Glasgow publishing division sold in €2.7m management buyout deal

PRIME Active Capital (PAC) has sold its Glasgow-based books and journals publishing division, Bell & Bain, in a management buyout deal valued at €2.74 million.

The Dublin-based PAC — which emerged as an investment vehicle from the restructuring of the Oakhill printing group two years ago — said the proceeds from the sale will go towards further investment in its portfolio as well as on new acquisitions.

Following completion of the disposal of Bell & Bain, PAC will have netted cash of around €4.25m and no debt.

PAC recently reported an operating loss of €1.84m for the first six months of this year, reduced from a €2.65m loss for the same period last year.

The IEX-quoted group said the decision to dispose of its publishing business was based on a desire to invest more in its telemedia arm, which mainly covers its majority stake in US-based mobile phone retailer, Cellular Centre, and be in a position to identify new investment opportunities in the financial services, telecommunications, and creative and digital media sectors.

“Part of that strategy is to divest non-core businesses where that opportunity can be created, in order to re-cycle funds into higher growth areas,” PAC added yesterday.