Langstane Press, an independent Scottish office supplier, has acquired Craigdon Business Gifts, Scotland's largest specialised business gifts supplier.

The acquiring firm is an Aberdeen-based office consumables, furniture and print supplier, with Craigdon Business Gifts supplying printed and embroidered business gifts and clothing.

As a result of the undisclosed deal Craigdon will continue to operate under its own name as a division of Langstane, and significantly increases the firm’s annual turnover.

The investment by Langstane will take the total number of staff employed in the Langstane Group to more than 180 and Group turnover to about £23million. The strategic acquisition provides Langstane with the platform to achieve continued growth and consolidate its position as a market leader.

Langstane is a long-time participant of Sourcing & Innovation Days, the private buyer-to-seller meeting held in the south of France every June.

Lloyds TSB Scotland acted as debt provider to the deal, with the finance team led by senior relationship manager in the northeast Jim Douglas.

Specialist support was sought from Lloyds’ acquisition finance and treasury teams in Edinburgh. Financial advice including due diligence was provided by chartered accountant Anderson Anderson and Brown.

The team was led by corporate partner John Black, who was assisted by Brian McMurray. “We assisted Langstane in all financial aspects of the deal, from initial negotiations through due diligence, to legal completion,” Black said.

Through the acquisition Langstane will be able to increase the scale of its products and broaden its existing business gift product range.

The transaction allowed Langstane to purchase from the partners of Craigdon the trade, certain assets and goodwill, making it a strategic fit for their medium-term strategy.