IG Design completes Oz acquisition

IG Design Group has completed the acquisition of the trade and certain assets of Biscay Greetings, a leading greetings card and paper products business based in Australia, as previously announced on 21 Sep. The acquisition, made through Design Group's Australian joint venture Artwrap, was satisfied by a cash consideration of A$8.9m using local debt facilities.

The consideration represents 2.7x EBITDA for the year ended 30 Jun 2017 although an injection of working capital of up to A$3m will also be required.

In the year to 30 Jun 2017 Biscay generated sales of A$13.4m with an operating profit before tax of A$2.9m.