Greetings Today magazine, giving you the bigger picture

Design Group buy Biscay

£5m acquisition sees Brit-based global group double market share of Aussie value greetings channel

  

IG DESIGN Group have almost doubled their market share in the Australian value channel by acquiring publishers Biscay Greetings for £5.16million (A$8.9m) in cash via their joint venture Artwrap.

The Bedfordshire-headquartered global gift packaging, greetings and partyware organisation financed the deal through local debt facilities to increase their portfolio with Biscay, who provide cards and related products to almost 2,000 customers through regional, wholesale distributors, and independent retail channels across Australia and New Zealand.
Paul Fineman, IG Design chief executive, said: “Following our recent announcement of a robust half-year performance and strong profit growth in Australia, we are delighted to complete this acquisition which complements Design Group's existing operations in the territory.
“The acquisition almost doubles the group's significant market share in the value channel of the Australian greetings card market, adds to our capabilities in this growing and higher margin category and further diversifies the group geographically.
“At the same time, it provides cross-selling opportunities and thus an even more compelling proposition to existing and new customers.”
In the year to June 30, 2017, Biscay generated sales of £7.77m (A$13.4m) with a pre-tax operating profit of £1.68m (A$2.9m). IG noted up to £1.73m (A$3m) would also be required to assist the company in kick-starting their Australian campaign.


T: 01525 887310 or 01443 863500
www.thedesigngroup.com


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