Hungarian state printing company expands in Romania with acquisition of local company

The Hungarian state printing company Allami Nyomda has bought 50 percent of local GPV Mail Services from Hungarian company Díjbeszed. GPV Mail Services is also offering printing services. The value of the deal was estimated between EUR 1.5 million and EUR 2.2 million. The final acquisition price is linked to the Romanian firm's financial performances this year and on the new contracts it will sign. The deal should be finalized towards the end of the year, after the Romanian Competition Council will OK it. “Over the last two or three years, we have carried out due diligence processes on a dozen of possible objects in the region. In case of each company we examined how we could execute an acquisition considering the maximum interests of our shareholders. Besides establishing real value for the shareholders, the present transaction continues to increase the market potential of the company group in the CEE region, which efficiently promotes our growth strategy. We will surely continue to make all efforts in order that State Printing House Plc. and our self-developed unique technology will be inevitable factors in the large projects of the surrounding countries,” said Gabor Zsamboki, CEO of the State Printing House Plc. The Hungarian State Printing House has been working on the Romanian market since 2004, when it set up Tipo Direct in Cluj. The new addition in Bucharest allows the Hungarian printing house to cover the entire market. Díjbeszedő Holding used to own half of GPV Mail Services through the Romanian subsidiary DBR Holding. Hungary's Díjbeszedo Holding, a billing contractor, also owns a stake in Tipo Direct. Állami Nyomda and Díjbeszedo Holding have a strategic cooperation agreement for markets in Romania and Moldavia. GPV posted a turnover of EUR 4.23 million last year, with an EBITDA of EUR 446,000. Most of the company's clients are made of banks, financial services suppliers and utilities companies.