6 March 2007 — York (UK): Envelope manufacturer and printer Encore Group has been bought in a management buyout (MBO) for an undisclosed sum.
The MBO, led by managing director Russell Croisdale and backed by the Royal Bank of Scotland (RBS), plans to further integrate the two businesses of Encore Direct and Washington Envelopes which make up the group, and invest in new machinery.
"What we want to do is bring the two sides of the business together," said Croisdale. "There is still a little bit of work to do to make it one company. Then we want to carry on as we have been doing and take the company forward at a reasonable rate. Prior to the deal it was a well managed, well run company so there is no need to do a huge amount."
Rob Lawrence, part of the RBS corporate and structured finance team facilitating the deal, said the management team has a "proven track record" and has "implemented a clear strategy" to drive forward the business.
Encore Direct, which makes and prints envelopes, was established in 1995 by Tony and Jane Gill. In 2002, they acquired a 50 percent stake in Washington Envelopes.
Encore Group has a combined turnover of £28 million ($53.9 million) and employs 270 staff.