A company specialising in electoral services from ballot papers to poll cards has been acquired by an investment firm.
Stockport-based Print Image Network (PIN) has been bought by London-based Owner Venture Managers. The value of the deal has not been disclosed, but it has been backed by a “seven-figure loan” from Birmingham's Frontier Development Capital (FDC).
PIN provides electoral services for local government and online voting and is a leading provider of electoral printing, data and mailing services. It supplies products such as ballot books, poll cards and postal voting packs and works with councils across the country.
Meanwhile its UK Engage arm offers internet voting and AGM services to associations and membership bodies. It acts as an independent scrutineer or returning officer in processes such as trustee elections, membership ballots and AGMs, and is able to run trades union ballots. PIN employs more than 20 people in Stockport and works with production partners throughout the UK.
The deal with Owner Venture Managers will allow for the eventual retirement of directors John Foster and Stephen Power, who founded PIN in 2000. Both founders will retain a stake in the business.
Mr Foster, director of Print Image Network, said: “Stephen and I have worked hard to build the business over the past 20-odd years and have a great client base and a fantastic team. We wanted to find an investment partner who could safeguard our legacy and take the business forward. We liked the approach taken by Owner Venture Managers and look forward to working with their team as we continue to grow the business.”
Owner Venture Managers was founded by James Wooster to specialise in acquiring owner-managed SMEs and helping them with succession planning. It now has 15 portfolio companies.
The Frontier Development Capital team included Ondrej Okeke and Kathryn Hoverd.
Ondrej Okeke, investment director at Frontier Development Capital, said: “Print Image Network’s bespoke and highly professional service plays a key role in helping to deliver local democracy. The company also has a growing client base in the private sector, and increased use of e-voting and digital technology offers scope for further expansion in the future.
“The acquisition by Owner Venture Managers will help the business to put succession plans in place, build its management team and provide additional capital to support its continued growth.”
Hallidays Corporate Finance advised Print Image Network, while RSM provided financial due diligence for Owner Venture Managers. FDC Pellys provided legal advice to Owner Venture Managers, while Squires acted for FDC and Gorvins advised the founders.
