Reacon Group acquires HPM from NSX listed Vertua Limited
Devan Nair
August 3, 2023
Created on:
July 25, 2022
On the 3rd March 2015 Vertua Ltd announced the acquisition of Horizon Print Management Pty Ltd (HPM), a deal which transformed much of the then Vertua Limited business in both nature and scale of activities.
As foreshadowed in the AGM notice, we have been in discussion various parties as to the potential disposal of the business to unrelated third parties. There was no intention to dispose of the business, however because of approach with respect of HPM, the Board conducted a review the strategic direction for the business.
Accordingly, we are pleased to announce the exchange of contracts for the 100% sale of HPM to Bridgestone Investments PtyLtd (Bridgestone). The broad terms of the deal were dealt with in the AGM notice, and the sale is consistent with this disclosure.
We expect settlement to occur within 30 days of theAGM.
TheBoard would like to thank Mr. Stuart Page for his years of expertise and service to the HPM business and we wish him all the best in the future with the ongoing management of the company under its new ownership. Mr. Page was instrumental in the growth of the business and ultimately securing this sale.
About Horizon Print Management
HorizonPrint Management Pty Ltd (HPM) is a PrintManagement business, which has a diverse client base and is primarily focused on marketing collateral, including magazine publications, direct mail, point of sale and signage. The business is in North Sydney and will continue to occupy on a lease the Vertua Ltd office space for a minimum of 6 months. The business has 8 full time employees which will transfer to the new ownership.
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