David Savastano, Editor10.05.23
2023 has been an active year for the printing ink industry, its customers and suppliers. Well-known industry players such as Gleitsmann Security Inks, EMI Mills and Phoseon Technology were acquired, and Gans Ink sold its Energy Curable, Sublimation, and Security Ink Divisions to Precision Ink. On the printing side, the proposed combination of Smurfit Kappa and WestRock would form the largest listed global packaging partner by revenue.
Here are some of the key moves we are watching, beginning with the most recent; we will add to the list as new acquisitions are reported:
Combining Companies: Smurfit Kappa and WestRock
Date of Acquisition: September 2023
Comments: The boards of Smurfit Kappa and WestRock announced the signing of a definitive transaction agreement to create Smurfit WestRock, a global leader in sustainable packaging. Together, Smurfit Kappa and WestRock generated combined last twelve months’ adjusted annual revenue of approximately $34 billion as of June 30, 2023, which would make Smurfit WestRock the largest listed global packaging partner by revenue.
Link to More Information:
Smurfit Kappa, WestRock to Combine
Acquiring Company: Schold Manufacturing
Acquired Company: EMI Mills
Date of Acquisition: August 2023
Comments: Schold Manufacturing acquired EMI Mills, a specialist in bead mills, mixers, and dispersers for small samples up to full-scale production volumes. This strategic acquisition will add to Schold’s product offering. Terms were not disclosed.
Link to More Information:
Schold Manufacturing Adds EMI Mills
Acquiring Company: One Rock Capital Partners, LLC
Acquired Company: Constantia Flexibles
Date of Acquisition: July 2023
Comments: Constantia Flexibles is the world’s third-largest producer of flexible packaging. One Rock Capital Partners is a private equity firm with $6 billion in cumulative capital commitments. Constantia Flexibles was sold by Wendel or a price that yields net proceeds of €1,097 million.
Link to More Information:
Wendel to Sell Constantia Flexibles to One Rock Capital Partners
Acquiring Company: IN Groupe
Acquired Company: Gleitsmann Security Inks
Date of Acquisition: July 2023
Comments: IN Groupe, a French-headquartered global specialist in identity and secured digital services, announced that it has agreed to acquire 100% of the shares of Gleitsmann Security Inks GmbH (GSI) from hubergroup Deutschland GmbH for an undisclosed consideration in cash. GSI is a leading global manufacturer of high security printing inks and associated auxiliaries.Terms were not disclosed.
Link to More Information:
IN Groupe Acquires Gleitsmann Security Inks from hubergroup
Acquiring Company: Precision Ink Corporation
Acquired Company: Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions
Date of Acquisition: April 2023
Comments: Family-owned Precision Ink has acquired all intellectual property related to Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions, including formulations, raw material specifications, processing techniques, and QC methodology. Terms were not disclosed.
Acquiring Company: Apollo Funds
Acquired Company: Univar Solutions
Date of Acquisition: March 2023
Comments: A leading global distributor, Univar Solutions had 2022 sales of $8.265 billion. Apollo Funds is a high-growth, global alternative asset manager with approximately $600 billion in assets. The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Ther transaction values Univar at $8.1 billion.
Link to More Information:
Univar Solutions to Be Acquired by Apollo Funds for $8.1B
Acquiring Company: Toyo Ink SC Holdings Co., Ltd.
Acquired Company: Thai Eurocoat Ltd
Date of Acquisition: March 2023
Comments: Toyo Ink SC Holdings is the fifth-largest ink manufacturer globally, with $1.21 billion in sales in 2022. Thai Eurocoat Ltd. is the top manufacturer of external coatings for non-printed cans in the Thai canned food market. Terms were not disclosed.
Link to More Information:
Toyo Ink Group Acquires Thai Eurocoat
Acquiring Company: Excelitas Technologies
Acquired Company: Phoseon Technology
Date of Acquisition: February 2023
Comments: Excelitas Technologies is focused on delivering photonic solutions for the illumination, optical, optronic, sensing, detection and imaging markets. Phoseon is a pioneer in the design and manufacture of LED-based industrial curing and scientific illumination solutions. Terms were not disclosed.
Link to More Information:
Excelitas Technologies Acquires Phoseon Technology
Acquiring Company: Siris Capital Group LLC
Acquired Company: Fiery
Date of Acquisition: January 2023
Comments: Fiery, which provides leading Digital Front End (DFE) technology for production and industrial printing, has been separated from Electronics For Imaging, Inc. (EFI) and established as a separate company that will operate independently while remaining owned by EFI’s owner, Siris Capital Group LLC.
