In a £9 million plus agreement, Xaar bought FFEI, a fellow UK inkjet specialist and client. This morning, the deal was announced (12 July).
FFEI is located in Hemel Hempstead, where it manufactures and integrates inkjet systems such as its own Graphium inkjet label press and Print Bar, as well as the Edge Band printer.
FFEI, a manufacturer of medical slide scanners and other high-tech equipment, has been acquired by Xaar. In 2019, the company was included in a Printweek ‘Best of British’ article, and it just received its fourth Queen’s Award. The acquisition would improve Xaar’s portfolio and allow it to “deliver a more holistic solution” to clients, according to the company.
In the year to 31 March 2021, FFEI had revenues of £9.9 million, with an operating profit of 9%. Crosfield Electronics, which was founded by the late John Crosfield in 1947, was the company’s first name. FFEI’s initial financial consideration of £3.7 million represented free cash reserves and was paid at completion, with a further £5.4 million in deferred consideration to be paid out over three years.