PORTUGAL – AstroNova, a data visualization technologies firm, has acquired digital printing technology company MTEX NS for a total enterprise value of €24.3 million (US$26.23m).
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Located in a technology hub outside Porto, Portugal, MTEX NS specializes in label, packaging, and direct-to-film printing solutions.
The company operates from an 81,000ft2 facility dedicated to engineering and manufacturing, with distribution networks covering Europe, the Middle East, North America, and South America.
MTEX NS offers industrial printing solutions tailored for various applications within the digital printing market, including packaging, flexible packaging, color labels, and textiles.
Their offerings include professional wide-format and dual-sided printing capabilities for corrugated boxes and paper, serving industries like healthcare, logistics, and e-commerce.
Moreover, MTEX NS enables flexible package printing on diverse substrates such as thermoplastic polymers, multilayer materials, and paper, catering to needs in healthcare, food and beverage, and other sectors.
The company also provides high-speed, professional color label printing and finishing solutions for in-house and commercial printing needs, along with transfer film solutions to facilitate image transfer onto a wide range of materials.
Following AstroNova’s acquisition, MTEX NS will operate as a wholly-owned subsidiary, retaining its existing brand and management structure.
AstroNova’s president and CEO, Greg Woods, highlighted the strategic value of the acquisition: “MTEX NS brings multiple complementary market adjacencies while broadening our addressable customer base and geographic reach.
“The acquisition expands our sustainable packaging capabilities, including recycled cardboard printing and environmentally friendly, water-based inks.”
The agreement includes up to a €4 million earnout payable to the seller over three years based on predefined revenue growth milestones.
AstroNova expects the transaction to contribute an additional US$8 million to US$10 million in revenue during the current fiscal year.
MTEX NS CEO Elói Ferreira emphasized the company’s track record: “Since our inception in 2011, we have challenged the status quo of the global printing industry, building a reputation for excellence with customers in approximately 100 countries around the world.”
The acquisition was financed through borrowings from an amended version of AstroNova’s senior bank debt facilities.
This acquisition comes after the company posted revenue of US$39.6 million in the fourth quarter of financial year 2024 (Q4 FY2024).
According to the company, this revenue was in line with the comparable period in fiscal ‘23, with a 10% increase in T&M, mainly offsetting a 5% decline in PI.
GAAP gross margin of 37.2% in the fourth quarter increased by 320 basis points from the same period in fiscal ‘23, reflecting a more favorable mix in PI in the 2024 period.
Operating expenses for the quarter were down US$634,000 or approximately 6% year-over-year to US$10.8 million.
The key driver was a 10% decline in selling and marketing expense, which reflected the benefit of our strategic realignment of the PI segment.
It is also a function of a broad-based commitment to efficient resource use throughout the organization, in keeping with the AstroNova operating system.
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