US digital printing specialist Electronics for Imaging (EFI) has been acquired by an affiliate of private equity firm Siris Capital Group for about US$1.7bn.
The move, which was completed yesterday (23 July), will see the company continue to operate as EFI but wholly owned by a Siris affiliate. EFI’s common shares will be delisted from the NASDAQ exchange.
“This acquisition marks a new, exciting path forward in EFI’s 30-year history as a digital imaging technology leader,” says EFI CEO Bill Muir. “With Siris’s partnership, we will look to create new opportunities for our customers, partners, and EFI employees worldwide. We are looking forward to working with Siris to write the next chapter of innovation across our growing portfolio of solutions.”
The transaction, which was initially announced in April, was approved in a shareholder vote on 15 July in which 72.2% of EFI’s outstanding shares and 99.7% of voted shares were voted in favour of the deal.
Jeff Jacobson, Siris executive partner and EFI executive chairman, adds: “EFI’s portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows.”
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As well as inkjet printing and proofing technologies, including EFI Reggiani, which makes digital and traditional printers and pre-post treatment machines such as washing, bleaching and dyeing systems for the textile industry, EFI also owns the Optitex 3D design and prototyping software. The newest version of the EFI Optitex 2D/3D CAD platform was launched at the recent Texprocess technology trade show in Frankfurt, Germany.
