HP buys NUR Macroprinters
HP said the deal will expand its graphic arts portfolio of digital presses and wide-format printers.
This follows HP's acquisition of MacDermid ColorSpan Inc., in September this year.
Speculation must follow as to how HP is now going to juggle it's growing portfolio of printers in the wide format sector. Bruce Caldwell, local Sales & Marketing Manager for the HP Scitex divison has emphasised that it is business as usual at the moment but he will keep everybody informed as further information relating to the NUR acquisition is released.
NUR, according to a recent survey by Infotrends in the US has the largest installed base of UV flatbed printers in the world including a sizeable base in the ANZ region.
The official release from NUR states that HP will acquire substantially all the assets of NUR for $117.5 million in cash on a cash free and debt free basis.
Yuval Cohen, Managing Partner of Fortissimo Capital and Chairman of the NUR board of directors stated: "Two years ago, when Fortissimo Capital acquired control of NUR, the company was losing money and was in a precarious position. However, Fortissimo Capital recognized that NUR had the potential to build on its strong market presence, installed base and technology leadership, and infused the requisite capital to fund its growth. Together with the banks, we restructured the debt, recruited stellar management, and implemented a new strategy that resulted in an impressive improvement and growth." Cohen added, "We believe that NUR is at a point where it requires the HP resources in order to bring its line of business to a new level."
"NUR has witnessed a very successful turnaround of its overall business in the last two years, building a winning team of professionals, creating the most diversified UV product offering in the market, and gaining improved customer confidence and satisfaction," said David Reis, President and CEO, NUR Macroprinters. He added, "As the market exhibited considerable growth and consolidation, NUR positioned itself as 'a successful independent contender in a field of giants'. We are confident that this acquisition will result in an even better combined product portfolio, and will provide continued first class support and service to NUR's customer base."
The official release from HP goes as follows:
The acquisition expands HP’s Graphic Arts portfolio of digital presses and wide-format printers and furthers HP’s Print 2.0 strategy to digitize analog prints by extending the company’s overall digital content creation and publishing platform. With the acquisition, HP will be able to offer additional midrange UV platforms and technologies.
“This acquisition marks another milestone in HP’s growth strategy to ignite the transition from converting analog pages to digital pages,” said Vyomesh Joshi, executive vice president, Imaging and Printing Group, HP. “The large-format print service provider market is growing rapidly, and with the acquisition of NUR, HP is strategically building an even stronger portfolio of products and will continue to drive innovation and growth with our industrial wide-format printers.”
“The combination of HP and NUR will provide our customers and channel partners with a vastly expanded mix of quality and service that is unmatched in the digital graphics printing industry,” said David Reis, chief executive officer, NUR Macroprinters Ltd.
HP’s acquisition of NUR is another step in HP’s Graphic Arts strategy to broaden the portfolio of digital presses and wide-format printers. In September 2007, HP announced the acquisition of MacDermid ColorSpan Inc., a manufacturer of wide-format digital inkjet printers and a key supplier to sign shop franchises, quick printers and other small to midsize sign-making and screen-printing businesses.
HP will be acquiring substantially all the assets of NUR for $117.5 million. Of this amount, $14.5 million will be held in an indemnity escrow account.
The acquisition is subject to customary closing conditions. Upon completion of the deal, NUR will be integrated into HP’s Large Format Printing Business within the company’s Imaging and Printing Group.