Completion of BIC Graphic strategic review
BIC Group announces today that it has signed an Asset and Share Purchase Agreement to sell its BIC Graphic North America and Asian Sourcing operations to H.I.G. Capital, a global U.S. private equity firm, for 80 million USD (approximately 71 million EUR1). This includes 70 million USD in cash and 10 million USD through a six-year subordinated note bearing a 7% per annum capitalized interest. The closing is expected by 30-June-2017.
On 7 February 2017, BIC had announced that BIC Graphic Europe will be reporting to the European BIC Consumer Product management. A plan focused on implementing a sustainable business model has been approved and will lead to the discontinuation of Norwood’s activity (Hard Goods) in Europe. In Developing Markets, BIC Graphic operations will report to their respective country's Consumer Product management.
This completes the strategic alternatives review, initiated in February 2016, for BIC Graphic, BIC’s Advertising and Promotional Products activity.