Tycoon Smurfit backs deal on paper
A PAPER and packaging supplier backed by Powerflute chairman Dermot Smurfit has bought Reprocentre, one of the country’s biggest sellers of printing equipment, for an undisclosed sum.
Last year, Smurfit personally invested €1m for a 49% stake in Graphic and Paper Merchants Ireland (GPMI), which is the country’s biggest supplier of paper and packaging.
GPMI was formerly known as Paperlinx (Ireland), and was part of an Australian paper group. When Paperlinx (UK) went into administration in April 2015, managing director Michael Enda Brophy led a buyout of the Irish company.
Paperlinx first entered the Irish market when it bought the British paper distributor Robert Horne. Its Irish business was solvent and profitable at the time of the administration. It had sales of €36m in 2014, and made profits of just under €2m.
Blackthorn Capital acted as Advisors on this transaction.