Presstek owner to buy Goss International
Monday, August 3, 2015
Presstek’s private equity owner American Industrial Partners (AIP) is poised to buy web offset press manufacturer Goss after securing a definitive agreement with its current owner, Shanghai Electric Corporation (SEC).
The value of the deal was undisclosed, but it is expected to complete in the next two to three months, subject to regulatory approval and other conditions.
SEC took a majority 40% stake in Goss in 2009, before buying the firm outright less than a year later.
The sale is understood to be part of SEC’s strategy to focus on its core activities and “part of a broader strategy to further strengthen Goss's position as the world's leading web offset printing press supplier”.
“The fact that AIP decided to invest in Goss is a real sign of confidence in our business, and importantly a sign of confidence for our stake holders. We will continue to meet or exceed our customers’ expectations, and we will continue to provide industry-changing innovations and a focus on customer service,” said Goss International Europe managing director Theo Buchmeyer.
AIP is no stranger to the print industry having bought Presstek in 2012 for $26m (£16.2m) and being a previous owner of both consumables manufacturer Day International, which it sold to Flint in 2007, and narrow-web press manufacturer Mark Andy.
AIP bought Mark Andy in 2008, before selling it to an MBO team last year.
"Goss is looking forward to the next phase of its journey under new ownership. AIP is a like-minded, forward-thinking organisation that will continue to support our culture of innovation and customer collaboration," said Goss chief executive Rick Nichols.
"SEC has been an excellent business partner to Goss and they have set us up for success in the years ahead by selling their Goss interests to a highly qualified and committed buyer, American Industrial Partners."
Goss employees around 1,500 worldwide, split roughly equally across the Americas, Europe and Asia Pacific.
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