Advised Inca Digital Printers, the specialist wide-format digital inkjet printer manufacturer, on its sale to Dainippon Screen
Jun 2005
acquired by
  • Sector: Industrial Tech; Systems & Deep Tech
  • Deal Type: Strategic Deals; Venture Capital Exits
  • Engagement type: Sellside
  • Size: <$200m

– 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

– 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