Inkjet technology provider Xaar completes the acquisition of print systems and print bar specialist FFEI Limited. The deal looks to accelerate the company’s growth strategy and enables Xaar to capture additional opportunities in vertically integrated solutions.
FFEI is an integrator and manufacturer of industrial digital inkjet systems and digital life science technology with experience in managing technical integration and engineering projects. Its imaging solutions and print bar manufacturing have enabled the business to establish several joint ventures with organizations in both digital inkjet and life sciences.
The addition of FFEI helps provide a more comprehensive solution for Xaar’s growing number of OEM and UDI (user developer integrator) customers.
CEO Andy Cook and CFO Julian Payne remain in their current roles and report to Xaar’s CEO John Mills. Bob Wilson, FFEI’s CTO, joins Xaar in a senior position within the print head business, where he focuses on delivering technologies for the company’s UDI customers.
Mills says, “Having restructured and stabilized our core print head 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. 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.”
Cook comments, “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.”
The initial cash consideration of $5.1 million was paid on completion, which reflects existing FFEI free cash reserves, with an additional $7.5 million deferred consideration to be paid out over three years.