Rutland’s Walstead picks up Let’s Print

Rutland invested via its third fund, acquiring Let's Print from vendors Leykam Medien and EGB Capital Invest, a subsidiary of Erste Bank Group.

Previous funding
Rutland acquired printing service Wyndeham Group in 2008 and in 2011 bolted on the former magazine printing operations of St Ives. Walstead then acquired its Spanish operations from Bertelsmann in May 2015.

Walstead is a commercial printing group operating in the UK and Spain. It generates revenues of €265m and employs 1,300 people. The company operates under the Wyndenham brand in the UK and Rotocobrhi and Eurohueco in Spain.

Following the deal, the combined group will have annual revenues of €490m and employ more than 2,000 staff through 11 production facilities.

Company
Based in Austria and with operations in Slovenia and Czech Republic, Let's Print is a commercial printing group. It generates revenues of €225m and employs 730 people. The majority of its revenues (70%) come from the production of promotional flyers and leaflets for retail and commercial customers in Austria, Germany, the Czech Republic and Switzerland.

Let's Print was founded in 1781 and is headquartered in Neudörfl, near Vienna.

People
Walstead Group – Mark Scanlon (chair), Paul Utting (CEO).
Rutland Partners – Oliver Jones (partner); Michael Reynolds (investment director); Jason Birt (investment manager); Nick Morrill (managing partner).

Advisers
Equity – Taylor Wessing (legal); Deloitte (financial due diligence); PwC (tax); CIL Management Consultants (commercial due diligence).
Company – Memery Crystal (legal); Deloitte (tax).

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• Topics
• Expansion
• DACH
• UK / Ireland
• CEE
• Support services
• Rutland Partners
• Acquisition finance
• Build-up