Asia Printers Group, which was acquired by private equity firm CVC Asia Pacific in 2000, has agreed a $95 million (€77.4 million) all-cash sale to RR Donnelley, the North American printing business. The deal is expected to close this summer.
Asia Printers’ South China Printing brand was established more than 50 years ago and for more than 20 years has produced illustrated children’s books for export to the US, UK and European markets. It also owns Roman Financial Press, one of the first financial printing businesses established in Hong Kong, which designs, composes and prints financial documents and reports in Hong Kong and the rest of Asia.
Asia Printers employs approximately 1,400 people in Dongguan in mainland China and at two locations in Hong Kong.
In May 2005, CVC Asia Pacific closed its latest fund on $1.975 billion, making it the largest private equity fund ever raised for investment exclusively in Asia. The firm’s first fund, which closed on $750 million in 2000, has invested $526 million in 17 companies including Australia’s Pacific Brands, Yellow Pages (Singapore) and Haitai Confectionery of South Korea.
CVC Asia Pacific is a joint venture between London-based buyout firm CVC Capital Partners and global financial services firm Citigroup.