ADVEO completes sale of manufacturing business
| 28 March, 2014
ADVEO has closed the sale of its manufacturing business to Springwater Capital investment fund for 16 million euros, according to a filing to the Spanish Securities Market Commission.
The agreement includes the transfer of assets (except buildings) of ADVEO’s manufacturing and distribution activity of processed paper products in its factories in Tres Cantos (Madrid), Logroño and Aduna (Guipúzcoa), its reprinting activities located 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 operation is part of the ADVEO’s medium and long term strategy by means of which it intends to focus its activity on the ‘sale and distribution of traditional and digital office supplies and greater added value services for its customers’.
Springwater Capital LLC is a Swiss investment fund based in Geneva which has recently acquired large industrial businesses in Spain related to digital printing.