5th Jul 2018 11:16
LONDON (Alliance News) - Printer and signage maker Grafenia PLC said Thursday it acquired Devon-based firm AG Signs & Print Ltd for an undisclosed sum.
For the year ended August 2017, AG Signs generated GBP65,000 in operating profit on GBP570,000 revenue. The transaction was not material to Grafenia but "demonstrates progress in its strategy of acquiring businesses in the highly-fragmented signs industry."
"We're delighted to welcome the AG Signs team to Grafenia," Grafenia Chief Executive Officer Peter Gunning said. "Together, we move another step forward with our published plan. In December last year, we acquired Nettl of Exeter, one of our best performing Nettl partner studios. Our team down there has performed well since."
One of the sellers of AG Signs, Martin Baily, will remain at Grafenia after the acquisition as regional director. The other vendors - George & Celia Blake - will be retiring from the firm.
"Martin will continue to lead the AG Signs team while we work on the next part - opening a Nettl Business Superstore in Exeter, combining our two teams," Gunning added. "We opened the first Superstore in Liverpool Waters this year, and we're very pleased with the progress there. We are excited to build something special to help the businesses in and around Exeter".
Shares in Grafenia were untraded at 11.75 pence on Thursday.
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