Goss International, a leading worldwide press manufacturer for the commercial, newspaper and packaging printing industries, has announced that its parent company, Shanghai Electric Corporation (SEC), has entered into an agreement to sell Goss International and its subsidiaries to American Industrial Partners (AIP). The agreement forms part of a broader strategy to further strengthen Goss’ position as the world’s leading web-offset printing press supplier. Goss added that AIP, with its broad portfolio of investments (including past and current holdings in printing machinery manufacturers), proved to be “the clear choice for ownership of Goss, upholding the company’s current standards as a customer-focused, technology-driven market leader.” The AIP transaction is subject to successfully achieving appropriate regulatory approvals and meeting certain closing conditions. It’s expected to close within the next 60 to 90 days.
Brothers Fred and Sam Goss founded the Goss Printing Press Company in Chicago more than 170 years ago. Their goal was to align the newest technology with customer needs – to be not just on the leading edge of this technology, but always well ahead of it. That vision has spawned groundbreaking solutions in the web-offset industry. These include a host of unique technologies such as Goss Gapless Sunday Presses, Automatic Transfer technology for continuous production, Autoplate automatic plate changing, DigiRail digital inking, Ecocool energy-saving heatset dryers, FPS and CPS compact tower presses, Goss Web Center advanced digital workflow solutions, Magnapak targeted newspaper packaging, the M-600 Folia high-productivity alternative to sheetfed, Pacesetter saddlestitchers, and many, many more.
“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,” said Rick Nichols, CEO of Goss International. “Goss is looking forward to the next phase of its journey under new ownership. AIP is a like-minded, forward-thinking organization that will continue to support our culture of innovation and customer collaboration. Our previous owners, SEC, will now refocus on their core business interests.” With over $1 billion of equity capital currently under management, AIP is a private equity firm with investments in North-American-based industrial businesses that serve global markets. Also, the printing industry is not new to AIP. The company has previously owned Day International and Mark Andy – and Presstek is currently a part of its portfolio of companies.
“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,” Nichols added.
AIP has expertise in many operating and technical areas – including quality systems, product development and planning, engineering effectiveness, global manufacturing and procurement, equipment effectiveness, plant consolidations, ERP implementations and project management. This operating and technical expertise is complemented by financial expertise – such as replacing shared services at newly independent divisions, divesting non-core assets, integrating bolt-on acquisitions, re-capitalizations and public/private debt and equity financing. The firm does not play a role in the daily operations of portfolio companies, but rather “forms a true operating partnership with management teams.”
U.S. press giant Goss International sold to American Industrial Partners
