Angstrom Leads Buyout of St Ives U.S.
HOLLYWOOD, FL—Wayne Angstrom, chairman and CEO of St Ives U.S., spearheaded the management-led buyout of the division from St Ives plc of London. The deal is valued at $39 million, including $34 million in cash. The consideration included a $5 million secured promissory note. The deal was completed in January. In addition, Angstrom—a 2003 Printing Impressions/RIT Printing Industry Hall of Fame inductee—resigned his position from the St Ives plc board of directors.
“Despite challenging market conditions, the St Ives U.S. division management team believes that the company and the industry will not only survive this current economic downturn, but will thrive long into the future,” Angstrom said in a statement.
“We continue to grow because of our local focus, investments in new technology and commitment to customer satisfaction. We work hard to understand the needs of our customers, and invest capital in support of our stakeholders and the production process.”
St Ives U.S. focuses on magazines, general commercial work, and the supply of point-of-sale marketing materials via its arsenal of web, sheetfed and digital printing equipment. It employs 564 people at facilities here and in Cleveland.