Xaar has completed the acquisition of print systems and printbar specialist FFEI. The expectation is that it will help Xaar provide a more comprehensive solution for its growing number of OEM and UDI (User Developer Integrator) customers.
FFEI is an integrator and manufacturer of industrial digital inkjet systems and digital life science technology with many years of experience in managing technical integration and engineering projects. The company employs over 60 people and in the year to 31 March 2021 generated revenue of £9.9m. The initial cash consideration of £3.7m was paid on the deal’s completion (which reflects existing FFEI free cash reserves) with an additional £5.4m deferred consideration to be paid out over three years.
Based in Hemel Hempstead, FFEI CEO Andy Cook and CFO Julian Payne will remain in their current roles and report to Xaar’s CEO John Mills. Bob Wilson, FFEI’s CTO, will join Xaar in a senior position within the printhead business, where he will focus on delivering technologies for the company’s UDI customers.
Mills said: “Having restructured and stabilised our core printhead business, the acquisition of FFEI will accelerate our strategy and expand our customer offering in a range of markets. As well as providing a number of ready-made solutions, the acquisition will further enhance Xaar’s world class expertise.
Cook added: “We are delighted to become part of Xaar which represents a fantastic opportunity for the business to develop and grow. Xaar has been a long-term market leader with great technology and great people and is a perfect fit for the business.”