Goss International is to be sold to private equity firm American Industrial Partners (AIP) by parent company Shanghai Electric Corporation in a deal Goss sees as an opportunity to build on its reputation as a leading global web-offset print press supplier.
AIP is an operationally-oriented private equity firm, with successful investments in North American-based industrial businesses with a global focus. It has held stakes in printing machinery manufacturers Day International and Mark Andy and is the current owner of Presstek
The firm is in the stages of seeking regulatory approvals and meeting closing conditions, and the transaction is expected to be completed within the next 60 to 90 days.
Goss International chief executive Rick Nichols anticipates that AIP will further establish the vision of Goss.
“AIP is a like-minded, forward-thinking organisation that will continue to support our culture of innovation and customer collaboration,” he said in a statement.
Mr Nichols said that the quality of work produced by Goss will not change.
“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,” he said.
Shanghai Electric Corporation will now focus on its core business interests.
“SEC, since its acquisition of Goss in 2009, has been an excellent shareholder and business partner and has set us up for success in the years ahead by selling its interests to a highly qualified and committed buyer,” Mr Nichols said.
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