Kingsway Printers has joined The Reflex Group in a deal that will see increased investment and the expansion of production at its Humberston site, near Grimsby, UK.
The family-run business was founded by Jim and Mary Pullan in 1972 with their son Richard becoming managing director in 2003. It now employs over 40 people and recorded sales of 4.6 million GBP (6.5 million USD) in 2017. Reflex Group was founded in August 2002 and made two acquisitions in that year in Easdale Labels and Reproflex. Reflex is still privately owned and now employs over 600 staff across 16 sites in the UK, serving an international customer base. Its sales this year are expected to exceed 100 million GBP (141.2 million USD).
The deal will see Reflex invest in and expand production at the Kingsway site to complement its existing customer offering and further enhance its presence in the region.
Richard Pullan said: ‘Over the past 45 years my family and I have built a strong and unique business. It is time to pass this on to a group that can retain the character of Kingsway while taking it to the next stage in its growth.’
Reflex chief executive Ian Kendall said: ‘Kingsway is a successful, profitable and well-run company that fits very well with our core business. Its geographic location, excellent team of people and industry reputation will provide us with a solid base for further expansion and growth of the products we offer our customers.’
The corporate finance team at accountancy firm Garbutt + Elliott advised Kingsway Printers’ shareholders on the deal.
Tariq Javaid, partner and corporate finance expert at Garbutt + Elliott, said: ‘This is an exciting new chapter for Kingsway, which has a long history in the area, and is another positive business story for Lincolnshire. This deal will allow Reflex to further enhance its product range and continue the impressive growth it has experienced since its launch in 2002.’