Goss International has announced that its parent company, Shanghai Electric Corporation (SEC), has entered into a definitive agreement to sell Goss International and its subsidiaries to American Industrial Partners (AIP). The agreement forms part of a broader strategy to further strengthen Goss' position as the world's leading web offset printing press supplier.
With its broad portfolio of investments, including past and current holdings in printing machinery manufacturers, AIP proved to be the clear choice for ownership of Goss, upholding the company's current standards as a customer-focused, technology-driven market leader.
The AIP transaction is subject to successfully achieving appropriate regulatory approvals and meeting certain closing conditions. It is expected to close within the next 60 to 90 days.
"As a leading supplier of commercial web, newspaper and packaging offset printing presses, Goss is wholly committed to its valued, worldwide customer base and to the sale and support of its broad range of the industry's most innovative products," says Rick Nichols, CEO, Goss International.
"Goss is looking forward to the next phase of its journey under new ownership. AIP is a like-minded, forward-thinking organization that will continue to support our culture of innovation and customer collaboration. Our previous owners, SEC, will now refocus on their core business interests.”
With over $1 billion of equity capital currently under management, AIP is an operationally-oriented private equity firm with an unparalleled track record of successful investments in North American-based industrial businesses that serve global markets. The printing industry is not new to AIP as the company has previously owned Day International and Mark Andy, and Presstek is currently a part of its portfolio of companies.
"SEC, since its acquisition of Goss in 2009, has been an excellent shareholder and business partner to Goss and they have set us up for success in the years ahead by selling their Goss interests to a highly qualified and committed buyer, American Industrial Partners,” says Nichols. “We look forward to building a business for the future with our new owner."