Q to buy PSA

PRINTING company Q has entered into a conditional agreement with the current shareholders of local digital printing business Project Services Australia (PSA) for the purchase of all its shares. The acquisition will enable Q to take advantage of a broader segment of the Perth market currently serviced by PSA, Q said in a statement. Q owns the QDi direct press business, which has its origins in Perth. The purchase price will be based on a multiple of historical and future earnings of the PSA business with an initial payment of $600,000. A combination of cash and shares in Q will be paid to vendors at a 10 per cent discount to the volume-weighted average price calculated on the period leading up to settlement. Paul Johnstone, who is a former shareholder and managing director of PSA, will continue in the role of managing director of PSA following settlement of the acquisition.