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EskoArtwork announces that Axcel has signed a Share Purchase Agreement with Danaher for the transfer of ownership

January 21 2011

Gent (Belgium), January 21 2011 – EskoArtwork today announces that its shareholder, the Danish investment group Axcel enters into a definitive Sales Purchase Agreement with the US industrial company Danaher (NYSE: DHR) for the acquisition of 100% of the shares in EskoArtwork for a purchase price of €350 million.

The closing of the transaction is subject to customary approvals and is foreseen to be concluded within the first half of 2011.

DanaherDanaher is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Their portfolio of premier brands is among the most highly recognized in each of the markets they serve. Driven by a foundation provided by the Danaher Business System, their 47,000 associates serve customers in more than 125 countries and generated $11.2 billion of revenue in 2009. For more information please visit: www.danaher.com.

Upon closing, the business will become a part of Danaher’s Product Identification platform.



“We have been extremely satisfied with our investment in EskoArtwork”, says Sigurd Lilienfeldt, Partner at Axcel and responsible for the investment in EskoArtwork. “During Axcel’s ownership, EskoArtwork has repositioned itself into a world leading company within its field. This is not only due to the merger with Artwork Systems, but also because of significant R&D investments leading to a range of new leading edge solutions. This innovation capacity of EskoArtwork has been instrumental for the impressive EBITDA growth during our ownership leading to this very successful exit for Axcel”, ends Sigurd Lilienfeldt.


Matt Trerotola, Vice President
and Group Executive
of Product Identification

“Esko has a leading market position, great products, and a strong team who we are counting on to drive future growth” said Matt Trerotola, Vice President and Group Executive of Product Identification.

Mr. Carsten Knudsen, CEO of EskoArtwork says: “This is an important and very positive step in the continued development of the company. I and the entire management team are excited to see Danaher’s strategic interest to acquire the company and develop EskoArtwork as an autonomous business. We see this as a vote of confidence in our strategy and a strong belief in our ability to continue to grow in the future.”



Bank of America Merrill Lynch and Monard-D’Hulst acted as advisors to EskoArtwork on this transaction.



About Danaher

Danaher is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our portfolio of premier brands is among the most highly recognized in each of the markets we serve. Driven by a foundation provided by the Danaher Business System, our 47,000 associates serve customers in more than 125 countries and generated $11.2 billion of revenue in 2009. For more information please visit our website: www.danaher.com



About Axcel

Axcel was founded in 1994 and now has a wide range of Danish and international investors. Axcel focus on medium-sized companies in Denmark and Sweden. Axcel has a total committed capital of approximately DKK 10 billion through four private equity funds. With 35 investments, Axcel has made more investments in medium-sized Danish companies than any other private equity fund in Denmark. So far, 21 of the companies in which Axcel have invested has been further developed and sold. Today Axcel’s investments comprise 16 companies in widely differing sectors with an overall turnover of approximately DKK 13.5 billion and approx. 13,000 employees. Since its inception, Axcel has built a comprehensive industrial network in Denmark, Sweden and abroad, not least by making more than 45 significant add-on acquisitions.  www.axcel.dk