Marketing, communications and printing group IVE is selling its telefundraising business to an entity associated with a private investment group, Merchant Place Investments.
The $16.5 million cash from the deal, due to be completed October 30, will be used by IVE to further strengthen the company’s balance sheet.
IVE Telefundraising, which runs outbound tele-marketing campaigns for the not for profit sector, has annual revenue of about $14 million. IVE bought the business in 2015.
The business will revert back to the Pareto Phone brand and will continue as a standalone operation with 150 staff in Fortitude Valley, Queensland.
In the year to June, IVE posted an underlying net profit after tax from continuing operations of $32.6 million, down 8% from 2019.
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