EFI and Agfa’s DPS Business to Combine

EFI, a leading industrial inkjet business and portfolio company of Siris, and Agfa announced a definitive agreement to combine Agfa’s Digital Printing Solutions business (“Agfa DPS”) with EFI. An affiliate of Siris will hold a 60% interest and Agfa will hold a 40% interest in the jointly held company, which will bring together the operating capabilities of EFI and Agfa DPS under a governance structure whereby Siris and Agfa will act as equal partners.

The agreement follows the global partnership EFI and Agfa established in 2024, which enabled both companies to expand their product offerings through access to complementary technologies, underscoring the value that their respective strengths, application expertise and expanded portfolios could create for customers worldwide.

The combination brings together two leading businesses with specialized technology capabilities and application focus areas to create a scaled industrial inkjet business with breadth across the fastest-growing segments of the industry. Backed by a global service network, the combined company will draw on a broader base of inkjet expertise spanning print engines, inks, software and workflow, shortening the path from development to production for customers.

EFI brings global leadership in industrial inkjet, helping customers accelerate the transition from analog to digital imaging, with particular strength in digital single pass for corrugated packaging, roll-to-roll, hybrid and textile printers through its Nozomi, VUTEK and Reggiani platforms. Agfa DPS is a leading provider of industrial inkjet solutions, with distinct strengths in display graphics, décor and packaging applications. Its recently renewed portfolio includes the Jeti TAURO, Onset PANTHERA and SpeedSet ORCA platforms. Together, EFI and Agfa DPS expect to generate approximately €540 million ($625 million) of revenue in 2026 on a pro forma basis and will serve a diversified base of thousands of customers across more than 100 countries, supported by complementary geographic strengths across North America and Europe and a global sales and service network.

The combined company is expected to have the potential to realize significant synergies over time, driven by enhanced cross-selling opportunities and the benefits of a platform with greater scale, including expanded access to new applications and geographies.

“Today’s announcement reflects our long-term commitment to digital printing and our conviction in the future of the industry,” said Pascal Juéry, CEO of Agfa-Gevaert. “By bringing together Agfa DPS and EFI, we are creating a stronger business with greater scale, broader access and enhanced innovation capabilities. Rather than continue as a standalone business, we are choosing to partner with Siris to unlock the next phase of accelerated growth for our DPS business while maintaining meaningful upside for Agfa’s stakeholders.”

“Since our investment in EFI in 2019, we have supported the company’s evolution into a focused industrial inkjet leader, drawing on our experience helping technology and industrial businesses scale,” said Frank Baker, Co-Founder and Managing Partner, and David Calamai, Managing Director, of Siris. “EFI and Agfa DPS bring together distinct and complementary capabilities, forming a business with the reach and depth to do more for customers across more markets. We look forward to partnering with Agfa to accelerate innovation and expansion for customers worldwide.”

“At Agfa, we believe this combination can help accelerate the adoption of digital printing across the industry,” said Vincent Wille, President of Agfa DPS. “By combining technology leadership, global reach and deep application expertise, we can help our customers achieve new levels of productivity, agility and sustainable growth, enabling them to innovate faster, reduce waste and create lasting value across the entire print ecosystem.”

“Our partnership with Agfa over the past two years has highlighted the strength of our complementary technologies, expertise and teams,” said Frank Pennisi, CEO of EFI. “This combination is a natural next step that allows us to build on that momentum with a broader platform, accelerating innovation and expanding the solutions we can deliver to customers across industrial inkjet.”

The proposed transaction is expected to close by the end of 2026 and is subject to customary employee information and consultation processes, regulatory approvals and closing conditions.

EFI and Siris were advised by DC Advisory, which acted as exclusive financial advisor, and Sidley Austin LLP, which served as legal advisor.

Source: EFI