John Menzies, one of the biggest companies in Scotland,has completed the sale of its print media division, Menzies Distribution. The division, which distributes more than seven million newspapers and magazines every day, has been sold to to private equity firm Endless LLP for £74.5m.
In 2017, the distribution arm accounted for about a third of the company’s total underlying profit.
The company will now focus solely on the aviation industry where it operates at 211 airports across 35 countries.
Chief executive Forsyth Black said: “I am delighted to have concluded our strategic realignment that will see the creation of John Menzies plc as a global pure play aviation services business.
“I believe we are well-placed to deliver our growth ambitions in the structurally growing aviation services market.”
A statement from Endless said: “Endless’ acquisition of Menzies Distribution will enable the business to build on its successful growth and diversification strategy, working in long-term partnership with publishers to secure a sustainable route to market for their product and further support building and harnessing its UK network to partner with national parcel carriers and become a provider of choice to the retail sector.”