Proventus Capital Partners, a Swedish private equity fund, has completed its takeover of Polestar. The investor had made a £90 million loan to the beleaguered print business in 2015 and has now injected further funds. Polestar achieved sales of £216.4 million in it most recently filed accounts and has suffered from a decline in circulation volumes from the magazine sector in recent years. Its chief executive, Barry Hibbert retains his position under the new ownership. Competitor Wyndeham’s parent Walstead Investments was understood to have been ready to table a bid had Proventus dropped out.
Walstead acquired Spanish print firm Be printers last year when it also bought the former Artisan Press bindery.
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