YORK Mailing Group which has grown to become the largest print supplier to the UK retail sector with revenues exceeding £100 million in under new ownership following a management buy out.

The management team at the Elvington-based group, which specialises in the production of retail flyers, media inserts and catalogues, was backed financially by Pricoa Capital Group

The buy-out follows two years of growth for the firm which has seen turnover rise from £69 million to more than £100 million through acquisition and organise growth, as well as investment in new machinery.

The expansion has resulted in 275 new jobs and more than a 50 per cent increase in earnings to £12 million.

York Mailing Group was one of the first Northern-based businesses to be backed by BGF (Business Growth Fund).

BGF and Chris Ingram, who co-founded York Mailing in 1999, and current managing director Mike Newbould will all stay on as minority shareholders.

Stephen Goodman will lead the management team, who have also become shareholders in the business.

Mr Goodman, now group managing director, said: "Chris and Mike have built a well invested business, with excellent customer relationships and a strong sales pipeline.

"The management team at York Mailing are excited by this opportunity and delighted to have the support of Pricoa Capital Group, Chris, Mike and the BGF."

Last year York Mailing Group completed the acquisition of Go Direct Marketing Ltd (GDM) in a deal which saw the York firm acquire GDM’s client portfolio including Pure Collection, Cox & Cox, Wrap, Thompson & Morgan, The Handpicked Collection, French Connection & Brook Taverner.

The deal followed a £10 million investment in York Mailing by the Business Growth Fund in 2013, which also contributed towards the group acquiring Leeds-based WA Smith, which traded as The Lettershop Group, for £6.55 million in August 2013.

York Mailing had also previously bought Pindar Scarborough out of administration in 2011.

York Mailing’s customers include some of theUK’s largest and best-known supermarket and retail brands including Marks & Spencer, Tesco, Lidl, The White Company, Cotton Traders and Boden.

The management team were advised on the buy-out by Clearwater International.

Jon Hustler, industrials partner at Clearwater International, said: "It was important to the new management team that their financing solution allowed them to acquire a significant stake in the business while maintaining an appropriate funding structure.

"The business is extremely well placed for continued growth and we wish Stephen and the new management team every success.”

Pricoa Capital Group is the international private debt investment business of US-based Prudential Financial Inc.