Kartesia-backed printing house Euro-Druckservice (EDS) has acquired a Hungarian printing press as it continues its expansion following the debt financing provided by the alternative lender last year.
The acquisition of Ipress, a printing house based north of Budapest, was announced today and is EDS’s latest step into the Hungarian market following its purchase of Zrinyi Nyomda, another printing house, almost a decade ago. The purchase price was not disclosed.
Plans for growth were accelerated last year after Kartesia bought EDS’s senior and subordinated debt, valued at a combined total of €72 million, from two banks, the identities of which Kartesia declined to disclose. The breakdown of the purchase was €45 million for the senior position and €27 million of the subordinated position and the debt is due to mature by 2020.
EDS is headquartered in Germany and employs 1,400 people across offices in Czech Republic, Poland, Romania and Hungary. Turnover last year was €227 million.
Jaime Prieto, co-founder of Kartesia, said: “The acquisition of Ipress allows EDS to continue its expansion in Hungary. This deal cements its position as one of the leading print groups in Hungary and we believe that it will increase synergies and collaboration in the industry, as well as improve service for customers.
“The provision by Kartesia of a flexible debt facility and our confidence in the EDS management team will ensure the business continues to grow,” he added.
In July, the London-headquartered mid-market lender provided a mezzanine loan to French boiler maker Babcock Wanson after it was acquired by private equity firm FCDE. As part of the deal, Kartesia acquired a minority stake in the company.
Last year, Kartesia reached a final close on its credit fund after raising €507 million in capital commitments. The firm surpassed its initial target of €400 million. The firm invests in the lower mid-market across Europe.