An agreement has been signed to acquire wire-binding specialist Renz out of administration.
The group’s parent company in Germany slipped into administration in March 2024 as a result of post-pandemic financial issues. Now, it has been announced the vendor – including its subsidiaries in Argentina, Australia, Turkey and the UK – is to be acquired by Sweden-based print and mailing solutions firm Plockmatic.
Plockmatic said the ring wire binding segment was a “natural complement” to its own offering and that it had identified “significant synergies” in areas such as sales, production, sourcing and R&D. CEO Jan Marstorp also pointed to Renz’s strong presence in Germany, an important growth market for Plockmatic going forward.
Renz UK Managing Director Iain Bullock described the past 16 months as a “particularly challenging and difficult period”, but added: “This significant news […] means the company will now be able to reinvest in new products and supplies, continue long-term partnerships with customers, and reaffirm our strong foothold in the UK market.”
The transaction – for which financial details were not disclosed – is due to close in the current quarter.
