The Sydney printing company may be next in line for a Private Equity bid. After all, it must be over a month since a major printing company was taken over.
Accountants Price Waterhouse are currently conducting an inspection of the company's records.
Although no one is talking, industry speculation points to either Blue Star or rival GEON as the likely buyer. Well-known industry identity, Wayne Finkelde, general manager, remained tightlipped when approached for a comment, although there are plenty of rumours about.
The company itself was an active consolidator up to last year, buying MAPS Litho from Bruce Meers to add to its Teldon takeovers. In recent time the Blacktown-based company, which among its other activities prints for Woolworths, installed a Heidelberg long-prefecting press. It also consolidated the printing from MAPS at French's Forest to the Blacktown site.
If the deal goes ahead it will continue the massive consolidation underway since Private Equity funds Gresham and Champ entered the industry last year. Since then it has become a race between the two printing groups to snap up mid-size printing companies along the east coast of Australia.
Most recently Blue Star picked up Bob McMillan’s in July as well as ACT-based printer National Capital Printing in May. GEON bought Sydney company, Dynamic Press in June and Brisbane mailhouse, Laser Solutions in August
It goes to show that the current financial turmoil is unlikely to stop a stop to the determined consolidation underway on both sides of the Tasman
Source: print21online
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