4Imprint sells promotional product arm SPS

10th Feb 2014 15:40

Direct marketing and printing group 4Imprint has sold its SPS promotional product wholesaler to a private equity-backed management team for 7.25m pounds.The group has off-loaded SPS, which supplies promotional products to European distributors to sell on to their customers, to a new company called Ensco 1024, controlled by SPS senior managers and supported by Maven Capital Partners.It said the disposal would allow it to focus on its direct marketing business, which supplies products such as printed bags, pens, mugs and stationery to businesses and organisations in Canada, Ireland, the UK and US.It will get about £5.8m from the deal after stripping out costs of the sale and bonuses payable to senior managers. It plans to use the proceeds to reduce pension scheme risks.Shares in 4Imprint fell 0.82% to 696p at 15.37 in London.PW