Flint Ink Corporation, Ann Arbor, MI, and XSYS Print Solutions, based in Stuttgart, Germany, have agreed to merge. The merged group will rank among the largest ink companies in every region it serves, with an employee base of 8,000 and combined revenues of approximately US $2.6 billion (€ 2.1 billion), based on 2004 figures.
Flint Ink is the largest privately-owned ink manufacturer in the world. XSYS Print Solutions was formed by the merger of BASF Printing Systems and ANI Printing Inks following their respective acquisitions at the end of 2004 by funds advised by CVC Capital Partners, a leading independent private equity firm. Completion of the transaction remains subject to approval, where necessary, by regulatory and competition authorities, but subject to receiving such approvals, it is expected to be finalized on or around Sept. 30. The new company will be jointly owned by CVC funds and the management of both companies.
Dave Frescoln, currently CEO of Flint Ink, will become CEO of the new group. Peter Koivula, CEO of XSYS, will become vice chairman of the new company, with special board responsibilities for strategic matters and the relationship with major customers at a senior level. Howard Poulson, non-executive chairman of XSYS, will assume the same function within the combined group.
Flint Ink and XSYS Print Solutions Agree to Merge Under Sponsorship of CVC