Speed of the essence as bidders eye troubled Ovato

Aug 06, 2022 at 04:22 am by admin

A further meeting of Ovato creditors is planned for August 17 after this week’s initial get-together.

Administrators FTI Consulting reported that a number of expressions of interest had been received, ahead of the August 11 deadline for binding offers.

The administrators are continuing to operate the Australian magazine and catalogue printer – although a sale and recapitalisation process is underway – with hopes of an outright sale to a single purchaser.

A spokesperson said the administrators were looking for a buyer “as soon as possible”.

They are investigating the company’s historical footprint and legacy costs, as well as the claims of suppliers.

Last June, the $8.5 million sale of Ovato’s book printing division to Hong Kong-owned Opus Group was approved by the Australian competition regulator. The company or its parent – which operate CanPrint, Ligare and McPherson’s Printing Group is expected to be among bidders. Ovato’s ANZ retail distribution businesses were sold to Are Media last year, while its creative marketing divisions were sold interests of the Hannan family.

The public company, formerly PMP, was rebranded as Ovato in 2019 following a merger with the Hannan-owned IPMG print interests which included Hannanprint.

Pictured: Ovato’s Warwick Farm supersite in outer Sydney

Sections: Print business


or Register to post a comment