25 May 2012

CEPS in £2.4m takeover

11/01/2007 Robert Tyerman

As foreshadowed here in July, investment company CEPS has found an acquisition – private direct marketer Sunline Direct Mail.

Formerly named Dinkie Heel, CEPS – whose original David Odell business makes steel toe-caps, stable matting and body armour – has been scouting new investments and is now raising £2.4 million at 50p, partly to help fund the £3.8 million acquisition of direct retail marketing group Sunline Direct Mail. CEPS, chaired by Richard Organ, has set up an 80–20 concern with Sunline managing director Nigel Maybury called Sunline Direct Mail Holdings to buy the company, which made £930,000 operating profits on £6.3 million turnover in the year to October 2005 and £557,000 on £4.3 million turnover in the eight months to June.

CEPS is to invest £1.45 million and Maybury £350,000 (both in shares and loan notes) into Sunline, whose Polywrap division collates, personalises, wraps and posts paper-based direct mail. The company’s other division, Lettershop, provides laser-printing, data management, ‘inline’ stitching and related facilities, and Friedmans, bought in 2005, supplies bespoke Lycra for ‘dance and swimwear applications’.

Richard Organ claims ‘Sunline fits our investment profile well. It is profitable and cash generative, with an excellent management team, and its shareholders wish to realise part of their investment’.

The placing goes with a one-for-50 share consolidation for CEPS’ shares, which have fluctuated between 5.75p and 0.7p over the past two years and now stand at 1p or 50p post-consolidation.

Sector: General Financial

Companies: CEPS

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