Nov 24, 2015
On Friday the 20th of November the news broke that the Flint Group has bought Xeikon from previous venture capital owner Bencis, almost two and half years after they bought the digital print and platesetter business from Punch International.
Xeikon will continue to operate in its existing lines of business and will now become a new division known as Flint Group Digital Printing Solutions. Even in terms of personnel, continuity is sought, with Xeikon CEO Wim Maes staying as president of the division. The deal needs the approval of European competition authorities, which is expected by end of 2015 as there should not be any concerns about the transaction.
In some ways the acquisition marks a U-turn for Flint after it sold its nascent Jetrion inkjet division to EFI in 2006. EFI paid around $40 million as its first investment in inkjet printing, in the process starting a new line of business, while digital activities pretty much stopped at Flint. Now Flint Group feels it is ready to throw their hat again into the digital arena, possibly seeing the success the Jetrion business is having today. A bigger driver is likely the changed ownership that Flint Group itself is now experiencing. Since 2014 Flint has been essentially an equity capital owned business, owned by Goldman Sachs Merchant Banking Division in partnership with Koch Equity Development. Prior to that, Flint had grown by acquisition and merger into a leading position in litho and packaging inks. To this day, Flint continues to acquire other ink businesses to consolidate its position.