Fila acquires St Cuthbert’s fine paper mill in UK
(Italy / UK, Sept. 23, 2016) Italy-based artistry tools company Fabbrica Italiana Lapis ed Affini S.p.A. (“FILA”) announces the full acquisition of St Cuthberts Holding Limited and its operating company (“St Cuthberts”). The economic value of the operation, in line with the price paid, was equal to GBP 5.4 million ($7.2 million).
St Cuthberts, founded in 1907, is a highly renowned English paper mill located in the south-west of the country and involved in the production of high quality artists papers. Over time the company has specialized in watercolour papers, printmaking papers and fine arts papers, creating its products utilizing a particular “cylinder mould” technique which ensures the delivery of a highly crafted product.
“St Cuthberts represents for FILA not only a major business opportunity, but also a strategically important acquisition,” stated Massimo Candela, CEO of FILA. “In the short-term we will be in a position to integrate production and achieve major revenue and cost synergies, enabling FILA to further strengthen it fine arts sector leadership”.
The acquisition of the renowned English paper mill is part of the wider consolidation of the specalised artists papers sector, in which FILA already has a presence with the subsidiary Daler-Rowney, acquired in February 2016, and with Canson also expected to feature in the near future, for which the Group is in exclusive negotiations with Hamelin. (Source: press release)