By Colleen Bate | September 20, 2022
Following IVE Group’s acquisition of the printing and finishing assets of Ovato last week, the printing giant has announced an $18 million fundraising round to investors and will also offer existing eligible shareholders the possibility of raising approximately 2 million dollars.
“We are delighted with the strong support we have received for the placement from our existing and new shareholders. We thank existing shareholders for their continued support and welcome our new investors,” said IVE Executive Chairman Geoff Selig.
“We are delighted that investors have recognized the strategic value of the Ovato transaction and are now moving to integrate the acquired Ovato assets into IVE’s existing operations to optimize operating leverage and create synergies,” said he added.
Selig explained that the fundraising will preserve significant balance sheet capacity for IVE to pursue previously announced growth initiatives, including other organic initiatives (e.g., Lasoo e-Commerce marketplace.
He said it would also support other opportunistic and/or strategic acquisitions (for example, in the adjacent packaging business); and strengthen and deepen IVE’s institutional shareholder base, increasing liquidity in the IVE stock market.
Ovato entered administration in July, with expressions of interest requested by July 29. It was acquired by IVE Group on September 14.