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IG Design completes Oz acquisition

By BFN News | 07:42 AM | Tuesday 09 January, 2018

IG Design Group has completed the acquisition of the trade and certain assets of Biscay Greetings, a leading greetings card and paper products business based in Australia, as previously announced on 21 Sep. The acquisition, made through Design Group's Australian joint venture Artwrap, was satisfied by a cash consideration of A$8.9m using local debt facilities. The consideration represents 2.7x EBITDA for the year ended 30 Jun 2017 although an injection of working capital of up to A$3m will also be required. In the year to 30 Jun 2017 Biscay generated sales of A$13.4m with an operating profit before tax of A$2.9m. Story provided by

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