Xeikon takeover completed

The takeover of Xeikon by private equity firm Bencis Capital Partners has been completed.

Bencis Capital Partners has acquired Punch International’s 65.68 percent share in Xeikon, which is to commence a repurchasing program for a significant part of its own shares.

Bencis has paid a purchase price of €5.85 per share. The total purchase price paid for the 18,856,298 shares is €110,309,343.30. Xeikon aims to repurchase between 4,922,906 and 8,205,844 of its own shares, which corresponds to 17.2 percent to 28.6 percent of the issued share capital of Xeikon.

As a consequence of the completion of the transaction, the composition of Xeikon's management board and supervisory board has changed.

Frank Deschuytere has resigned as Xeikon’s chief executive officer (CEO) effective immediately, with Wim Maes selected by the supervisory board to replace him. This is expected to be coonfiemd at the next extraordinary general meeting of shareholders of Xeikon, scheduled for November 8. In the meantime, Maes is to commence the performance of his duties as CEO as of September 23.

Deschuytere succeeded Maes as the CEO of Xeikon at the turn of the year, but it was announced that Deschuytere would resign on September 11 due to a conflict of interest.

Maes said: 'I'm pleased to once again lead Xeikon and increase the level of innovation we started a few years ago. Xeikon became a leader in digital dry toner-based label and package production; built on the Xeikon 8000 Series to successfully launch the innovative Trillium technology and extended the product portfolio with pre-press offerings including basysPrint CtP and ThermoFlexX platemaking solutions.

'With the acquisition in place, Xeikon is in perfect shape to grow and offer solutions that meet our customers needs – today and in the future.'

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