"We're delighted to have secured the sale of the business and most of its assets to Montrose Press. Saving jobs is always a priority and we're happy that we've safeguarded 85 positions," said Daniel Smith, joint administrator and partner of administrators RSM Robson Rhodes.
Montrose was the only bidder left for the assets of the £16m-turnover firm.
Some industry big names, including Thomas Potts and Alito Color, had shown an interest in Hyway over the past weeks.
Thomas Potts chief executive Mark Scanlon said he withdrew his offer for Hyway last week after getting "cold feet".
"We felt that the administration had gone on too long," said Scanlon. "It's a relationship business, reliant on the goodwill of customers to be there after we had made a substantial commitment. We weren't prepared to take that risk."
Montrose Press was formed this year after managers, fronted by director Rick Child, bought the assets of Clifford Thames Printing Company out of administrative receivership. With its latest acquisition the firm now has six presses and 130 staff.
Story by John Davies
