Shanghai Electric Corporation (SEC) of China entered into an agreement to sell Goss International, a global web-offset printing press supplier, and its subsidiaries to New York’s American Industrial Partners (AIP), which is a middle-market private equity firm that has been investing in North American industrial businesses since 1989. The AIP transaction is subject to regulatory approvals and meeting certain closing conditions over the next few weeks.
In November 2012, AIP, through its MAI Holdings affiliate, purchased Presstek Inc., which develops DI presses and CTP systems, as well as environmentally progressive plate technology. In August 2014, AIP sold its majority interest in Mark Andy, which develops flexographic press technology, to a new investment group formed by P.J. Desai, who is Mark Andy’s former CEO. AIP also previously owned pressroom consumables manufacturer Day International.
SEC noted AIP’s past and current holdings in printing machinery manufacturers as a positive move forward in the ownership of Goss. “As a leading supplier of commercial web, newspaper and packaging offset printing presses, Goss is wholly committed to its valued, worldwide customer base and to the sale and support of its broad range of the industry’s most innovative products,” said Rick Nichols, CEO, Goss International.
AIP currently holds more than $1 billion of equity capital under management and has completed more than 30 transactions since its founding in 1989.
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