Following a period of sustained and significant growth York Mailing has announced new investment and changes to its management team.
The management buy-out has been led by current CFO Stephen Goodman and financially backed by Pricoa Capital Group. Chris Ingram, who co-founded the business in 1999, becomes chairman and current managing director Mike Newbould will also remain on the board, taking on the role of interim CEO. Stephen Goodman will transition into the CEO role as well as leading the wider senior management team who have also become shareholders in the business.
Both Mr Ingram and Mr Newbould will remain minority investors in the business alongside BGF (Business Growth Fund), who have partially exited from their original £10m investment.
In the past two years, with BGF’s financial backing, the company’s revenues have grown from £69m to more than £100m through acquisitive and organic growth and significant investment in new machinery. This has resulted in 275 new jobs to the group, more than a 50% increase in earnings to £12m EBITDA and value creation for all shareholders.
York Mailing acquired The Lettershop Group in August 2013 adding technologically advanced printing capabilities to the Group. This was followed by the acquisition of Go Direct Marketing in September 2014, bringing a new data-driven analytics division.
Mr Ingram said, ‘Over the years, Mike and I have been fortunate to have recruited an exceptionally strong management team who have been critical in helping us build York Mailing into a profitable business of scale. We are delighted to be supporting their ambition and energy to grow the business even further, all the while maintaining the standards of service that are instilled right across the organisation.’
Mr Goodman added, ‘Chris and Mike have built a well invested business, with excellent customer relationships and a strong sales pipeline. The management team at York Mailing are excited by this opportunity and delighted to have the support of Pricoa, Chris, Mike and BGF.’
