops, manufactures and supplies chemical and technical products and accessories for the printing industry, as well as providing waste reprocessing and recycling services.

Its products include "virtually all the consumables required by a printing works apart from plates, printing ink and paper". The company has one UK site, in Burnley.