Transaction Details

March 3, 2015
Frankfurt

Sector

Digital Media and Media

Deal Type

M&A

Deal Team

Tobias Schultheiss, Christoph Mann, Fabian Gehlhaar, Hendrik Wildhagen

GCA Altium advises Exagroup on its sale to Cimpress

GCA Altium acted as exclusive adviser to the shareholders of Exagroup, one of the leading web-to-print businesses in Europe, on its sale to Cimpress N.V., the world leader in mass customization (Nasdaq: CMPR, market capitalization of over $ 2.5bn). This transaction again underpins GCA Altium’s position as the leading adviser in the industry, marking the third industry-changing transaction within the past two years, following the sale of Onlineprinters / DieDruckerei (Germany, 2013) and the sale of Pixartprinting (Italy, 2014). For GCA Altium’s Online and Technology practice it is the 21st deal in the past 12 months and the 7th successful transaction to date in 2015.

Under the terms of the agreement, Cimpress will acquire 70% of the shares of Exagroup for a purchase price of approximately € 91.5 million with an option to acquire the remaining 30% of the shares in 2019 for a price between € 39m and € 47m, subject to the achievement of financial performance targets for calendar year 2017.

Exagroup is an exclusive “professionals only” online print platform that serves resellers in the printing, graphic arts and copy shop markets. The majority of its customers are located in France, and the Company has recently expanded into Spain, Italy, Portugal and the UK. Exagroup was majority-owned by the Dematté family since 2006. In 2014, Exagroup’s revenue was approximately € 76m, reflecting year-over-year growth of 17%. Exagroup’s EBITDA was approximately € 14m.

The acquisition supports Cimpress’ strategy of building a software-enabled operational platform that aggregates and optimizes the supply chain and production of mass customized products such as signage, printing, apparel and promotional products.

Tobias Schultheiss, Managing Director at GCA Altium, said: “Exagroup has found an ideal partner in Cimpress to further roll out its unique business model across Europe. The new partnership will strengthen the strategic positioning in the rapidly developing web-to-print market in France and Europe.”

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