ASX-listed print and marketing business IVE Group signed a long term contract for the printing and distribution of over 170 regional publications currently published and managed by Australian Community Media (ACM).
"Revenues of circa $100m+ over the
“It is envisaged the contract will generate revenues of circa $100m+ over the five-year term, with revenue transitioning to IVE over the remainder of FY21,” IVE CEO Matt Aitken announced to the ASX.
“To support ACM’s requirements, and further enhance service to IVE’s customers, IVE will also acquire selected assets of ACM’s web offset printing operation in Mandurah, Western Australia.”
Subject to conditions, completion of the deal is due to take place on Friday October 30.
Australian Community Media & Printing (ACM) is responsible for over 160 regional publications including The Canberra Times, The Newcastle Herald, The Examiner, The Border Mail, The Courier and the Illawarra Mercury and more than one hundred community-based websites across Australia, as well as a number of agricultural publications including The Land and Queensland Country Life.
ACM was formerly owned by Fairfax Media prior to its merger with Nine in 2018. In 2019, Nine announced that former Domain real estate platform CEO Antony Catalano and Alex Waislitz's Thorney Investment Group had agreed to buy the group for $115 million. Catalano and Thorney each own 50% of the company.
Earlier this month, IVE sold its telemarketing business Pareto for $16.5m to an entity associated with private investment company Merchant Place.
IVE last month launched ivolve, a new hygiene and personal protective equipment (PPE) business. The company also offers pre-press and printing, mailing, merchandise production, stationery, posters and signage, business cards, digital printing, publication printing and freight.