Hardings managing director Steve Harding and Sam Neal, his opposite number at Geoff Neal, bought the 45-staff Marlow-based business in May via acquisition vehicle S&S Printing and Finishing, a 50/50 joint venture between the two men.
Following the deal, Evoteam is now headed by Hardings sales director Geoff Stone as managing director, supported by Martin Brown, and operations director Steve White and works director Ali Aliyari who were both part of Evoteam prior to the acquisition.
Evoteam largely operated as a trade business, with both Hardings and Geoff Neal as key customers.
“It’s a good news story in terms of its nice to see printers trusting each other and doing something collaboratively that will benefit all three businesses.
“It’s also about looking at ways to secure the future of the businesses and their people, because if we can behave and act like a group then our buying power and reach is greater,” said Neal
Following the acquisition, Neal and Harding are working with the businesses' three sales teams to get them “thinking as one” to cross-sell each’s production capabilities and are also looking to enhance the three operations’ teams with additional skilled finishers and apprentices.
The deal came about after Evoteam owner Martin Brown approached Harding initially to see if he wanted to become a partner in the business. Harding then spoke to Neal, as the two Feltham-based firms had strong links, with HPS originally starting out 10 years ago in Geoff Neal’s factory.
After looking at the business, Harding and Neal decide to buy it outright.
Neal said that there was had always been a “huge amount of trust and openness” between Geoff Neal and Hardings, with the two firms producing work for each other due to their complementary offerings; with Geoff Neal predominantly litho with Heidelberg XL 106 and Anicolor technologies and Hardings purely digital, largely with HP Indigos, including two B2 12000s, the latest of which was installed in May.
Evoteam, which is a 30-minute drive away, had sales of £2.3m, but the new owners expect to grow this to £6m in year one, giving the group combined sales of circa £30m.
And, according to Harding, in the three months since completion Evoteam has had its three best trading months on record.
As well as an extensive finishing battery in its 2,600sqm factory, covering everything from folding, stitching and binding, following the post-acquisition installation of a £100,000 used Muller Martini Tigra PUR line, to mailing and added-value finishing, Evoteam also runs a five-colour Heidelberg Speedmaster XL 105 with coater.
“What Steve and I are trying to do is build a sustainable business that we can fill that will fit the vast majority of our work and our clients' work,” said Neal.
He added that while the two firms will continue funnel a lot of their work into Evoteam, it will also continue to operate as a trade partner for new and existing clients with Neal stressing that trade customers had nothing to fear from the new ownership.
“I’m hoping that our reputations will cut through [those concerns] and that the world will think 'let’s start trusting each other rather than not'. I don’t see any benefit from printers being siloed – I’ve never thought printers should be siloed in their thinking, that doesn’t help the printer, the industry or customers.”
He said that by running the group as independent cost centres they will be able to stay sharp and focused and maintain the small business 'customer comes first' mentality, while simultaneously reaping the rewards of being a bigger business.
Last year, Hardings' 22 staff generated sales of £9.2m and Geoff Neal’s 80 strong team £14m.
Neal and Harding are already in discussions with other potential acquisitions to expand the group into new areas.
“The acquisition of Evoteam gives us 90% of what we needed in-house and we will hopefully get that to 100%,” said Harding.
“We’re not trying to be the next Paragon, but we're really open to people being sensible and looking for smart partnerships or acquisitions that benefit everybody,” added Neal.
