Chippendale Printing next to go for private equity

Barbara Gardiner and Phillip Hanks have agreed to sell the Sydney-based sheetfed printing company to PE fund Helmsman.

The Macquarie Bank and KPMG turnaround specialists are in the middle of performing due diligence on the high-profile printer, which has been the subject of rumour for months. An official announcement is expected next week, although sources close to the company claim the deal is almost certain to go through.
It is expected that current management and staff will remain in place with assurances already conveyed to staff that no major changes are contemplated in the short term.

Chippendale Printing is one of the largest independent printing companies remaining in Sydney. It is a highly capitalised house with production centred on two 12-colour MAN Roland 700 perfecting presses operating side by side, a world first at time of installation.

Founded 39 years ago by Ed Gardiner, the well-regarded company sought valuation of its equipment earlier this year sparking rumours of financial difficulties.

Helmsman Funds Management claims on its website that it specialises in companies that have historic profitability, having existing markets and management structures but suffering a liquidity crisis. Helmsman is able to provide fresh capital combined with the business restructuring and crisis management expertise with the aim of stabilising these under performing businesses and restoring viability and going concern value.

The fund has no interests in other printing companies in Australia, which assures Chippendale will remain an independent entity for the foreseeable future.