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PMP closes book deal with Scribo

Tuesday, 09 September 2008
By Print 21 Online Article

PMP moves into book distribution with the acquisition of The Scribo Group.

The agreement sees PMP take 100 per cent ownership over the company through its magazine distribution business, Gordon and Gotch.

The transaction follows the $80 million acquisition of Times Printers last year and according to Brian Evans, chief executive officer of PMP, (pictured) represents a natural and logical extension for Gordon and Gotch into book distribution services.

"We remain committed to pursuing investment opportunities that have the potential to quickly become earnings per share accretive and strengthen our existing portfolio of businesses," Evans said.

"Times Printers and Scribo are examples of the type of acquisitions we are targeting under this strategy."

Scribo was formed as a book distribution and wholesale company in February this year, following the merger of independent book distributors Tower, Garry Allen, Brumby and Bookwise.

Placing Scribo in the hands of Gordon and Gotch will see the company well financed for the future, according to Gary Cobbledick, chief executive officer of The Scribo Group.

"The level of capital investment required to deliver on this vision was beyond the financial capabilities of the original Scribo shareholders, especially in the current credit climate, and that is one of the main reasons why we decided to sell the company," Cobbledick explained.

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