Flint Group has completed the sale of its XSYS division to an affiliate of Lone Star Funds, a global private equity firm. The terms of the transaction were not disclosed.
Flint Group launched XSYS due to combining Flint Group Flexographic with Xeikon Prepress in January 2021. The idea behind it was to strengthen its flexographic and letterpress industries offering with three subdivisions: plates, sleeves, and pre-press equipment.
Although the two groups have been working together for some time, supporting the flexographic and letterpress markets, this formal alignment was expected to bring more collaboration and innovation to the group and its customers.
‘We look forward to working with XSYS, a leading global provider of printing solutions,’ said Donald Quintin, president of Lone Star Funds, in September 2021, when the deal was officially announced. ‘We recognize not only the resilience of the XSYS business and the diversity of its offerings but its growth prospects as well. We appreciate the value that XSYS provides its many customers and have great confidence in the management team’s commitment to realizing XSYS’s potential in the years ahead.’
Steve Dryden, CEO of Flint Group, said: ‘We are delighted to have completed the sale of our XSYS division. The transaction is attractive, both financially and strategically, for Flint Group as we reinforce our position as a leader in conventional and digital printing consumables and equipment for the structurally growing segments of paper, board, flexible packaging, and narrow web labels.
‘I would like to thank our XSYS colleagues for all of their hard work and wish them well in their future with Lone Star.’