Changes at York Mailing
York Mailing, the UK’s largest supplier of print material to the retail sector and one of the first Northern-based businesses backed by BGF, has announced new investment and changes to its management team following a period of sustained and significant growth.
The management buy-out has been led by current CFO Stephen Goodman and financially backed by Pricoa Capital Group. Chris Ingram, who co-founded the business in 1999, becomes chairman and current MD Mike Newbould will also remain on the board, taking on the role of interim CEO. Stephen Goodman will transition into the CEO role as well as leading the wider senior management team who have also become shareholders in the business.
Both Chris and Mike will also remain minority investors in the business alongside BGF, who have partially exited from their original £10m investment.
York Mailing is the UK market leader in the specialist production of retail flyers, media inserts and quality catalogues. In the past two years, under Chris and Mike’s leadership and with BGF’s financial backing, revenues have grown from £69m to more than £100m through acquisitive and organic growth and significant investment in new machinery. This has resulted in 275 new jobs to the group, more than a 50% increase in earnings to £12m EBITDA and value creation for all shareholders.
York Mailing acquired The Lettershop Group in August 2013 adding technologically advanced printing capabilities to the Group. This was followed by the acquisition of Go Direct Marketing in September 2014, bringing a new data-driven analytics division.
This deal represented BGF’s first exit and return on capital since it began investing in 2011. BGF’s long-term funding structure means that while it remains a minority investor of York, the initial return made from this deal will be reinvested into other growing companies.