NUR Macroprinters Sells Business to HP
NUR Macroprinters Ltd., LOD, Israel, announced it signed a definitive agreement with Hewlett Packard Co. (HP) under which HP will acquire substantially all the assets of NUR for $117.5 million in cash, on a cash-free and debt-free basis.
Yuval Cohen, managing partner of Fortissmo Capital and chairman of the NUR board of directors, said, “Two years ago, when Fortissmo Capital acquired control of NUR, the company was losing money and was in a precarious position. However, Fortissmo 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.”
David Reis, president and CEO of NUR Macroprinters, says, “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. 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.”
HP says the acquisition expands its graphic-arts portfolio of digital presses and wide-format printers and furthers HP’s Print 2.0 strategy to digitize analog prints by extending the company’s overall digital content-creation and publishing platform. With the acquisition, HP says it will be able to offer additional mid-range UV platforms and technologies.
“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.”