Heielberg has bought the Dutch distributor Printing Systems Group, or PSG from the venture capital company CoBe Capital. The company operates in several western European markets including Benelux, Spain, Italy and Greece. It deals with products from several vendors such as Kodak, 3M, HP, Adobe, Agfa and Canon but has also been an official business partner of Heidelberg’s since 1927, which accounts for the majority of the company’s equipment sales.
The deal represents a significant expansion for Heidelberg of its services and consumables business, which is a key part of its strategy for dealing with the mature European market. Thus Heidelberg has been steadily acquiring dealer networks across Europe. The medium-term goal at Heidelberg is for services and consumables to account for over 50 percent of total Group sales. The figure currently stands at around 40 percent. Heidelberg has said that the acquisition will result in additional sales of around €130 million, primarily through services and consumables business.
“PSG’s strength in the services and consumables business and its outstanding access to customers are very attractive to us,” said Heidelberg CEO Gerold Linzbach. “Having eliminated unprofitable portfolio items, we’re now starting to actively expand our portfolio in order to return the company to growth,” he added.
Both companies have agree to keep the price secret. The acquisition is subject to approval by the antitrust authorities and a consultation process involving a local committee.