HP and FIMI Emerge as Final Contenders to Acquire Landa Digital Printing
It appears HP and FIMI are the final two contenders in the high-stakes race to acquire Landa Digital Printing. According to a detailed report by Ctech‘s Golan Hazani, these two companies are the only ones that have taken serious steps toward a potential acquisition of the embattled printing tech firm founded by industry legend Benny Landa.
Landa Digital, once hailed as the next revolution in industrial printing thanks to its cutting-edge nanographic technology, is currently under court-approved creditor protection following a severe cash flow crisis. Despite raising $1.3 billion in funding—$220 million of which came directly from Landa himself—the company is now buried under more than $500 million in debt. Its future hangs in the balance as it seeks either a buyer or a major investor during a two-month court-approved stay of proceedings that began in July.
HP’s interest in Landa Digital seems like a natural continuation of their shared history. Back in 2002, HP acquired Landa’s earlier venture, Indigo, for $830 million, cementing its leadership in digital commercial printing. Landa’s latest generation of high-end industrial presses could fit well within HP’s existing print portfolio, especially given that many customers already use both HP and Landa technologies. If acquired, the integration could offer HP strategic value and technological leverage in the high-volume print segment.
FIMI Opportunity Funds, on the other hand, is a more surprising player in the mix. As Israel’s largest private equity firm, FIMI manages over $6 billion in assets and has built a reputation for successfully turning around mature, underperforming companies across various industries. However, FIMI has no significant history in the print space, making its interest in Landa unexpected. Still, for a firm known for disciplined financial management and long-term operational improvements, the distressed state of Landa Digital may present an opportunity too unique to ignore.
According to Ctech, both HP and FIMI sent representatives to Landa Digital’s headquarters in Rehovot last week to meet with executives and assess the situation. Other global players like Canon, Fuji, Epson, Xerox, Agfa, and Brother were reportedly given access to company data rooms but opted not to move forward with due diligence. Landa has hired investment bank Nomura to lead the process, particularly due to the bank’s strong connections in Asia.
The business reality is stark. Despite an increase in revenue from $35 million in 2022 to $47 million in 2023, Landa Digital posted losses of $312 million over those two years. Its machines, priced around $3 million each and weighing over 30 tons, are designed for high-volume industrial use. However, their massive size, cost, and complex maintenance requirements have made scaling difficult. Most of the company’s capital was invested in R&D, component assembly, and building a global sales network—leaving little room for error as growth lagged expectations.
In an effort to attract new investment, Landa Digital recently presented a revised business plan that includes a dramatic $60 million reduction in annual expenses, higher pricing for service contracts, and renegotiated supply agreements. The goal: achieve breakeven within 18 to 24 months. Still, any buyer would likely be required to assume a portion of the company’s existing debt. In fact, if multiple bids are submitted, the winning offer will likely be the one that requires the least debt haircut for creditors.
For shareholders, the outlook is grim. Major investors—including German billionaire Susanne Klatten through Altana Group and SKion, and Sweden’s Rausing family via Winder Investment—have declined to provide additional capital. The company’s equity has effectively been wiped out, and the chance of recovery for shareholders is slim to none.
With HP and FIMI in the final stretch, the future of Landa Digital Printing—and the fate of its 55 nanographic presses—now depends on which bidder presents the most viable path forward. Whether through strategic acquisition or financial overhaul, the outcome of this process will leave a lasting mark on the evolution of digital print technology.
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