The deal comes three months after Presstek reported a tricky second quarter, with revenue down by US$1.7m compared with the same period the previous year, and a loss of $800,000, although equipment sales revenues were up by three per cent to $6.4m.
Stan Freimuth, Presstek’s President & CEO says, “I look forward to continuing to focus the company on its key growth strategies of going up market and expanding into new markets with AIP’s backing. I am confident that this transaction will be beneficial to Presstek and its customers.”
Presstek manufactures direct-to-press offset presses, with plates exposed on the press. It also manufactures a range of CTP solutions. In Australia Presstek is supplied and serviced by Mike Malone’s Onyx Solutions.
The acquisition of Presstek is by an affiliate of American Industrial Partners Capital Fund IV, L.P. (AIP). AIP is described by Presstek as an operationally-oriented middle market private equity firm which makes control investments in North American based industrial businesses that serve US and global markets. Active in private equity investing since 1989, AIP has completed more than 30 transactions and is currently managing more than US$1bn in committed capital.
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