DST Customer Communications, one of the UK’s biggest direct marketing printers, has finally been sold to Paragon Group nearly a year after its parent company revealed it was pulling out of print to concentrate on its financial and healthcare divisions, as well as data business DST Applied Analytics.
Paragon, which operates in 12 countries and offers print and technology solutions, said it aims to have the buyout completed by the summer, although would not reveal the value of the deal.
The company said that the operations would be combined with its existing Document & Marketing Services businesses to create a new division, Paragon Customer Communications. DST UK chief executive Jeremy Walters becomes CEO of the operation. Paragon has nearly 4,000 employees.
The deal was confirmed by DST Systems in a stock exchange filing. In a statement, DST chairman, chief executive and president Steve Hooley said: “We believe it is in the best interest of our shareholders, clients, and associates to sell the UK Customer Communications business to a company that is committed to providing the ongoing investment and support required for its success.
“We believe that Paragon is the right fit for our UK business as it is well positioned to support clients’ requirements for communications across the UK and Europe.”
DST’s UK Customer Communications business filed sales of £166.2m in 2015; it has offices in London and Manchester, and production sites in Dagenham, Bristol, Nottingham, Jarrow, Peterborough and Edinburgh.
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