Sidwell to stay on after $265 million Innocean deal
Friday, August 2, 2019 9:34 pm
Wayne Sidwell may be going out on a high with the sale of his Australia-based Wellcom business to Hyundai-owned agency Innocean for $265 million.
Or not: When he and his brothers sold their Show-Ads creative and prepress business to PMP in 1996, he was back five years later to establish Wellcom, initially as an offset printer.
This time the now publically-quoted Wellcom has attracted a premium $6.70 a share cash offer, up 27.6 per cent on its closing price of $5.25, resulting in remaining shares surging 29 on the deal.
Sidwell - a member of one of Australia's best-known graphic arts families - retains 15 per cent of the company and will continue to play a major part. "I am looking forward to continuing with Wellcom as an executive and shareholder," he says.
Based in Melbourne, Wellcom now looks after brands internationally from Australia and units in New Zealand, Malaysia, India, the UK and US.
The deal will take Korea-based Innocean into Singapore, Malaysia, Hong Kong and New Zealand among other markets, expanding its network to 19 countries and more than 2700 employees.