Tuesday, July 22, 2014

Heads up! Patrick Crean, CEO of the Paragon Group, interviewed by Ed Avis of the IRgA!

In what may prove to be one of the most interesting posts to go up on the IRgA web-site this year, Ed Avis, Managing Director of the IRgA, will soon be publishing an interview he conducted with Patrick Crean. 

If you are a frequent visitor of the Reprographics 101 Blog, you must be aware by now that the Paragon Group, a company never before involved in the A/E/C reprographics space, has acquired, or now controls, most of the business units formerly operated by Service Point Solutions, SA.  Inasmuch as a good slug of SPS’ business came/comes from A/E/C reprographics, these acquisitions, of course, have vaulted the Paragon Group into the world of reprographics … and in a major way.

Visit the IRgA web-site frequently; I’m told that the interview of Patrick Crean will appear either tomorrow or the next day.


Will HP Page-Wide technology wide-format printers someday disrupt the screen printing business and industry?

I just noticed that the upcoming September issue of Wide-Format Imaging will feature an article/report on “FLATBED” printers.

The advent of flatbed printers made it possible to print (large-format, photo-realistic color prints) directly onto substrates.  Imaging/printing companies that don’t have flatbed printers still have to go through a two-step process (first step, print, second step, mount) in order to complete jobs that require prints be mounted on substrates.  I can’t imagine being a true player in this space -  large-format poster and POS printing – if one does not have a flatbed printer.


But, that’s not the point I’d like to make; the point I’d like to make is this.  All of the current flatbed printers I’m aware of (and I may not be aware of all of them) use a print-head that goes “back and forth” and “back and forth” across the print-width of the print device; in other words, “traditional” plotter action.  Although HP has announced that its first “PageWide” technology wide-format printer will be targeted at the “technical” document market, what’s to prevent HP from later coming out with a “PageWide” technology FLATBED printer?  If/when that happens, I think that that would be truly disruptive to the screen printing business and industry.

Friday, July 18, 2014

Sepialine releases Printerpoint

Hi Joel,

We've been longtime fans of your blog over here, and wanted to share with you some news about our new product - Printerpoint.

Printerpoint is a cloud-based wide format device management tool that is geared towards equipment dealers and resellers. We currently support HP Designjet, Canon IPF and OcĂ© devices, and plan to include additional manufacturers in the future. 

We've been working with RSA and ReproMAX members to roll this out over the past few months, but just made the first official announcement about it today:


You can check out Printerpoint here: https://www.printerpoint.com

If you have any questions, please let me know.

Thanks,

Alan

Alan Kasameyer
Director of Product Management
Sepialine
(800) 404-9558 x152


Tuesday, July 15, 2014

Service Point Solutions, SA – Press Release regarding Paragon Group's involvement in SPS, SA

Just found an English-language version of one of the documents I referred to in the previous post.

This Press Release better explains what I attempted to explain!



Paragon Group becomes largest shareholder in Service Point Solutions, SA

I just finished reading some reports that were very recently filed by Service Point Solutions, SA with the CNMV (Spain’s equivalent of the U.S. SEC.)  The reports are all in Spanish, and I used Google-Translate in an attempt to figure out what they said.  Not easy to do, because Google-Translate translations are not perfect!

What we already know to have happened in the SPS matter (I guess I should say, “debacle”, rather than say “matter”, for what’s happened to SPS has, most certainly, been a mess), which, for all intents and purposes, began in October 2013:

In late October 2013, SPS’ lenders took control of the holding company that owned SPS’ business units in the UK (SP UK), in Norway (Allkopi) and in Sweden (Holmbergs.)

In November, SP US – was shut down.  I still don’t know “who” gave the order to shut down SP US.   SP US’s assets were later sold to The Color Company.

In February, 2014, SPS took itself and its remaining business units into bankruptcy reorganization.

After that, Mimeo.com purchased SPS’ German business unit (Koebcke).

And, in May, The Paragon Group purchased (from SPS’ lending group) SP UK, Allkopi (Norway) and Holmbergs (Sweden).

After reading the most recent documents filed by SPS with the CNMV, these, apparently, are the “latest developments” in the Service Point Solutions, SA matter:

Paragon Group has become SPS, SA’s largest shareholder (with some 12.4% of SPS, SA’s outstanding shares); this, apparently, was accomplished by Paragon Group purchasing $10 mil of SPS SA’s convertible debt (bonds) and then converting that debt to SPS, SA shares.  In essence, this transaction puts Paragon Group in control of “the rest” of SPS, SA’s business units (the units that were not previously acquired by The Color Company, Mimeo.com or by Paragon Group.)

It is planned that SPS, SA’s shares will resume trading sometime in September or October.  (Trading was halted in – I think it was – February.)

As to the creditors of SPS, SA, it looks like this is what’s going to happen.  (I would think that this is a proposal at this point, one that has to be approved by the BK court, before it becomes binding. But, it could well be that the BK court has already approved this plan.)

Liens – apparently, 20% of the debt will be extinguished, with the remaining 80% converted to ownership in SPS shares.

Ordinary loans - apparently, 60% of the debt will be extinguished, with the remaining 40% converted to ownership in SPS shares.

Subordinated loans - apparently, 60% of the debt will be extinguished, with the remaining 40% converted to ownership in SPS shares.

Please NOTE that, where I’ve said that debts will be “extinguished”, I might have misinterpreted what was said in the report.  It could be that the debts are NOT going to be extinguished and that creditors will be paid in cash (or notes.)  One thing is for certain, that being that creditors will end up owning a good portion of SPS SA’s shares.)

In one of the reports, this is said about the Paragon Group..
                                      
“In 2013, it had Sales of 161 Million Euros and EBITDA of 11 Million Euros.”

In 2014, Paragon will report sales a lot greater than that, due to its aggressive moves in 2014 to buy SP UK, SP Norway, SP Sweden and a good slug of SPS SA’s shares.

Early on in this debacle, where I was referring to statements in SPS reports that so much as said SPS SA was attempting to negotiate, to reorganize and to keep all of its business units together …..

Humpty Dumpty sat on a wall,

Humpty Dumpty had a great fall.

All the king's horses and all the king's men

Couldn't put Humpty together again.


Well, as it has played out, Paragon Group has picked up most of the pieces!  The only pieces that remain “not picked up” by Paragon Group include SP US and SP Germany.  So, will we later see The Color Company sell (what remains of) SP US to Paragon Group?  And, will we later see Mimeo.com sell SP Germany to Paragon Group?  If both of those happen, I’ll have to eat crow!