SYDNEY, AUSTRALIA: Left Field Printing Group Limited has acquired the Chattel Mortgage facility held by Scottish Pacific Business Finance Pty Ltd at its current indebtedness of ~$5M and has advanced Ovato a further $5m under this facility to assist with Ovato’s working capital.
A chattel mortgage allows the buyer to use the equipment while the lender retains an ownership interest. The lender can recover the equipment and sell it to pay off the loan balance if the buyer defaults. Chattel mortgages are used to purchase new and used equipment.
Ovato CEO, James Hannan noted that this support provides a vote of confidence in the company from an experienced industry player.
Left Field Printing Group is a one stop shop printing solutions and services provider based in Australia. The printing process and services cover printing solution consultation, production planning and scheduling, pre-press, offset printing, digital printing, post-press, quality check, packaging and delivery.
Printed products include (i) Read-for-pleasure books; (ii) Government Printed Matters; (iii) Quick Turnaround Time Education Books; and (iv) Catalogues, Pperating manuals and promotional leaflets.
Left Field also provides printing related services, such as warehousing and direct mailing, call centre services and ancillary services through proprietary IPALM platform.
According to the Frost & Sullivan Report, in terms of revenue generated in 2017, Left Field Printing Group is (i) the largest government segment printing services provider within the overall commercial printing industry in Australia (ranking fifth largest in the overall commercial printing industry in Australia); and (ii) the largest printing services provider in the book printing industry in Australia.
