The sale of the £30m-turnover Leicester-based business, which also has a presence in China, marks the acceleration of its aggressive growth strategy, according to managing director Robin Welch.

"We are targeting a turnover of £50m in two years time," he said. "The backing of Grove Industries gives us access to capital to achieve this."

Welch said that the growth would come both in the UK market and internationally, with the US market, where it currently has some customers, being a key focus.

In the UK, the company intends to push growth in transpromo following its £4.5m investment in digital print last year.

Welch said: "We are building up a strong business and are looking in the UK to capture market share from our competitors."

Grove Industries has previously invested in a wide range of businesses, including packaging, distribution, chemicals and specialist manufacturing companies.
 
Director Les Litwinowicz told PrintWeek: "Though we are open-minded about the range of businesses we invest in, we do look for companies where we can add value in the medium- to long-term, both through finance and management and strategic support.
 
"We would certainly look at other business opportunities in the added value marketing solutions sector."

The company has grown rapidly over the past few years culminating in the opening of a second site in Leicester last year.