Circle Media Group (CMG) has sold its interest in one of Europe’s largest book printers, CPI, to a private investor, after less than nine months of ownership.
Circle sold CPI to the Private Wealth Office of entrepreneur and Zeus Capital founder Richard Hughes and his family (RHWO). Hughes is also the founder and former non-executive director of boohoo.com and has a majority stake in Crawford Healthcare.
Simon Ashton, chairman at RHWO, said: “Our wealth-management fund understands that CPI needs a nimble structure and strong financial position to keep its lead in the books market. We see what CPI has built over the years and believe this as an excellent building block to further growth, both in Europe and beyond. We aim to support CPI’s leadership team in achieving its growth ambitions.”
The terms of the sale, which comes after Circle acquired shares and operational activities in CPI from shareholders in a cash transaction in July 2018, were not disclosed.
According to a statement from Circle, the business decided to sell its interest to a strong financial owner to facilitate CPI’s continued growth and expansion as CPI and CMG’s commercial printing businesses “progress at different paces.”
Peter Andreou, executive chairman and c.e.o. of CMG, said: “One of the main reasons for our acquisition of CPI was their range of digital capabilities and supply-chain solutions. Over the past year, however, we have acknowledged that CPI and our commercial printing businesses progress at different paces. In order to keep its lead, CPI needs separate focus and support to further develop its core strengths. RHWO will be an excellent financial and strategic partner for CPI in providing this. Meanwhile CMG will continue with its consolidation of the European commercial printing industry.”
Pierre-Francois Catté, who will remain executive director of Paris-based CPI, said with the support of RHWO, CPI can continue its “strategy of collaboration with our customers to create a sustainable platform to deliver books to consumers.”