St Ives has further expanded its presence in North America with the purchase of the 75m ($109m)-turnover Avanti Press group.


The 29m deal includes Avanti Press, based in Rochester, New York and Florida-based subsidiary The Case Hoyt Corporation. As part of the deal St Ives also takes on 20m of debt.


The acquired operations employ 750 staff, and made a pre-tax profit of 5m in the year to 29 February 2000.


"They are complementary to the businesses weve already got and have a good reputation for quality and service," said group managing director Brian Edwards.


"The kit is also fairly similar to our existing set-up, and they are pretty well invested so will only require maintenance capex."


The expansion means that St Ives annualised sales in the US now amount to some 170m. Total group turnover last year was 473.2m.


Avanti was a private business, and owner Joe Arriola will remain with the group for a transitional period.


The business has web and sheetfed presses at its Rochester plant, and web presses in Miami. Both plants have comprehensive binding facilities and creative studios.


Avanti and Case Hoyt operate in the direct response, commercial print and report and account sectors. Blue-chip clients include Neiman Marcus, IBM, Disney, Ford, Gen-eral Motors and Royal Caribbean Cruises.


While St Ives has now spent its 50m cash stash, Edwards added that the group "is still looking for suitable acquisitions as always they have to be earnings-enhancing".


Story by Jo Francis