News

Financial printer Chris Fowler International (CFI) has been acquired by Spanish printing group Service Point Solutions (SPS) for Euro12m (£9.5m).

The purchase includes both CFI subsidiaries, CFI Asia and CFI New York and Kevin Eyres will remain managing director of the £12m-turnover company.

According to Eyres, there are no other major changes and the sale will have very little impact on its customers.

He said: "It is business as usual and will be for the next six to 12 months. The management and staff will still be in place. This opens doors for us globally. The deal has just been signed, so we have not got our teeth into it yet, but we have many options as a group."

Eyres added that CFI was now looking to add several new sites, with Paris and Moscow the current targets.

SPS currently has an array of blue-chip clients. The buyout allows it to move into the financial printing market, as well as increase capacity.

This is the fourth acquisition deal by SPS in 2008, after deals in Belgium, France and the Netherlands.

Rafael López-Aparicio, chief executive at SPS, said: "As stated in our strategy, SPS intends to increase market penetration into important client sectors, such as the financial markets.

"The acquisition of CFI fits squarely into that strategy. Its production capacity and presence in New York and Hong Kong can be leveraged to expand our service coverage in the most effective way."

He added: "We are delighted to welcome CFI's strong management team."

SPS employs more than 2,850 people worldwide and has a network of 142 sites.

CFI was founded in 1897. It employs more than 100 people, with around 70 based in London.