EFI acquires Cretaprint
FOSTER CITY, CA -- Electronics For Imaging, Inc. (EFI) has acquired privately held Cretaprint S.L., for approximately $31 million and an earn-out of up to $21 million based on growth targets for 2012 and 2013. Cretaprint, with headquarters in Castellón, Spain, is a developer and supplier of inkjet printers for ceramic tiles.
EFI says it “expects the transaction to be accretive to 2012 earnings and immaterial to first quarter 2012 earnings,” while Cretaprint “is expected to contribute approximately 5% to 7% to EFI's 2012 revenue.”
"As evidenced by our record revenues, we are benefitting from strong traction in our industrial inkjet segment and are excited about expanding into the ceramic tile market, which represents a tremendous growth opportunity for EFI," said Guy Gecht, CEO of EFI. "We have been tracking the swift transformation from analog to digital technology in tile imaging for quite some time, and have been deeply impressed with the fast growth and global leadership position of Cretaprint."
"We are extremely excited to join EFI and look forward to leveraging EFI's Silicon Valley high-tech DNA, inkjet expertise, workflow, and color management," said Victor Blasco, CEO of Cretaprint. "EFI's global presence will accelerate the adoption of our digital technology across the globe and especially in emerging markets."