Cimpress (Vistaprint Parent) to Acquire Druck.at, an Online-Based Print Provider in Austria
VENLO, THE NETHERLANDS—March 18, 2015—Cimpress N.V. (Nasdaq: CMPR), the world leader in mass customization, announced it has entered into a definitive agreement to acquire druck.at Druck-und Handelsgesellschaft (Druck.at), one of the leading Web-to-print businesses in Austria.
The acquisition supports Cimpress’s 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. Cimpress goes to market via a portfolio of specialized and focused brands and Druck.at aligns with the Cimpress strategy in this regard as well. Druck.at, founded in 2001, produces a wide variety of high quality printed products that are sold both directly to small and medium business customers and through resellers such as graphic designers, print brokers and local print shops.
“We believe Druck.at will be a great addition to Cimpress,” said Robert Keane, president and CEO of Cimpress. “The Druck.at team’s intimate understanding of Austrian Web-to-print customers enables it to offer them great quality, fast delivery and a wide and deep selection of products. We plan to help them build on this heritage by leveraging Cimpress’ scale advantages and by expanding the Druck.at product selection even further.”
Peter Kolb, Druck.at CEO said, “We are very excited to join Cimpress. We anticipate benefiting from Cimpress’ global operational and supply chain advantages while maintaining the distinct Druck.at brand and focus on the needs of Austrian customers. This unique combination should allow us to improve our customer value and customer satisfaction even further.”
Financial Terms of Agreement
The base purchase price of the transaction is €23.3 million, including €20 million payable in cash upon the close of the transaction and a deferred payment of €3.3 million to be paid in cash or stock in 2017 at the earliest.
Cimpress plans to fund the transaction using its existing debt facility. Cimpress expects this transaction to have an immaterial impact on financial results in fiscal 2015.
In the trailing 12 months ended Jan. 31, 2015, Druck.at revenue was approximately €34 million, reflecting year-over-year growth of about 15 percent. Druck.at net income in this period was approximately €2 million and its EBITDA was approximately €3.6 million.
Subject to satisfaction of various closing conditions including antitrust clearance, Cimpress expects the transaction to close during its fourth fiscal quarter of 2015.
About Cimpress
Cimpress N.V. (Nasdaq: CMPR) is the world leader in mass customization. For 20 years, the company has focused on developing software and manufacturing capabilities that transform traditional markets in order to make customized products accessible and affordable to everyone. Cimpress’ portfolio of brands includes Vistaprint, Albelli, Drukwerkdeal, Pixartprinting and others. That portfolio serves multiple customer segments across many applications for mass customization. The company produces more than 80 million unique products a year via its network of computer integrated manufacturing facilities.
About Druck.at
Druck.at, founded in 2001, is a provider of customized Web-to-print products in the Austrian market. Druck.at is headquartered in Leobersdorf, Austria, and has approximately 240 employees. The company serves the small business market direct to consumer, as well as through intermediary resellers, and offers product selection across a wide array of categories including small- and large-format business products.
Source: Cimpress.
