St Ives has offloaded its print management business to Paragon Customer Communications Limited for £9.5m.
The sale price was based on the enterprise value of the business at £11m, and was paid in full in cash, according to the announcement, which will be used to reduce the group’s debt.
As a result of the disposal, the group has said that it now intends to focus entirely on its strategic marketing business and continue its long-term growth strategy.
"The disposal of SIMS, our last remaining Marketing Activation business, marks the beginning of an exciting new chapter for St Ives,” said Matt Armitage, its chief executive.
“The Group has now transformed from one entirely focussed on print to one exclusively focussed on higher growth, higher margin strategic marketing businesses, with a market leading digital proposition at its core. We look forward to the future with confidence.”
St Ives reported a pre-tax profit of £5.1m for its year-end on 28 July 2017.