Siris Capital has divided its investment in EFI, made in 2019, into two: an inkjet business positioned for rapid growth and Fiery, a mature digital controller business that has limited growth but a firm grip on its market.
Jeff Jacobson, who has been CEO of EFI since the Siris investment, becomes executive chairman of both companies.
The move comes little more than a year after eProductivity Software was spun out as a standalone company.
The two new businesses will operate independently from head offices on either side of the US. Fiery has its base in California while EFI produces inkjet printers in a recently opened plant in New Hampshire on the US east coast. Both remain within the Siris group.
The separation will allow both companies to pursue new developments without consideration of the consequences for the other arm of the business. Fiery believes its future lies in becoming more of a workflow provider, particularly into sectors adjacent to commercial print and graphics where it built its reputation.
In the summer it acquired CadLink Technology, a specialist in textiles, car wrap and similar digital print applications requiring non standard workflows.
While Fiery has been unquestioned market leader for DFEs, its OEM customers are increasingly developing their own, frequently embedded, controllers particularly for the higher volume office and light production sector. While not currently a challenge to Fiery in terms of functionality and power, any growth will eat into Fiery’s market share. Nevertheless Siris is optimistic that the direct responsibility for Fiery will enable it to capitalise on opportunities. “Fiery is a foundational player in digital imaging,” says Siris partner Tyler Sipprelle. “Establishing Fiery as an independent company positions the business to deepen its commercial and strategic partnerships across the industry.”
Fiery will be run by Toby Weiss, long time COO and general manager of the business.
There is no continuum at EFI where Frank Pennisi is brought in as CEO. He joins from Orora Packaging Solutions, a corrugated box business that operates an EFI Nozomi high speed single-pass inkjet press. Within the Orora group there are Vutek display graphics printers and Reggiani textile printers, making it among EFI’s largest customers in North America.
He says: “As a former customer, I know that EFI’s digital industrial inkjet portfolio is unmatched in the industry.
“The company’s suite of equipment, inks, and intelligent service positions it to address its customers’ most critical needs. I am thrilled to be joining EFI at this pivotal moment as the industry transitions toward digital inkjet.”
He is not, however, steeped in print having joined Orora in November 2020 and comes with periods at Flir Systems, Honeywell and GE.
EFI is itself shaping up to be a leader in corrugated with Nozomi, in single-pass textile printing with Bolt and in carton printing with a single-pass engine, which has not yet received a commercial launch. All are predicted to be high growth areas for digital printing in the coming few years.
