The deal, which completed on 6 January for an undisclosed sum, was part of a major acquisition spree by Croydon-based Cathay Investments in which it also bought Dutch materials producer Lantor and Birmingham-based PNC Global Logistics, after securing a £24m revolving credit facility from HSBC last year.
OPC managing director Mark Thompson said the company is now looking for a 10% boost in sales, which are currently at £2m, by the end of this financial year.
The previous OPC shareholders made the decision to market the company for acquisition in early 2016, and Thompson had his first meeting with Cathay in April.
“What stood out was that they were clearly an ambitious investment company looking for additional businesses that could add synergy to their existing offer,” said Thompson.
“Certainly for us looking at what we could offer with regards toys, stationery and gifts, they have a vast experience of distribution, as well as warehousing.”
Thompson said the access OPC has now been granted to Williams of Swansea, the Cathay-owned toy stationery business, has opened up “a whole array of different product lines, which can be incorporated within our existing business”.
“Lots of our competitors have additional product lines so at times we were slightly on the back foot where we couldn’t compete either with independent stores or national account stores really, so what we now have is a one-stop shop solution,” he added.
Cathay Investments owner Ben Chaing said that following the purchase of OPC he planned on enhancing the products available to company’s customers and that it would allow for cross-selling with Williams of Swansea. It is soon to roll-out an additional range of product lines that are currently being tested.
Founded in 1991, OPC does not distribute posters but only greeting cards, selling a large range printed at the likes of Windles Group, Sherwood Press and Taylor Bloxham.
It has 52 franchise outlets across the UK and Ireland, having moved the new business over to the franchise model in 1993. Franchises cover 72 areas, selling to around 6,000 stores, and have exclusive rights to distribute OPC’s products within their given area. Eleven-staff OPC is headquartered in Walton-on-Thames, Surrey.
