Printing company Geon goes into voluntary administration
Printing company Geon Group has gone into voluntary administration.
The Australian and New Zealand printing firm is now in the hands of advisory firm McGrath Nicol.
The new owners are Kohlberg Kravis Roberts, a US private equity firm that took control of Geon from Gresham PE last week, according to Print21.
McGrathNicol’s Shaun Fraser, appointed one of the receivers and managers for Geon said: “We have begun the process of stabilising GEON’s operations with the support of key stakeholders, including GEON equity holders KKR and Allegro. This will facilitate a thorough assessment of each of GEON’s business units’ financial position.”
According to Fraser, discussions with a potential buyers of Geon’s assets had already begun: “We have also already commenced a sale process for GEON’s businesses and assets and have received an Expression of Interest from one party and held discussions with others.”
