Bury-based Connect has been bought for an initial consideration of 1m, with a further potential consideration of 1m. The cash deal has been funded by a new secured facility from Barclays Bank.
According to Wyndeham Press chief executive Paul Utting (pictured), the buy is part of the group's strategy to increase its presence in the packaging sector. "The packaging market represents an important element of Wyndeham's growth strategy and this acquisition will enhance the range of solutions we can offer packaging clients," he said.
Utting added that Connect, which will be renamed Wyndeham Connect, will work closely with its other packaging repro division, Essex-based Wyndeham Kestrel. Connect has a workforce of 38 and a turnover of 2.7m.
Wyndeham acquired Essex-based large-format and digital printer, Blacketts, in a 5m deal in August.
Meanwhile the print plc has reported pre-tax profits of 3.8m, an increase of 22%, in its interim results for the six months ended 30 September. Turnover at the group also went up to 71.1m compared to 69.1m over the same period last year.
Chairman Bryan Bedson said that the first half of 2005 was "encouraging" as a result of the group's strategic activities. "I am confident that the group is well placed to deliver a strong financial performance for the year," he added.
Shares rose 2.5p to 121.50p on the back of the news this morning.
Wyndeham buys packaging repro firm Connect
Wyndeham Press Group has made its second acquisition of the year buying packaging repro firm Connect Digital Imaging.