XAAR acquires Engineered Printing Solutions to increase sales
It was acquired by XAAR Innovative Inkjet Technology from Huntingdon, UK on July 1.
"By acquiring us they wanted to leverage their connections by using us to grow their business," EPS president Julian Joffe said. "For this particular business they have four pillars and each pillar they're looking to do $50 million dollars. So they have some huge targets to meet and our goal is to be part of that growth."
XAAR has a 20-25 plan to achieve $200 million by 2020 and $250 million by 2025.
EPS specializes in customized automated printing with the "ability to print on medical devices as small as .004 inch to a seven color industrial digital inkjet printer," according to its website. The entire staff consists of 60 employees including a highly skilled engineering and software development team.
The company was founded by Joffe in 1985. He emigrated to New York City from South Africa in 1983 to work in the textile industry importing machines from Europe. Later, he relocated to Manchester to start his own business, but quickly ran out of space as the inventory and number of employees grew. In 2003 the company moved to East Dorset into a 22,500 square foot building, with more room to grow.
In 2015 EPS generated $14 million of revenue.
XAAR was established in 1990 in Cambridge, UK and manufactured its first printhead in 1999. The business moved to Huntingdon in 2006 and grew its sales above 25 percent growth in the next five years. Since then it's launched several printhead developments including XAAR 1001, XAAR Proton, XAAR 1001 G S12, XAAR 1002 and a print bar system.
Joffe said the relationship between the two companies came about when XAAR CEO Doug Edwards visited the site on a sales tour in 2015; he has a second home in Vermont.
Joffe stressed the role EPS has in the community for supplying good paying jobs to 60 families.
He said he's had a consistent staff with a low turnover rate.
The biggest motivator for allowing the acquisition is because Joffe's children have no interest in taking over the business, he said.
"A big part of the migration is having my role become duplicated so that someone can walk in and take over. That's my goal," Joffe said.
Contact Makayla-Courtney McGeeney at 802-490-6741.
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