Web press manufacturer Goss International has been bought by US private equity fund American Industrial Partners (AIP) for an undisclosed sum, putting the company back in American hands after six years owned by Chinese-based Shanghai Electric Company.
AIP is a hands-on private equity firm with a track record of successful investments in North American based industrial businesses that serve global markets. The printing industry is not new to AIP as the company has previously owned Day International and Mark Andy, while Presstek is currently a part of its portfolio of companies.
Goss went into Chapter 11 bankruptcy protection following the GFC, with Shangai Electric buying the business and renaming it Goss International. It bought the business in three tranches taking full control in 2010. Since then it has grown the company, despite the dramatic decline in web sales to US printers.
Back in US hands: Goss bought by American Industrial Partners
Goss competes with manroland and Komori in heatset presses and claims to be market leader in coldest. It is also in packaging with the V-Pack launched at drupa three years ago.
The AIP transaction is subject to successfully achieving appropriate regulatory approvals and meeting certain closing conditions. It is expected to close within the next 60 to 90 days.
Rick Nichols, CEO, Goss International says, “As a leading supplier of commercial web, newspaper and packaging offset printing presses, Goss is wholly committed to its valued, worldwide customer base and to the sale and support of its broad range of the industry’s most innovative products.”
“Goss is looking forward to the next phase of its journey under new ownership. AIP is a like-minded, forward-thinking organisation that will continue to support our culture of innovation and customer collaboration. Our previous owners, SEC, will now refocus on their core business interests,” Nichols continued.
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