Printing company St Ives said it agreed to sell its loss-making magazine business for £20m to a unit of private equity firm Walstead Investments. St Ives, which prints a range of products from books to CD and DVD cases, said it would receive £15m in cash on completion of the deal and £5m in loan notes. Walstead Investments is backed by Bank Leumi, Israel’s largest bank. St Ives’ magazine business has been struggling in recent years as excess capacity in the market lowered prices, and advertising and content moved to digital formats. The division posted a pre-tax loss of £5.1m on revenue of £70.5m.