Not a printer - private equity MD for Blue Star

For the second time the PE-backed trans-Tasman printing company gets a managing director without a printing background in Phillip Bower.

The new appointment follows the resignation of Chris Mitchell who quit last month after pushing through a swingeing financial rejig of NZ bondholder's equity. Mitchell came from an IT background and spent much of his tenure focusing on making Blue Star into a 'smart' company through implementing his Agile' programme.

The new MD similarly has never worked in printing but has a history in private equity, his most recent role was leading Unitas Capital, a leading Asia Pacific private equity firm. Previously he was managing director of Goodman Fielder and then MCK Group (a diversified industrial products manufacturer). The latter was a PE-owned company where he is recognised as leading a dramatic transformation to put it back into the black.

Blue Star Chairman, Nick Greiner, said, “Phillip Bower is an astute businessman who has been tested across a range of industries and challenging commercial situations. He has proven operational skills and a record of achieving results. The Board looks forward to working with Phillip as he executes the strategy recently presented to Bondholders.”

The core of that strategy is the introduction of the new HP T350 high-speed inkjet press at the Silverwater plant as well reaping the benefits of massive consolidation of plants and equipment over the previous three years.

The task facing the new MD is formidable with Blue Star under water financially. PE-backer, Champ, had to tip in an extra $15.7 million in the recent financial reorganisation just to keep the business afloat. The company has almost half a billion dollars in debt.

Bower will take up his appointment on 28 November 2011.