EskoArtwork announces that Axcel has signed a Share Purchase Agreement with Danaher for the transfer of ownership
EskoArtwork today announces that its shareholder, the Danish investment group Axcel enters into a definitive Sales Purchase Agreement with the US industrial company Danaher (NYSE: DHR) for the acquisition of 100% of the shares in EskoArtwork for a purchase price of €350 million.
The closing of the transaction is subject to customary approvals and is foreseen to be concluded within the first half of 2011.
Danaher is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Their portfolio of premier brands is among the most highly recognized in each of the markets they serve. Driven by a foudation provided by the Danaher Business System, their 47,000 associates serve customers in more than 125 countries and generated $11.2 billion of revenue in 2009. For more information please visit: www.danaher.com.
Upon closing, the business will become a part of Danaher’s Product Identification platform.
“We have been extremely satisfied with our investment in EskoArtwork”, says Sigurd Lilienfeldt, Partner at Axcel and responsible for the investment in EskoArtwork. “During Axcel’s ownership, EskoArtwork has repositioned itself into a world leading company within its field. This is not only due to the merger with Artwork Systems, but also because of significant R&D investments leading to a range of new leading edge solutions. This innovation capacity of EskoArtwork has been instrumental for the impressive EBITDA growth during our ownership leading to this very successful exit for Axcel”, ends Sigurd Lilienfeldt.
“Esko has a leading market position, great products, and a strong team who we are counting on to drive future growth” said Matt Trerotola, Vice President and Group Executive of Product Identification.
Mr. Carsten Knudsen, CEO of EskoArtwork says: “This is an important and very positive step in the continued development of the company. I and the entire management team are excited to see Danaher’s strategic interest to acquire the company and develop EskoArtwork as an autonomous business. We see this as a vote of confidence in our strategy and a strong belief in our ability to continue to grow in the future.”
Bank of America Merrill Lynch and Monard-D’Hulst acted as advisors to EskoArtwork on this transaction.
About EskoArtwork (www.esko.com)
EskoArtwork is a global supplier of integrated solutions for packaging, sign and display finishing, commercial printing and professional publishing. Its products and services help customers raise productivity, reduce time-to-market, lower costs and expand business.
EskoArtwork is the worldwide market leader with software for artwork creation, pre-production, automation, quality assurance and collaboration targeted at brand owners, retailers, designers and packaging manufacturers.
The CDI flexo computer-to-plate imagers, Kongsberg short-run converting and signage finishing systems complete the portfolio for the packaging, label, signage and display industries.
The company provides a range of workflow, automation and quality assurance solutions for the commercial printing and publishing market. For graphic designers and print production professionals there’s also the Enfocus suite of PDF tools. .
Facts & numbers
EskoArtwork employs around 1050 people worldwide. Its global sales and support organization covers Europe, the Americas and the Asia Pacific and is completed by a network of distribution partners in more than 45 countries.
EskoArtwork is headquartered in Gent, Belgium, and has R&D and manufacturing facilities in five European countries, the United States, China and India. The consolidated full year financials ended for 2010 with revenue of EUR 184.1 million.
For more information, visit www.esko.com