4imprint (Public)

Branded marketing & promotional products

4imprint is a market leading branded marketing collateral distributor. Hanover built up a 27% stake in 4imprint during 2003, after our deep analysis of the business uncovered hidden problems which were holding back profits. We gained the support of other major shareholders to back our plan to replace the CEO and overhaul the US operations, and took control of the board. We put a new management team in place and executed our growth plan.

Performance:

In the 24 months after Hanover's involvement EBITA increased 5x, and cash balances 58% above market expectations were delivered.

Result:

2.8x (IRR: 300%)

LSE:FOUR

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