Marketing, communications and printing group IVE is selling its telefundraising business to an entity associated with a private investment group, Merchant Place Investments.
The 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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