12th November 2018
Montagu Private Equity (“Montagu”), a leading private equity firm, today announces that it has reached an agreement to acquire the Flexographic Packaging Division (“Kodak’s Flexo business” or “the company”), a leading provider of graphics solutions for global packaging printing, of The Eastman Kodak Company (“Kodak”).
Kodak’s Flexo business is one of the world’s leading providers of imaging technologies for the graphics customisation of printed packaging materials. The company’s flagship flexographic plate imaging system, KODAK FLEXCEL NX, has received industry-wide acclaim for its leading image resolution quality, since debuting on the market in 2008. Flexography is the most common form of packaging printing and can apply images on almost any substrate, with a speciality in flexible packaging.
The company sells its products in more than 70 countries worldwide and has a loyal customer base that continues to enjoy the benefits offered by the KODAK FLEXCEL NX technology. Under Kodak’s stewardship, the business has consistently brought new, innovative and leading flexographic solutions to market, delivering strong organic growth above its peers. Montagu intends to work in close partnership with the management team to continue the company’s growth story, leveraging Montagu’s expertise, network and resources to further strengthen the business.
After the transaction closes, the business will operate as new standalone company and will have the same organizational structure, management team and growth culture that has served Kodak’s Flexographic Packaging Division well in recent years.
Chris Payne, who has served as President of the Flexographic Packaging Division for the last three years and will lead the new company as CEO, said: “We are very pleased that Montagu will be supporting the ongoing growth of the business going forward and that our customers will continue to experience the same product, same people, and same trusted brand. Under Montagu ownership, the company will have the focus, agility and resources to maintain a constant stream of innovation for our customers and continue the journey of transforming Flexo into the premium print process of choice for packaging.”
Ed Shuckburgh, Director at Montagu, said: “We focus on the acquisition of companies producing products or services that would be badly missed if the business did not otherwise exist, and are delighted to be investing in Kodak’s Flexo business, which has been very well established within Kodak and clearly meets our target profile. We are excited to support Chris and the team on their next stage of growth, building a standalone leader in the package printing market.”
Christoph Leitner-Dietmaier, Investment Director at Montagu, said: “Kodak’s Flexo business is well positioned to benefit from the exceptional growth in the packaging printing market. The company’s proprietary ‘Thermal Imaging Film’ technology enables them to offer a truly differentiated product that consistently produces high performing output. We are very much looking forward to working with the management as the business enters this next stage of its development”.