Xsys, Flint Group’s new flexo and letterpress plates division, has been sold to a private equity firm, allowing the parent to concentrate on ink and digital printing.
With the divestiture goes Flint chief executive Antione Fady – who takes on a similar position with Xsys – with chief operating officer Steve Dryden moving to the top job at Flint.
Fady’s team will include Dagmar Schmidt as chief operating officer and Martin Sauer as chief financial officer.
The company says the sale to an affiliate of Lone Star Funds will allow it to “strategically focus” and invest further in its packaging inks and digital printing businesses, and also strengthen its balance sheet.
Formed in January 2021, Xsys specialises in the development and supply of printing plates, sleeves and adapters, and prepress equipment to the packaging industry.
Fady described the carve-out as “the next logical step” for both companies. “It will further enable the Xsys business to advance as a standalone, best in class, full solutions provider to the flexo and letterpress prepress industries, with tailor-made solutions for each market segment and customer type,” he said.
Dryden said Flint Group “becomes positioned to further invest in the structurally growing segments of paper and board, flexible packaging and labels, serviced with our conventional and digital printing consumables.
“This successful strategy – centred around product and service innovation – enables Flint to grow with customers that value our colour proposition by helping them to standardise and reduce their costs.”
Goldman Sachs Bank Europe SE and J.P. Morgan acted as financial advisor and Freshfields Bruckhaus Deringer as legal advisor to Flint Group, while Lone Star was advised by Perella Weinberg Partners and Weil, Gotshal & Manges. The transaction remains subject to customary closing conditions, including regulatory approvals. Terms were not disclosed.
Headquartered in Germany and operating from 37 global locations, Xsys includes ‘classic’ flexo and letterpress brands including Nyloflex and Nyloprint.