Founders look to succession plan

Print Image Network bought by investment firm

18 December 2023

Mergers and acquisitions

John Foster and Stephen Power have built up PIN over the past two decades

Electoral print specialist Print Image Network (PIN) has been bought by London-based investment firm Owner Venture Managers (OVM) as part of a phased retirement plan for PIN founders John Foster and Stephen Power.

The seven-figure deal, financed by debt investment firm Frontier Development Capital (FDC), saw OVM founder James Wooster appointed director on 24 November.

Both Foster and Power will continue to lead PIN in the immediate future, according to a statement by FDC, and both will retain a stake in the Stockport business.

Foster, director, said: “Stephen and I have worked hard to build the business over the past 20-odd years and have a great client base and a fantastic team.

“We wanted to find an investment partner who could safeguard our legacy and take the business forward. We liked the approach taken by Owner Venture Managers and look forward to working with their team as we continue to grow the business.”

OVM was founded over 20 years ago by Wooster, now overseeing 15 companies in its portfolio, and specialises in acquiring owner-managed SMEs looking for help in succession planning.

PIN has a nationwide customer-base of councils, and is a leading electoral printing, data and mailing company, printing ballot books, poll cards, and postal voting packs.

The firm has seen recent success with its UK Engage brand, which offers internet voting and AGM services to associations and membership bodies, acting as independent scrutineer or returning officer. It is one of the few bodies able to run trades union ballots.

Ondrej Okeke, investment director at FDC, said: “Print Image Network’s bespoke and highly professional service plays a key role in helping to deliver local democracy.

“The company also has a growing client base in the private sector, and increased use of e-voting and digital technology offers scope for further expansion in the future.

“The acquisition by Owner Venture Managers will help the business to put succession plans in place, build its management team and provide additional capital to support its continued growth.”

OVM's acquisition is not the first in the print sector: in 2021, it acquired FDM from its founder, John Fletcher. Following a phased retirement, the firm has now appointed Richard Farmer, formerly of Communisis, as MD.

PIN was advised by Hallidays Corporate Finance, with RSM providing due diligence to OVM, and FDC Pellys providing legal advice. Squires acted for FDC, and Gorvins advised Foster and Power.