Presstek, a supplier of digital offset printing services, has entered into an agreement to be acquired by MAI Holdings, the holding company for American Industrial Partners’ portfolio company Mark Andy, a designer of narrow and mid-web flexographic equipment.
“We are excited to combine the financial resources of AIP with the strong product portfolio of Presstek. We believe that this combination will help to fuel the growth of the company, which has been challenging over the past few years as a result of the worldwide economic downturn,” said Stanley Freimuth, Presstek’s Chairman, President and CEO. “AIP is no stranger to our industry. One of its portfolio companies, Mark Andy, is the world’s leading designer of narrow and mid-web flexographic equipment and aftermarket products serving the label, packaging and specialty printing markets. We look forward to working with Mark Andy in areas where it makes sense for both companies.”
Presstek is a supplier of digital offset printing services to the printing and communications industries. The company was founded in 1987 and is based in Hudson, NH (www.presstek.com).
Mark Andy is a designer of narrow and mid-web flexographic equipment and aftermarket products serving the label and packaging markets. Mark Andy sells its products under the Mark Andy, Comco, Rotoflex, UVT, and MAX brand names. The company has a global installed base of over 5,000 machines with a replacement value in excess of $1.0 billion. Mark Andy is headquartered in Chesterfield, MO (www.markandy.com).
“Presstek represents a very attractive portfolio investment for AIP. The company has best-in-class technologies, headlined by its highly efficient and versatile 75DI digital offset printing press, and we look forward to partnering with Presstek’s management team to help the company and its product portfolio achieve their full potential,” said Richard Hoffman of AIP.
American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).
GCA Savvian Advisors served as financial advisor and McDermott, Will & Emery served as legal counsel to Presstek in connection with this transaction. Ropes & Gray served as legal counsel to AIP in connection with this transaction.
