Safeguard sells one of its businesses

Safeguard Scientifics Inc. of Wayne said today it sold Pacific Title & Art Studio Inc., a provider of digital and photo-chemical services, for $23 million.

Pacific Title, which performs post-production and archival applications for the movie and television industry, was bought by an investment group led by Celerity Partners, Ticonderoga Capital and venture capitalist William Daniels. The company was a wholly owned subsidiary of Safeguard, which acquired it in 1997.

Pacific Title, created in 1919, "is in a business segment that is no longer considered core to our strategy," said Peter J. Boni, Safeguard's chief executive.

Safeguard is a holding company that owns growth-stage technology and life sciences businesses. Its shares were up 4 cents this morning at $2.92 on the New York Stock Exchange.