Firstan management eye acquisitions after buyout

Firstan, the Cambridge-based packaging printer, is on the lookout for acquisitions after completing a secondary buyout from Lloyds TSB Development Capital.

The deal, backed by asset-based lending firm KBC Business Capital, completes a process started in 1999 when Firstan managing director Andrew Hartwig led a management buyout of the firm with backing from Lloyds.

Hartwig, along with his brother Paul, who is the firm's production director, and sales director Jeff Oakley, are behind the latest deal.

The £15m-turnover firm, which celebrates its 30th anniversary this year, employs around 130 staff at its Cambridge site, where it runs four six-colour UV Mitsubishi presses.

Paul Hartwig said the firm wanted to make acquisitions in the UK and possibly overseas in the future.

The latest transaction has enabled Firstan to buy out Lloyds TSB's share in the business and repay loan stock.

Firstan specialises in packaging for the food, pharmaceutical and confectionery markets and offers a full range of services including design, printing, finishing and logistics.
Source: packagingnews