Letts Filofax Acquired By Management Group
Supplier Of Paper-Based Stationery Products
Letts Filofax, a global supplier of paper-based stationery products, has been acquired by HSGP Investments Ltd, a company owned by Harolde Savoy and Gordon Presly. Savoy is the head of journals and diary supplier Blueline, which recently acquired the SunGraphix (asi/90125) business from industry distributor Geiger (asi/202900). Presly is the current CEO of Letts Filofax, which is based in Dalkeith, near Edinburgh, Scotland. The two executives will now own and operate both Blueline and Letts Filofax.
"The first diary I ever purchased in 1984 was a Letts product, so it's very exciting to be able to now acquire a company that I have respected my whole business life," Savoy said. "I have known Gordon for over 10 years and it's exciting to have the opportunity to now work with him. I believe this deal brings great opportunities for both groups."
Presly believes that the deal, in a consolidating market environment, will solidify both companies. "The stationery industry is ripe for consolidation and I am delighted that Harolde and I have been able to acquire LFG," he said. "This new ownership structure gives us a longer term outlook and also brings fresh long term support for the company, its customers, suppliers and employees."