According to a CTech report published online through the Israeli business daily and the Calcalist website, privately held Landa Digital Printing may become part of a SPAC and, therefore, be traded on the NASDAQ stock exchange. A SPAC (SociÃ©tÃ© d’Acquisition SpÃ©ciale) is a shell company – which is listed on the stock exchange – designed to acquire a private company, thus allowing it to go public and be traded without going through the traditional process of IPO. stock exchange (IPO).
The article stated that Landa Digital Printing (LDP) founder Benny Landa had worked with Bank of America in recent months to launch the deal and valued LDP at $ 2 billion, or 40 times the annual sales of the manufacturer of digital printing presses of approximately $ 50 million. .
March 9, 2021, business report published by Globes, also revealed that Benny Landa is teaming up with fellow Israeli businessman David (Dudi) Wiesmann – the chairman of fuel company Sonol Israel Ltd. and founder of the Gefen investment fund – to jointly launch the SPAC on Wall Street, to raise $ 250 million.
Multiple infusions of external capital
LDP, an Israel-based spin-off of Landa Labs, which currently employs more than 500 workers, has in the past obtained injections of outside capital in exchange for equity investments. In June 2018, LDP received $ 300 million in equity financing, led by private investment firm SKion GmbH and joined by specialty chemicals group ALTANA, an already existing shareholder.
The 2018 $ 300 million investment in LDP was in addition to the more than $ 400 million previously invested by Benny Landa and ALTANA. As a result, Benny Landa remained majority shareholder with a 54% stake. ALTANA and SKion together own 46% of the company, ALTANA continuing to hold a 33.3% stake. SKion and ALTANA are both 100% owned by German billionaire heiress and entrepreneur Susanne Klatten.
“My investment reflects my confidence in the technological potential of Landa Digital Printing,” Klatten said in a statement in 2018 after the second round of funding. âTogether, we can generate market demand for digital printing solutions. Being part of this new chapter in the history of printing also means an important entrepreneurial movement for me, âshe added.
But it appears the combination of Landa Nanographic press sales slowed by COVID-19, coupled with continued delays in Landa digital press launches and shipments ahead of the pandemic, is causing investors ALTANA and SKion to question the lack of feedback on the pandemic. their investments in LDP.
Landa digital press sales in the United States
However, LDP has made some installations of a B1 sheet-fed digital press in the United States. In February 2021, City of Industry, California Packing group K1, a provider of custom packaging solutions for consumer products, announced the installation of a 6,500 sheet / hr plant. Landa S10 Nanographic Printing Press, marking the first Landa digital press installed on the West Coast.
In October 2020, Duggal visual solutions announced that it has purchased a 41-inch, seven-color Landa S10 for its production facility in New York. At the time, it was touted as the world’s first Landa nanographic printing press with high definition ready capabilities. âWith the Landa S10, we can meet even more of our customers’ printing and packaging needs, much faster, as well as personalization and other special features,â said Mike Duggal, CEO of Duggal Visual Solutions, in a press release. “I think everything is set to meet the premium HD standards that are only found at Duggal.”
At a virtual press event in September 2020, LDP announced that its B1-size sheet-fed S10 has been installed at 12 locations in several countries in North America and Europe, as well as installations in Israel and in China. The S10 press design incorporates Komori offset press feed and delivery components and Fuji Dimatix inkjet heads.
During the press conference, Benny Landa said he was looking forward to Drupa 2021 in Germany (which was ultimately canceled due to COVID-19 issues). âIf COVID-19 has taught us anything, it’s that the world is not going back to the old normal,â Landa said. “And the new normal will be more digital than the old.”
Despite mixed sales results for LDP’s B1 format, a recent B2 inkjet press study conducted by NAPCO Research (email [email protected] for details) indicated strong interest among US commercial printers in the acquisition of a 29-inch production inkjet press. In fact, 25% of those surveyed said they plan to purchase a B2-size cut-sheet inkjet press within the next two years. The main reasons cited were lower operating costs than offset for small runs, compatibility with common offset coated papers and specialty substrates, as well as the larger sheet size compared to jet models. Ink smaller to allow higher productivity.