Combination to create a broader, more diversified business with comprehensive product portfolio, expanded geographic reach, and enhanced capabilities to serve customers across key end markets
Electronics for Imaging, Inc. (EFI))—an industrial inkjet business and portfolio company of private equity firm Siris—and Agfa-Gevaert (Agfa) have signed a definitive agreement to merge Agfa’s Digital Printing Solutions (Agfa DPS) business with EFI.
Under the terms of the deal, an affiliate of Siris will retain a 60% stake in the combined entity, while Agfa will hold the remaining 40%. Despite the unequal ownership split, the new joint venture will operate under an equal partnership governance structure.
The agreement builds upon the global partnership by EFI and Agfa in 2024, which enabled both companies to expand their product offerings through access to complementary technologies, underscoring the value that their respective strengths, application expertise, and expanded portfolios could create for customers worldwide.
The combination integrates two leading businesses with specialised technology capabilities and application focus areas to create a scaled industrial inkjet business with broad reach across the industry’s fastest-growing segments. Supported by a global service network, the combined entity will leverage an expanded base of inkjet expertise spanning print engines, inks, software, and workflow, shortening the path from development to production for customers.
EFI brings global leadership in industrial inkjet, assisting customers in accelerating the transition from analogue to digital imaging, with specific strength in digital single pass systems for corrugated packaging, roll-to-roll, hybrid, and textile printers through its Nozomi, VUTEk, and Reggiani platforms. Agfa DPS provides industrial inkjet solutions, with distinct strengths in display graphics, décor, and packaging applications. Its recently renewed portfolio includes the Jeti Tauro, Onset Panthera, and SpeedSet Orca platforms. Together, EFI and Agfa DPS expect to generate approximately €540 million of revenue in 2026 on a pro forma basis. The combined operations will serve a diversified customer base of thousands across more than 100 countries, supported by complementary geographic strengths across North America and Europe and a global sales and service network.
The combined company is expected to have the potential to realise significant synergies over time, driven by enhanced cross-selling opportunities and the benefits of a platform with greater scale, including expanded access to new applications and geographies.
“Today’s announcement reflects our long-term commitment to digital printing and our conviction in the future of the industry,” says Agfa CEO Pascal Juéry. “By bringing together Agfa DPS and EFI, we are creating a stronger business with greater scale, broader access, and enhanced innovation capabilities. Rather than continue as a standalone business, we are choosing to partner with Siris to unlock the next phase of accelerated growth for our DPS business while maintaining meaningful upside for Agfa’s stakeholders.”
“Since our investment in EFI in 2019, we have supported the company’s evolution into a focused industrial inkjet leader, drawing on our experience helping technology and industrial businesses scale,” says Frank Baker, Co-Founder and Managing Partner of Siris.
Siris Managing Director David Calamai adds, “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.”
“At Agfa, we believe this combination can help accelerate the adoption of digital printing across the industry,” says Agfa DPS President Vincent Wille. “By combining technology leadership, global reach, and deep application expertise, we can help our customers achieve new levels of productivity, agility, and sustainable growth, enabling them to innovate faster, reduce waste, and create lasting value across the entire print ecosystem.”
“Our partnership with Agfa over the past two years has highlighted the strength of our complementary technologies, expertise, and teams,” says EFI CEO Frank Pennisi. “This combination is a natural next step that allows us to build on that momentum with a broader platform, accelerating innovation and expanding the solutions we can deliver to customers across industrial inkjet.”
The proposed transaction is expected to close by the end of 2026 and is subject to customary employee information and consultation processes, regulatory approvals, and closing conditions.
EFI and Siris were advised by DC Advisory, which acted as exclusive financial advisor, and Sidley Austin LLP, which served as legal advisor.
