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EFI is poised to be acquired by a US private equity firm in a deal that values the wide-format kit manufacturer and productivity software developer at $1.7bn.

The proposed all-cash purchase by an acquisition vehicle of Siris Capital Group was confirmed on 15 April and once completed EFI will delist from Nasdaq.

Speaking to PrintWeek, EFI chief executive Bill Muir said: “In many different ways it’s an endorsement of the great company that has been built through the years and the potential it continues to have.

“It’s also recognition that some of the businesses under the EFI umbrella have different characteristics: our Fiery business is a bit mature and doesn’t have the same growth trajectory as something like our Nozomi [packaging] or Reggiani [textile] businesses.
“Sometimes in the public market it becomes a little difficult to appropriately characterise and value companies with that level of disparity under one roof.”

Under the terms of the definitive agreement, Siris will pay $37 per share, which is a circa 45% premium on EFI’s 90-day volume-weighted average price and a 26% premium on the closing price prior to the deal being announced.
EFI was founded by Efi Arazi in 1989, generating sales of $2m in its first year. In 2018 the company broke the $1bn sales barrier in the same year that Muir took over as CEO from Guy Gecht, who had headed the business for the previous 18 years.