| Consideration: $55 million |
| Offer: All-cash |
| Key Metrics: |
| Engagement Type: Private sell-side |
| Sector: Printing technology |
| Arma Role: Exclusive financial advisor to Inca Digital Printers Ltd |
ACQUIROR PROFILE
- Dainippon Screen is a Japanese provider of semiconductor and component manufacturing equipment
- The company manufactures graphic arts equipment and offers services such as software development and research, development and sale of laser-related equipment
- Founded in 1943, Dainippon Screen has near to 5,000 employees with operations across Europe, North America and Asia
TARGET PROFILE
- Inca Digital Printers is a UK-based specialist wide-format digital inkjet printer manufacturer, with partners including Fujifilm Sericol and Sun Chemical
- A pioneer in its field, Inca launched ‘Columbia Turbo’ in 2004 – the world’s fastest production flatbed inkjet machine
- Formed in 2000 out of a spin-off of Cambridge Consultants, Inca employs 160 people and has offices in the UK and US
DEAL RATIONALE
- The acquisition expands Dainippon Screen's digital printing business and provides access to new markets in industrial printing and packaging
- Inca's technology complements Dainippon Screen’s existing digital imaging and printing products
- Combining Inca's expertise in wide format inkjet printing with Screen's experience in media technology, semiconductor and flat-panel display industries will further strengthen and grow both Inca and Dainippon Screen's businesses
CONTRIBUTION / IMPACT
- Arma Partners’ sector knowledge enabled us to position the company to maximise value (as a technology solutions provider rather than a hardware company)
- We provided support to the management team throughout the process and, in particular, we worked with management to build a financial model that could be shared with interested parties and coordinated a due diligence process involving multiple parties and advisors
- Despite a limited buyer universe and complicated partnership arrangements, Arma Partners was able to create and retain competitive tension throughout the process. At the end, we orchestrated a contract race which led to an increased bid and more attractive terms for Inca’s shareholders
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