Case Study: Mosaic Board Print

“Others were quick to wash their hands of us. That wasn’t true of TC Group. They stuck with us, were persistent, and kept pushing for the right buyers and the right offers.”

Stephen Paull, Director, Mosaic Board Print

SKETCHED ON A BEERMAT, SEALED WITH A DEAL

TC Group helped deliver a successful sale of one of Europe’s most distinctive, world-leading beermat printing businesses.

Founded in 1996 by Gary Pearce and Stephen Paull, Mosaic Board Print, based in Kettering, Northamptonshire, has grown into Europe’s leading printer and manufacturer of real pulp‑board beer mats. With over 30 years’ experience and a combined 60 years of print knowledge, Mosaic’s produced virtually every type of beer mat imaginable, and helped develop and innovate many along the way.

From the early days, when bottles of Fosters Ice were flying off the shelves, Lemon Hooch filled the air and a pint cost just £1.70, Mosaic established itself in a market that’s since become increasingly niche. While many competitors exited over the years, Mosaic adapted, repositioning beer mats as a high-impact marketing tool for major brands and breweries.

Today, Mosaic Board Print is one of the very few manufacturers still operating in this specialist space, producing beer mats used beneath household-name brands and brew fans alike. Clients include Walkers, Pepsi, BrewDog, Pringles, Guinness and Wells & Co.

POURING OUT THE NUMBERS

• 3 billion beer mats printed since 1996. That’s 175,226 miles laid end-to-end!
• 80 tonnes of cardboard recycled each year, offsetting 62.15 tonnes of CO₂
• World record holder for the most beer mats flipped (and caught) with one hand – 112

TIME TO CALL LAST ORDERS

After more than 30 years in business, Mosaic faced a complex and emotionally demanding transition. Long‑term business partner ill health made a shareholder split unavoidable, forcing the owners to confront the true value of a business built over decades.

As Stephen Paull, Production Director at Mosaic Board Print said, “Selling a business can feel a bit like a divorce, particularly when it’s highly specialised. You don’t really know what a business is worth until you put it on the market”.

Mosaic’s technical processes and specialist equipment created a high barrier to entry, but also made the business difficult to scale in the way many buyers typically seek. This naturally narrowed the buyer pool and required a carefully managed approach.

Mosaic had previously worked with another firm, but felt the process lacked continuity and momentum. “We were looking for a team who genuinely understood our business, could manage expectations, and provide calm, consistent support during what was always going to be a high‑pressure process,” said Stephen.

CORPORATE FINANCE ADVISORS ‘ON TAP’

Paula Carter (Corporate Finance Director) and Matt Ritchie (Corporate Finance Senior) of TC Group initially met with Stephen, alongside the company’s accountant. After further discussions, including Gary’s daughter, the owners confirmed the decision to move ahead with the transaction.

From the outset, Paula and Matt focused on gaining a deep understanding of Mosaic’s niche business model and structure, operational realities, and the personal sensitivities surrounding the transaction.

Stephen highlighted continuity as a key differentiator:

 “We worked with the same people at TC throughout the transaction, avoiding the frustration of repeatedly explaining complex details to changing contacts. TC’s Corporate Finance team prioritised clear, timely communication, alongside careful vetting of buyers and a pragmatic approach to valuation and deal structure.”

TC’s Corporate Finance team acted as a buffer between buyer and seller, absorbing much of the pressure and handling negotiations during what Stephen described as an inherently stressful period.

“It was personally stressful, but Matt and Paula understood the situation and pushed it forward under difficult circumstances. They took a hefty load off my back and guided me at every stage.”

Even during tense final negotiations:

“There was brinkmanship on all sides, but Matt and Paula steadied the ship. I fully trusted them. They were on my side.”

THE DEAL ON THE TABLE

The transaction completed following an overall process of around 11 months, gaining significant momentum once the right buyer was secured. TC Group’s Corporate Finance team protected value throughout the Heads of Terms and Sale and Purchase Agreement (SPA) stages, ensuring the deal crossed the line despite a challenging final push.

Disruption to day‑to‑day operations was kept to a minimum throughout. While staff were aware of the broader situation, the completion of the sale ultimately brought clarity and renewed positivity. The former owner remains involved for a short handover period, supporting continuity and future success under the new ownership structure.

“It was an unusual predicament to throw at Matt and Paula, but they understood it, handled it well, and the business kept operating throughout.”

Stephen also reflected on previous advisory experiences:

“Others were quick to wash their hands of us. That wasn’t true of TC Group. They stuck with us, were persistent, and kept pushing for the right buyers and the right offers.”

RAISING A GLASS TO THE RESULT

Reflecting on the experience, Stephen summarised the value of the right advisors at the right time:

“There’s more to selling a business than people think — it’s not an ‘easy out’. Having people on your side who understand that makes a huge difference. With TC Group, Matt and Paula were with me throughout. That made the whole process far more effective. For these reasons, I’d 100% recommend TC Group to other business owners considering a sale.”