DC Advisory advises EFI and its shareholder Siris Capital Group, LLC on its combination with Agfa’s Digital Printing Solutions business
Background
- Electronics For Imaging, Inc. (EFI), a portfolio company of Siris Capital Group, LLC (Siris), is a global technology company focused on advancing the transformation from analogue to digital imaging with a scalable portfolio of printers, inks and workflow software for the manufacturing of signage, packaging, textiles and other industrial printing applications
- EFI has been owned by Siris since 2019
- Siris is a private equity firm focused on control investments in services businesses that enable transformative technologies to scale and has deployed more than $9bn of equity capital since inception
- Agfa-Gevaert (Agfa) is a leading company in imaging technology with nearly 160 years of experience developing, manufacturing and marketing analogue and digital systems for the healthcare sector, the printing industry, the green hydrogen industry and specific industrial applications, and generated a turnover of €1.1bn in 2025
- Agfa’s Digital Printing Solutions business (Agfa DPS) provides inkjet printing solutions, equipment, consumables, software, and services designed for high-quality, efficient production in the sign & display and packaging market, as well as a broad range of industrial markets
Process
- DC Advisory was exclusively engaged by Siris and EFI to provide M&A advice
- DC Advisory provided strategic support to EFI and its shareholders during a bilateral process, leveraging deep sector expertise in industrial printing
- The mandate follows DC Advisory’s advising of Siris and EFI on the divestment of Fiery, LLC to Seiko Epson Corporation in 2024 for approximately $591m, and on the sale of Inèdit Software, carved out of EFI, to Fiery in 2026
Outcome
- In September 2026, EFI and Agfa announced a definitive agreement to combine Agfa DPS with EFI, forming a global, full-service industrial inkjet company
- Completion is expected by the end of 2026, subject to customary employee information and consultation processes, regulatory approvals and closing conditions
- An affiliate of Siris will hold a 60% interest and Agfa a 40% interest in the jointly held company, with Siris and Agfa acting as equal partners under the governance structure
- Once merged, EFI and Agfa DPS will be able to serve thousands of customers across more than 100 countries
- The transaction demonstrates DC Advisory’s expertise across technology and industrial digital printing, and its track record of repeat mandates for financial sponsors on cross-border US and European transactions
“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.”
"We were pleased to work with Frank and his team on this transaction. The combination of EFI and Agfa’s Digital Printing Solutions business highlights the unique capabilities of DC Advisory advising an industry-leading company in a complex merger process which required deep industry knowledge, creative financial engineering, and in-depth market acumen. We look forward to the new company’s next chapter."
“We are delighted to have advised Siris and EFI on such an industry defining transaction. The combination of EFI and Agfa’s Digital Printing Solutions business will create a leading player in the industrial printing technology segment, and one that is well-positioned to drive the continued digitalization of the industry.”
- Industrials
- Technology & Software
Disclaimer
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