Turnaround fund Seneca Investments has taken a stake in a third South Yorkshire printing firm.
Leeds-based Seneca has acquired 50 per cent of Ecclesfield based Intoprint, after pumping £200,000 into Sheffield-based specialist printing business Whitesprint in January and acquiring Doncaster-based Askew Design & Print in March.
Intoprint was founded by Richard Lax just over 20 years ago and has outgrown its premises several times over.
Richard, his brother Michael and their father, Bob – who let Richard install the firm’s first press in his living room – retain a 50 per cent stake in the business and continue to be directors, responsible for the day-to-day management of the firm.
Seneca director Patrick Bywater said: “This transaction supports Seneca’s ambition to continue developing print business operations via a strategic ‘buy and build’ policy. Intoprint is ideally aligned to bring an added dimension to an already dynamic grouping. All three businesses are synonymous with quality, providing complementary products and services, and this latest investment opportunity was simply too good to miss.”
Commercial law firm Hlw Keeble Hawson has represented Seneca in all three printing investments.
Corporate partner Neil Large said: “The funding from Seneca will provide a valuable boost for yet another reputable South Yorkshire printing business, helping to jump-start the industry in these challenging times.
“Intoprint has come a long way since it was founded in the Lax’s living room over 20 years ago and it’s gratifying to see that the family’s legacy will live on.”
Seneca Investments is part of the Seneca Partners Group, which was set up in 2011 to support Small and Medium Enterprises in the tough economic climate.