Web offset press manufacturer Goss International has announced that its parent company, Shanghai Electric Corporation, has entered into a definitive agreement to sell Goss International and its subsidiaries to American Industrial Partners.
Looking forward to new ownership: Rick Nichols, chief executive officer at Goss International
The agreement forms part of a broader strategy to further strengthen Goss’s position as a leading web-offset printing press supplier. Rick Nichols, chief executive officer at Goss International, says, “Goss is looking forward to the next phase of its journey under new ownership. AIP (American Industrial Partners) is a like-minded, forward-thinking organisation that will continue to support our culture of innovation and customer collaboration. Our previous owners, SEC, will now refocus on their core business interests.”
AIP has a broad portfolio of investments, including past and current holdings in printing machinery manufacturers. The transaction, subject to successfully achieving appropriate regulatory approvals and meeting certain closing conditions, should close within the next 60 to 90 days.
Nichols says, “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.”
Private equity company AIP has over a billion dollars of equity capital under management currently. It boasts a track record of successful investments in North American based industrial businesses that serve global markets. The company has previously owned Day International and Mark Andy. It also owns Presstek.
Nichols concludes, “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. We look forward to building a business for the future with our new owner.”
