Presstek Inc. has finalized its acquisition by MAI Holdings, an affiliate of American Industrial Partners Capital Fund (AIP).
AIP is self-described as a middle market private equity firm that has been investing in North American industrial businesses since 1989. Since that time, AIP has completed more than 30 transactions and is currently managing more than US$1 billion in committed capital.
“I look forward to continuing to focus the company on its key growth strategies of going up market and expanding into new markets with AIP’s backing,” stated Stan Freimuth, Presstek President and CEO. “I am confident that this transaction will be beneficial to Presstek and its customers.”
Under the terms of the merger, Presstek’s shareholders will receive $0.50 in cash for each share of Common Stock.
Presstek was founded in 1987 based upon its direct imaging laser applications. Since then the technology has found its place in presses from Ryobi, Heidelberg, Xerox, KBA and Kodak. In 2004, Presstek acquired ABDick and Precision Lithograining. Today the company holds over 400 patents relating to the printing industry.