The GEON Group today announced it had completed its acquisition of Promentum, in a transaction valued at A$127 million.
The acquisition, which is a significant milestone in the consolidation of the trans-Tasman print and print services industry, brings GEON Group’s revenues to A$400 million with more than 1,500 employees located throughout Australia and New Zealand.
Gordon Towell, GEON’s Group Chief Executive, said the Promentum business was an excellent fit with GEON’s existing operations and would strengthen the Group’s position as a leading participant in the market.
“This acquisition is a key step in our strategy of dramatically modernising and enhancing the way we provide services to our customers on both sides of the Tasman,” Mr Towell said.
“Promentum’s expertise and extensive customer base within the medium-to-large enterprise space complements GEON’s established stronghold among independent printing, media, and publishing businesses, as well as within the SME market.
“We believe the combined business brings together some of the best people in the industry and gives us the capacity and flexibility to provide an enhanced range of services to our customers.
“The enhanced scale of the Group provides an opportunity for us to invest in further upgrades to our management information systems, and importantly allows us to deliver further cost savings across our customer base,” he said.
Following the acquisition, Penfold Buscombe, Scanlon Printing and Octane Digital, will continue to operate providing services under the GEON brand.
Enquiries:
Sandy Maier
Chairman, GEON Group
Ph: +64 211 633 806
Gordon Towell
Group Chief Executive, GEON Group
Ph: +61 2 8667 3072
About GEON Group
GEON Group is a leading commercial printing, mail management, and marketing communications business with operations in New Zealand and Australia. The primary focus is on providing a broad range of high quality print media, direct marketing and fulfilment solutions to a wide range of customers in the publishing, retail, corporate and government sectors. The Group now employs more than 1,500 staff and generates annual revenues of approximately $400 million.
The Group is majority owned by Gresham Private Equity.
GEON was advised by Macquarie Bank, AT Kearney, PWC and Clayton Utz.