Luxembourg-based printing equipment and consumables manufacturer Flint Group has signed a definitive agreement to sell its XSYS division, which specializes in printing plates, sleeves and pre-press equipment for the packaging industry, to Texas-based private equity firm Lone Star.
XSYS was born in January 2021 from the merger of the specialized flexo and letterpress division Flint Group Flexographic and the prepress division of Xeikon Group, which Flint acquired in late 2015, Xeikon Prepress. Based in Germany, XSYS operates from nearly 37 locations worldwide.
This sale will allow XSYS to "to advance as a leading stand-alone total solutions provider for the flexographic and letterpress prepress industries, with custom solutions developed for each market segment and customer type." said Antoine Fady, Flint's CEO, who will serve as XSYS' CEO.
The sale will allow Flint Group to "strategically focus and further invest in its market-leading packaging inks and digital printing businesses, in addition to strengthening its balance sheet."
Flint CEO Antoine Fady will assume the position of CEO of XSYS and the U.S. group will be led by its current COO, Steve Dryden.
