Specialist printer Bell & Bain of Thornliebank, Glasgow, has been bought by its management team from current owners Prime Active Capital plc (PAC) of Dublin for a sum in excess of £2 million.

The deal has been financed by Venture Structured Finance, a division of Venture Finance, which is owned by European bank ABN Amro, and the MBO has been led by Managing Director Ian Walker, together with Sales Director David Stewart and Sales Managers Tony Campbell and Stephen Docherty.

Bell & Bain is one of Scotland's oldest printers having been established in 1831. It specialises in the printing and binding of business, educational, financial, medical, scientific and religious books and includes some of the leading publishing houses in the United Kingdom, the EU and the USA in its customer base. The company has a staff of over 80 and its turnover in its last financial year was almost £8 million. It was bought by Inistech (a previous incarnation of PAC) in 1995.

"Given the economic climate, it was a protracted task to raise the funds for the MBO and we are indebted to Stewart MacDonald, Corporate Finance partner at Scott-Moncrieff," says Ian Walker. "We had approached lending institutions in Scotland to raise the finance, but they declined. Stewart used contacts outside Scotland and we are grateful for his efforts on our behalf; the deal would not have happened without him, and Scott-Moncrieff also played a significant role in the negotiations with the current owners.

"We are delighted to have concluded this deal and bring Bell & Bain back into Scottish ownership. PAC had decided to exit printing and agreed to give preference to the management team provided we could match their terms. My colleagues and I were very interested in taking ownership as we have a very clear vision of how we can develop this business further using our experience and contacts within our target markets."

Stewart MacDonald adds:

"It remains a challenging climate for deals, but we were able to demonstrate to Venture Structured Finance that this is a company that has the ability to perform well in a niche market and, importantly, the personnel in charge have a significant level of experience and market knowledge, allied to a will to succeed. Although based in Scotland, they are not restricted by geography and I believe they will deliver an impressive performance in terms of growing the business."

Patrick Wilkins, Regional Director, Venture Structured Finance comments:

"It is always very satisfying to support a business which oozes an astounding amount of heritage and ambition. This deal clearly demonstrates that funding is very much available for solid propositions and I look forward to working with Ian and the Bell & Bain team for many years to come."

ENDS

Contacts: Ian Walker, Managing Director, Bell & Bain, 0141 649 5697
Stewart MacDonald, Corporate Finance partner, Scott-Moncrieff 0141 567 4500
or Alistair Mclean, Acumen PR, 0131 661 7027