EFI acquires Matan

Based in Rosh Ha'Ayin, Israel, Matan has developed digital printers and presses for a wide range of challenging industrial applications for more than a decade with a focus on roll-to-roll workflow. The company's digital industrial inkjet printers are designed to offer high productivity, quality and durability, while ensuring a low cost of ownership. Its SprinG3 is an industrial thermal transfer printer, delivering short runs of durable graphics at high speeds, with bright, vivid colors. It is suited for producing labels, decals, membranes, license plates, traffic and other signs.

SprinG3 offers a printing speed of up to 15.1ft/min (906ft an hour) in up to six colors. It can also print metallic, opaque white and vivid spot colors on a wide variety of off-the-shelf media.

EFI CEO Guy Gecht said the acquisition provides EFI with an, ‘even broader range of products to help our customers capture important opportunities in superwide-format display graphics printing’.

‘Matan's strong research and development capability will further accelerate EFI's inkjet innovation,’ Gecht added, ‘while filling a key spot in EFI's portfolio for a lower-acquisition cost line of roll-to-roll production printers focused on signage, banners, billboards and fleet graphics.’

EFI's acquisition was an all-cash transaction in which it paid the shareholders of Matan approximately 29 million USD to acquire all of Matan's outstanding shares. Under the purchase agreement, EFI has also assumed approximately five million USD of Matan's debt, and deposited 14 million USD into escrow to serve as security for EFI's benefit for the indemnification obligations of the Matan shareholders. Subject to EFI's claims against the escrow, portions of the escrow may be released to the sellers in 2017 and 2022.

Following the acquisition, Hanan Yosefi, the former president and CEO of Matan, has joined EFI as vice president and general manager of EFI Inkjet Israel.