New South Wales
Sites Banksmeadow, Geon Mailing
Story Geon’s New South Wales operations were sold to Blue Star Australia on 6 March. The value of the deal was not disclosed, but it was revealed to comprise the main NSW supersite and the mailing operation in Parramatta, as well as customer lists and some machinery. The deal created the largest sheetfed printing company Australia has ever seen.
Staff 300 approx
Major printing equipment 2 x Heidelberg SM 102 perfectors, 1 x Heidelberg CD 74, 2 x HP Indigo 7500
Former companies Agency Graphic World, AP Mail Management, Dynamic Press, Penfold Buscombe
What’s the rumour? The deal did not include debt, which has left suppliers trying to claw back their money from the receivers. Apparently the Geon staff who were offered roles at Blue Star were given new contracts and faced pay cuts.
Victoria
Site Mt Waverley
Story The Mt Waverley site was bundled up as part of the Blue Star deal on 6 March. Geon’s other major Victorian locations, Brunswick and Docklands, had been closed back in November 2011.
Staff 200 approx
Major equipment 3 x Heidelberg SM 201 perfectors, 1 x Komori L529, Agfa Anapurna XL, Xerox 8000, HP Indigo 7500
Former companies? Graphic Print Works, Impact Printing, Penfold Buscombe
What’s the rumour? Much of the Mt Waverly salesforce actually jumped ship and moved to Blue Star before Geon was sold, with the rumour that many of Geon’s prized accounts followed the account handlers “from the red team to the blue team”, which can’t have helped Geon’s position and may have hastened its ultimate demise.
Queensland
Sites Brisbane, Cairns, Townsville
Story Receivers McGrath Nicol closed down the Queensland operations on 5 March, with all jobs cut.
Staff 100 approx
Major equipment 2 x Heidelberg SM 102 perfectors, HP Indigo 5000
Former companies Scanlon Printing, Octane Digital, Impressive Laser Solutions, Penfold Buscombe
What’s the rumour? Queensland was the first division to be shut down following the receivers’ appointment. One of the few rumoured offers apparently came from former owner Tony Scanlon, but this lowball bid was knocked back by the receivers, who opted for a fire sale.
Western Australia
Site Bassendean
Story The Perth site was taken over by a management buyout (MBO) team led by general manger Ian Smith on 19 March. The Bassendean plant, which had been Advance Press before being acquired by Geon in 2007, was regarded as the jewel in the crown of Geon’s Australian operations. The company was a regular winner at state and national printing awards.
Staff 60 approx
Former companies Advance Press
What’s the rumour? The MBO was on the table for weeks before it got over the line: in fact, it nearly fell at the last hurdle due to problems guaranteeing ongoing supply. Wary of phoenixes, key suppliers, especially the paper merchants, had previously said they would not support any “new” incarnations of Geon with the same ownership or management.
Tasmania
Site Hobart
Story The Tasmanian operations were the last piece of the puzzle to be offloaded by the receivers. The Hobart facility was acquired by the Todisco family, who also own Print Applied Technology in Tasmania. Geon Tasmania will revert to its original name of Mercury Walch.
Former companies Mercury Walch, Penfold Buscombe
What’s the rumour? Anything with the Todisco name attached fires up the rumour mill. ProPrint has received many calls suggesting we would see a reshuffling of companies, staff and entitlements under the new ownership.
New Zealand, North Island
Sites Kingsland, Auckland, Hamilton, Tauranga, New Plymouth, Napier, Palmerston North, Wellington
Story Blue Star New Zealand owner Tom Sturgess acquired the entire New Zealand assets of Geon on 15 March. Like the Selig deal in Australia, it created a sheetfed player with the kind of market dominance the country had never seen.
Staff 250 approx
Former companies Albion Graphics, Bays Press, Brebner Print, Bryce Francis Graphics, Business Printing Group, Elite Colour Print, Printco, Rush Printing
What’s the rumour? When Tom Sturgess bought Geon’s labels business on 5 March, he pledged to take on the firm’s debts. When he bought out the rest of the group, the size of the liabilities meant the same offer was impossible.
New Zealand, South Island
Sites Geon Labels
Story Tom Sturgess swooped in and bought this Christchurch-based business on 5 March, the first piece of Geon to be acquired from the receivers. Sturgess said that all staff would keep their jobs and all debts would be honoured.
Staff 38
Former companies Kiwi Labels
What’s the rumour? Tom Sturgess added this company to his little labels empire across the Tasman. Apparently he had tried to acquire the business a year ago but was knocked back. No doubt this time the price was cheaper. Around the same time, he hired former Geon New Zealand boss Andrew Durrans
TIMELINE
27 September 2012 Bank of Scotland International (BOSI) puts a portfolio of debt on the market, including Geon’s debt
9 November 2012 A joint venture of KKR and Allegro (KKRM) acquires the debt from BOSI
20 February 2013 KKRM rejects a request from Geon’s directors for a $3 million cash injection
20 February 2013 Geon appoints voluntary administrators PPB Advisory; KKRM brings in receivers McGrath Nicol
25 February 2013 Suppliers reveal to ProPrint that they will not supply Geon in receivership until pre-insolvency debts are paid
5 March 2013 Tom Sturgess acquires Kiwi Labels. Receivers shut down Geon’s Queensland operations
6 March 2013 Blue Star Australia acquires Geon’s New South Wales and Victorian assets
15 March 2013 Tom Sturgess-owned Blue Star NZ buys Geon’s New Zealand assets
19 March 2013 Management buyout led by Ian Smith acquires Geon Perth
22 March 2013 The Todisco family acquires Geon Tasmania
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