voxeljet of North America building
Voxeljet has agreed to sell its entire business to funds affiliated with investment firm Anzu Partners LLC via an asset deal, with closing of the transaction expected to occur in March or April 2025.
The purchase agreement is worth around 20 million EUR and is subject to customary closing conditions, including the approval of Voxeljet’s General Meeting and foreign investment clearance in Germany. Voxeljet will hold a General Meeting in the first quarter of 2025.
Anzu says it will maintain a strong commitment to Voxeljet customers, suppliers and employees, and has confirmed its CEO Rudolf Franz will lead the post-transaction business. The company's Managing Partner, Whitney Haring-Smith, will occupy the role of Chair of the Board of Directors.
The agreed purchase price of 20,033,000 million EUR, which is subject to customary adjustments as of the closing date, will be paid through the assumption of Voxeljet's liabilities and the payment of approximately 1.7, EUR in cash. A press release distributed by Voxeljet says that a 'go-shop' period expiring on January 12, 2025 will permit Voxeljet to actively initiate, solicit and consider alternative acquisition proposals from third-parties. In the event of a superior proposal, Voxeljet has the right to terminate the purchase agreement to enter into the superior proposal in accordance with the conditions set out in the purchase agreement.
Subject to the review of offers from other potential interested parties during the agreed go-shop period, the management board and supervisory board of Voxeljet intend to propose to the shareholders that they approve the transaction. Simultaneously, with the resolution on the transaction, Voxeljet’s shareholders shall also decide on the liquidation of the company which shall occur following the successful closing of the transaction.
Anzu says it has a strong partner to support further growth and financing of the Voxeljet business.
“Voxeljet’s technology fundamentally enables scaled additive manufacturing, supporting projects clients with decades of decided service and support. We believe that its technology advantage – from building the largest 3D printers in the world to features that enable fine details – is a decisive factor in its success in the market,” said Whitney Haring-Smith, Managing Partner at Anzu Partners. “On the key challenges we face today – from localising supply chains to supporting a circular economy – Voxeljet is a leader and driver of the future that we want to deliver.”
“For more than 25 years our incredibly talented teams have created some of the most powerful industrial 3D-printers,” added Rudolf Franz, CEO, Voxeljet AG. “The combination of Voxeljet’s world-class talent and extraordinary 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.”
Earlier this year, Voxeljet voluntarily delisted from the Nasdaq stock exchange in a bid to reduce expenses. Speaking to TCT's Deep Dives newsletter in May, Franz said the company had conducted a financial performance evaluation and cost-benefit analysis before coming to the decision to delist. During that process, the company is said to have found its 'increased revenue and EBITDA performance' was not reflected in its stock price.
Franz said: “The cost-benefit analysis revealed that the potential drawbacks of being a public company outweigh the advantages. The initial years of listing were a significant step forward for our company,” Franz said. “However, in recent years, it has become increasingly challenging to justify the high workload and costs associated with being a public company. To comply with the numerous regulatory requirements and financial reporting standards, we have incurred costs of approximately 3 million USD per year.”
When asked in June whether Voxeljet was continuing to survey the market for strategic alternatives - including strategic investments, mergers and acquisitions, and joint ventures - the company preferred not to comment.
