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Publish Date : 06-Jan-2014

Adveo has entered into an agreement with the investment fund Springwater Capital LLC for the sale of its industrial business unit.

The agreement comprises the transfer of assets (except buildings) of Adveo's manufacturing and distribution activity of processed paper products in its factories in Tres Cantos (Madrid), Logrońo and Aduana (Guipúzcoa), its reprinting activities situated in its France and Morocco workshops, the commercial office in Portugal and the transfer of business relations and employees related to that production unit.

The agreed price for the sale is Euro 16 million. The execution of the deal and the effective transfer of the business will occur in the 1Q of this year.

This operation is a step further in the Adveo's medium and long term strategy to focus on its core business, the large-scale distribution and the delivery of value added services for its customers in the office supplies market, both domestic and international. Therefore, Adveo boosts up its leadership position in the market to attain higher levels of growth, either organically or through acquisitions or alliances.

Adveo's CEO, Millán Álvarez-Miranda Navarro, said, "This agreement is part of the business strategy that we started a few years ago that pursues, among other goals, to focus on our best asset which is the knowledge and the extension of our products and services distribution activity related to the office market, among other. Our goal is achieved with this deal."

Including this agreement, the two companies will supply certain products under the brands Adveo and Unipapel, which will be produced in the transferred factories, and which Adveo will continue to commercialize both in national and international markets.

Springwater Capital LLC is a Swiss investment fund based in Geneva that recently purchased large industrial businesses in Spain related to digital printing.

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