Formara is celebrating its 50th anniversary this year.
The firm’s range of services has developed over the years to encompass direct marketing, print-on-demand, personalised printing, fulfilment and design.
Wilce joined the business in 1990 as the Southend-on-Sea firm’s first sales rep. He took over the business nine years ago, having previously co-owned it alongside business partner Freddie Kienzler, who retired in 2014.
It’s now Wilce’s turn to step back.
The business has been acquired by Lifeboat Management, an acquisition vehicle of Lifeboat Capital headed by chief investment officer Taha Afshar.
Wilce told Printweek that Afshar and his associate Alejandro Caorsi Lawlor, who also worked on the deal, “absolutely get what we are about”.
“Lifeboat’s approach to buying the business was underpinned by its commitment to conserving Formara’s history, culture and strengths in order to drive its continued success and look after the team that has helped to build it,” Wilce stated.
Wilce was advised by KBS Corporate.
KBS associate director Fabio Rambelli said: “Phil wanted to meet interested parties that were personable and dedicated to keeping Formara on a successful trajectory post-sale.”
Lifeboat was looking for “scalable opportunities in the commercial market”.
The firm describes its approach as the application of “fundamental analysis and value-investing principles to identifying acquisitions with vast growth potential”.
The terms of the deal were not disclosed.
Afshar commented: “Working with Phil has been a real pleasure and we are delighted with the outcome of our discussions.”
Formara had sales of £4.8m last year and employs 28. The firm also operates the online brand Print4London.
Andy Pond, who has worked at the business for more than 35 years in increasingly senior roles, takes over as managing director.
“Andy knows what he’s doing and we’ve got a bloody good team here, with good customers and good suppliers,” Wilce added.
Wilce will stay on for a transitional period before moving to a consultancy role.
He said his retirement plans were not fixed but could include golf lessons, travel, and charity work.
Image shows left to right: Alejandro Caorsi Lawlor, Andy Pond, Phil Wilce; and Taha Afshar.
