EFI buyer Siris hires ex-Xerox CEO

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The US private equity fund buying EFI has brought long time industry leader and former Xerox CEO Jeff Jacobson onto its team, sparking speculation that it may be intending to have a look at the big red.

Siris makes no direct mention of EFI in its announcement of Jacobson’s appointment as an executive partner, but with the buyout imminent it is a clear move to provide it with print industry oversight. Executive partners are not employees, they operate as consultants.

Siris is paying $1.7bn for EFI in a leveraged buyout that will see EFI gain a debt of around $1bn. EFI has just passed the $1bn sales marker. Alongside its consistent inkjet revenues Siris is aiming to realise super-charged growth in packaging and textile printing from EFI for its returns.

Industry insiders are also speculating that bringing Jacobson on board could point to Siris putting a bid in for Jacobson’s former employer Xerox, which had a year-long dance with Fujifilm over who will own the company – a dance which cost Jacobson his job as CEO, and which currently has Fujifilm suing Xerox for US$1bn over the failed US$6.1bn merger.

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