StockMarketWire.com - CEPS has significantly increased its indirect shareholding in CEM Press ("CEMP"), a manufacturer of fabric and wallpaper pattern books, swatches and shade cards, with a focus on the high-end fabric and wallpaper market, from 21.4% to 71.5%.
It previously acquired its shareholding in CEMP through CEM Press Holdings (formerly NG42 Acquisitions) which was initially formed for the purpose of acquiring CEMP.
The acquisition has been effected by CEPS through the introduction of a new holding company, CEMTEAL ("CL"), which has acquired 97.9% of CEMP and of which CEPS is a 73% shareholder. The remaining 27%of CL not owned by CEPS is owned by CEMP's management team.
CEPS believe that the acquisition fits well with its strategy of acquiring interests in established, cash generative businesses, utilising a funding structure aimed at maximising the return on equity invested.
Story provided by StockMarketWire.com
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