International law firm Bird & Bird's international corporate team has advised major European printing group, Elcograf S.p.A on the acquisition of Clays, the UK's leading monochrome book production and distribution business, from St Ives plc. Clays is a book production company that was founded more than 200 years ago and is based in Suffolk, England. Clays has printed many of the UK's best loved books, including bestsellers by the likes of J.K. Rowling and Dan Brown.
The consideration for the deal was based on an enterprise value of £23.8 million and was paid in full on completion.
Elcograf S.p.A. is the leader in the Italian market for the production of monochrome and colour books, catalogues and magazines. With the addition of Clays, the largest single-site manufacturer of printed monochrome books for the UK publishing industry, Elcograf cements its status as a leading European print provider.
The Bird & Bird international team was led by London corporate partner Neil Blundell with support from Alberto Salvade in Milan and associate Richard Bloomfield.
Neil Blundell, lead partner, Bird & Bird says: "Elcograf S.p.A is the leader in its field in Italy, so it was our pleasure to help it achieve its strategic goal of widening its position in the European market by purchasing Clays. The market for M&A deals has become increasingly international and this transaction is a great example of Bird & Bird's extensive cross-border M&A expertise."