Will be integrated into HP's Imaging and Printing Group.
HP has signed a definitive agreement to acquire Nur Macroprinters Ltd. HP will be acquiring substantially all the assets of Nur for $117.5 million. Upon completion of the deal, Nur will be integrated into HP’s Large Format Printing Business within the company’s Imaging and Printing Group. HP reports that, upon completion of the acquisition, all of Nur's products will be braned as HP Scitex, and the Nur products will operate under the company's HP Scitex division.
The announcement falls on the heels of HP's acquisition of MacDermid ColorSpan earlier this year.
"This acquisition marks another milestone in HP’s growth strategy to ignite the transition from converting analog pages to digital pages," says Vyomesh Joshi, executive vice president, Imaging and Printing Group, HP. "The large-format print service provider market is growing rapidly, and with the acquisition of Nur, HP is strategically building an even stronger portfolio of products and will continue to drive innovation and growth with our industrial wide-format printers."
'Two years ago, when Fortissimo Capital acquired control of Nur, the company was losing money and was in a precarious position,' says Yuval Cohen, managing partner of Fortissimo Capital and chairman of the Nur board of directors. 'However, Fortissimo Capital recognized that Nur had the potential to build on its strong market presence, installed base and technology leadership, and infused the requisite capital to fund its growth. Together with the banks, we restructured the debt, recruited stellar management, and implemented a new strategy that resulted in an impressive improvement and growth. We believe that Nur is at a point where it requires the HP resources in order to bring its line of business to a new level.'
'Nur has witnessed a very successful turnaround of its overall business in the last two years, building a winning team of professionals, creating the most diversified UV product offering in the market, and gaining improved customer confidence and satisfaction,' says David Reis, president and CEO, Nur Macroprinters. 'As the market exhibited considerable growth and consolidation, Nur positioned itself as 'a successful independent contender in a field of giants'. We are confident that this acquisition will result in an even better combined product portfolio, and will provide continued first-class support and service to Nur's customer base.'