11.12.2024
International
voxeljet AG (‘voxeljet’) has entered into an agreement to sell its entire business to funds affiliated with Anzu Partners LLC (‘Anzu’) as part of an asset deal.
The transaction is expected to close in March or April 2025. The purchase agreement is subject to customary closing conditions, including approval by voxeljet's shareholders‘ meeting and foreign investment approval in Germany. voxeljet's shareholders’ meeting is expected to take place in the first quarter of 2025.
Anzu is acquiring voxeljet's operating business with a strong commitment to voxeljet's existing customers, suppliers and employees. Anzu's Managing Partner, Whitney Haring-Smith, will take over as Chair of the Board of Directors of the combined company upon closing, and the current CEO, Rudolf Franz, will lead the business post-transaction. This transaction provides the company with a strong partner to support the continued growth and financing of the business.
‘voxeljet's technology enables scaled additive manufacturing and supports customers in projects with decades of consistent service and support. We believe the company's technological edge – from building the largest 3D printers in the world to enabling fine feature detail – is a key factor in its success in the market,’ said Whitney Haring-Smith, Managing Partner at Anzu Partners. ‘Voxeljet is at the forefront of the key challenges we face today – from localising supply chains to supporting a circular economy – and is a driver of the future we want to create.’
‘For more than 25 years, our incredibly experienced teams have developed some of the most powerful industrial 3D printers,’ said Rudolf Franz, CEO of voxeljet AG. ‘Combining voxeljet's world-class employees and exceptional franchises with Anzu's technology network, access to talent, ambitious vision and shared commitment to investing in the next generation of breakthroughs will help ensure our continued success in an increasingly competitive industry.’
The agreed purchase price is based on an enterprise value of around €20,033,000. The purchase price will be settled by assuming voxeljet's liabilities and paying a cash component of approximately €1.7 million. The purchase price is subject to customary closing adjustments.
The purchase agreement provides for a ‘go-shop’ period, which ends at the close of 12 January 2025 and which allows voxeljet to actively initiate, solicit and review alternative acquisition proposals from third parties. In the event of a superior offer, voxeljet has the right to terminate the purchase agreement in order to accept the superior offer in accordance with the conditions set out in the purchase agreement. voxeljet will seek further interested parties.
Subject to the examination of offers from other potential interested parties during the agreed go-shop period, voxeljet's Management Board and Supervisory Board intend to propose that the shareholders approve the transaction. At the same time as the resolution on the transaction, voxeljet's shareholders are also to decide on the liquidation of the company, which is to take place after the successful conclusion of the transaction.