– 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

– 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

– 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