Link to More Information:
Fiery to Separate from EFI, Remain Wholly-Owned by Siris
Here are some of the key moves we are watching, beginning with the most recent; we will add to the list as new acquisitions are reported:
Combining Companies: Smurfit Kappa and WestRock
Date of Acquisition: September 2023
Comments: The boards of Smurfit Kappa and WestRock announced the signing of a definitive transaction agreement to create Smurfit WestRock, a global leader in sustainable packaging. Together, Smurfit Kappa and WestRock generated combined last twelve months’ adjusted annual revenue of approximately $34 billion as of June 30, 2023, which would make Smurfit WestRock the largest listed global packaging partner by revenue.
Link to More Information:
Smurfit Kappa, WestRock to Combine
Acquiring Company: Schold Manufacturing
Acquired Company: EMI Mills
Date of Acquisition: August 2023
Comments: Schold Manufacturing acquired EMI Mills, a specialist in bead mills, mixers, and dispersers for small samples up to full-scale production volumes. This strategic acquisition will add to Schold’s product offering. Terms were not disclosed.
Link to More Information:
Schold Manufacturing Adds EMI Mills
Acquiring Company: One Rock Capital Partners, LLC
Acquired Company: Constantia Flexibles
Date of Acquisition: July 2023
Comments: Constantia Flexibles is the world’s third-largest producer of flexible packaging. One Rock Capital Partners is a private equity firm with $6 billion in cumulative capital commitments. Constantia Flexibles was sold by Wendel or a price that yields net proceeds of €1,097 million.
Link to More Information:
Wendel to Sell Constantia Flexibles to One Rock Capital Partners
Acquiring Company: IN Groupe
Acquired Company: Gleitsmann Security Inks
Date of Acquisition: July 2023
Comments: IN Groupe, a French-headquartered global specialist in identity and secured digital services, announced that it has agreed to acquire 100% of the shares of Gleitsmann Security Inks GmbH (GSI) from hubergroup Deutschland GmbH for an undisclosed consideration in cash. GSI is a leading global manufacturer of high security printing inks and associated auxiliaries.Terms were not disclosed.
Link to More Information:
IN Groupe Acquires Gleitsmann Security Inks from hubergroup
Acquiring Company: Precision Ink Corporation
Acquired Company: Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions
Date of Acquisition: April 2023
Comments: Family-owned Precision Ink has acquired all intellectual property related to Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions, including formulations, raw material specifications, processing techniques, and QC methodology. Terms were not disclosed.
Acquiring Company: Apollo Funds
Acquired Company: Univar Solutions
Date of Acquisition: March 2023
Comments: A leading global distributor, Univar Solutions had 2022 sales of $8.265 billion. Apollo Funds is a high-growth, global alternative asset manager with approximately $600 billion in assets. The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Ther transaction values Univar at $8.1 billion.
Link to More Information:
Univar Solutions to Be Acquired by Apollo Funds for $8.1B
Acquiring Company: Toyo Ink SC Holdings Co., Ltd.
Acquired Company: Thai Eurocoat Ltd
Date of Acquisition: March 2023
Comments: Toyo Ink SC Holdings is the fifth-largest ink manufacturer globally, with $1.21 billion in sales in 2022. Thai Eurocoat Ltd. is the top manufacturer of external coatings for non-printed cans in the Thai canned food market. Terms were not disclosed.
Link to More Information:
Toyo Ink Group Acquires Thai Eurocoat
Acquiring Company: Excelitas Technologies
Acquired Company: Phoseon Technology
Date of Acquisition: February 2023
Comments: Excelitas Technologies is focused on delivering photonic solutions for the illumination, optical, optronic, sensing, detection and imaging markets. Phoseon is a pioneer in the design and manufacture of LED-based industrial curing and scientific illumination solutions. Terms were not disclosed.
Link to More Information:
Excelitas Technologies Acquires Phoseon Technology
Acquiring Company: Siris Capital Group LLC
Acquired Company: Fiery
Date of Acquisition: January 2023
Comments: Fiery, which provides leading Digital Front End (DFE) technology for production and industrial printing, has been separated from Electronics For Imaging, Inc. (EFI) and established as a separate company that will operate independently while remaining owned by EFI’s owner, Siris Capital Group LLC.
Link to More Information:
Fiery to Separate from EFI, Remain Wholly-Owned by Siris
