UK printhead technology specialist Xaar has acquired a print systems maker in a deal initially worth £3.7m (€4.3m) deal that drives its vertical integration.
Xaar in Cambridge, UK, was a pioneer of inkjet printing back in 1990 but is going through a restructuring to see it build more of the printer systems and sell specialist inks.
The deal with FFEI in Hemel Hempsted will accelerate the company’s existing growth strategy and will enable Xaar to capture additional opportunities in vertically integrated solutions says Xaar’s CEO John Mills.
FFEI is an integrator and manufacturer of industrial digital inkjet systems and digital life science technology with 60 staff. The imaging technology and printbar manufacturing have been part of several joint ventures with world leading organisations in both digital inkjet and life sciences. FFEI generated revenue of £9.9m in the last year and the £3.7m cash deal will be followed by an additional £5.4 million deferred consideration to be paid out over three years for a total of £9.1m
FFEI’s CEO Andy Cook and CFO Julian Payne will remain in their current roles and report to Mills. Bob Wilson, FFEI’s CTO, will join Xaar in a senior position within the printhead business, where he will focus on delivering technologies for the company’s developer customers.
“Having restructured and stabilised our core printhead business, the acquisition of FFEI will accelerate our strategy and expand our customer offering in a range of markets. As well as providing a number of ready-made solutions, the acquisition will further enhance Xaar’s world class expertise,” said Mills.
“I’ve personally known the FFEI team for many years and have long admired their capabilities having previously worked closely with them. We are very excited to welcome them to Xaar and look forward to integrating the business as we continue to deliver on our strategy.”
“We are delighted to become part of Xaar which represents a fantastic opportunity for the business to develop and grow. Xaar has been a long-term market leader with great technology and great people and is a perfect fit for the business,” said Cook.
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