Carsten Knudsen, CEO of EskoArtwork, announced that U.S.-based Danaher signed a Share Purchase Agreement for 100 percent ownership of EskoArtwork – a deal worth approximately €350 million.
EskoArtwork’s current shareholder, Axcel, a Danish investment group, expects the transaction to be concluded within the first half of 2011.
“We have been extremely satisfied with our investment in EskoArtwork,” said Sigurd Lilienfeldt, Partner at Axcel and responsible for the investment in EskoArtwork. “During Axcel’s ownership, EskoArtwork has repositioned itself into a world-leading company within its field. This is not only due to the merger with Artwork Systems, but also because of significant R&D investments leading to a range of new leading-edge solutions. This innovation capacity of EskoArtwork has been instrumental for the impressive EBITDA growth during our ownership leading to this very successful exit for Axcel.”
Danaher, which trades on the New York Stock Exchange, is described as a diversified technology company that designs, manufactures, and markets products and services to professional, medical, industrial and commercial customers. The company and its 47,000 employees generated US$11.2 billion of revenue in 2009.
Upon closing, EskoArtwork will become a part of Danaher’s Product Identification platform. EskoArtwork employs around 1,050 people worldwide and generated €184.1 million in revenues in 2010.
“This is an important and very positive step in the continued development of the company,” said Carsten Knudsen, CEO of EskoArtwork. “I and the entire management team are excited to see Danaher’s strategic interest to acquire the company and develop EskoArtwork as an autonomous business. We see this as a vote of confidence in our strategy and a strong belief in our ability to continue to grow in the future.”
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