Imaje, located in the Rhone valley region of France, is a world leader in the design and manufacture of industrial and commercial marking equipment and consumable supplies.

Imaje specializes in manufacturing continuous deflected ink-jet (CIJ) printing systems and associated consumables, such as ink and service parts.
  More than 50 percent of Imaje sales have historically been to the food/beverage and pharmaceutical industries. Nevertheless, the operating characteristics of CIJ coding and marking—high speed, flexibility, safety, low cost, high quality, and adaptability to many forms and types of substrates—are very useful in a wide variety of applications across many industries.
  During the early stages of its development, Imaje concentrated on France and continental Europe. By the mid-’80’s the company had made a major penetration in Asia by creating subsidiaries in Japan, Singapore, Hong Kong and Malaysia. Today, Imaje products are sold in more than 95 countries, and the company has secured the leading market position in the Asia-Pacific region.

Company Background

Founded in 1982 by Jean-Claude Millet, Imaje grew very rapidly during the ’80’s as it developed a broad line of printers and opened an extensive network of sales and service locations internationally. To help finance this growth, the company took on several major financial partners.
  Imaje experienced serious financial difficulties during the 1991 worldwide recession when a product line, prematurely introduced to the market, had to be recalled. A group of banks, led by Credit Lyonnais, converted debt to equity, restructured ownership, and assumed control. Albert Journo, who had recently sold his own business to Imaje, was asked to assume leadership of the company and return it to a profitable growth course.
  By early 1995, Imaje was clearly back on track. At that time, Credit Lyonnais was being pressed by the French government to divest its industrial holdings. The group of banks decided to sell Imaje via a classic auction. The investment banking arm of Credit Lyonnais, CLINVEST, was chosen to handle the auction process. An informational memorandum was prepared, a pre-selected group of potential buyers was approached, and proposals were solicited. Meanwhile, CLINVEST kept its clients–the group of French banks and other private shareholders, including the founders–advised on the progress of the sale.

Acquisition issues

At the time of the auction, management and the company’s founders held about a 30 percent equity interest in Imaje and retained a strong voice in determining the winning bid.
  Since most shareholders were financial investors, however, it was inevitable that monetary considerations would be a major factor in the final decision.

"Dover is respectful of our identity and brings the resources we need to expand our projects beyond our own capabilities."

Omar Kerbage, President, Imaje

  Dover was able to satisfy the interests and concerns of all the parties-in-interest:
  Management/founders: The management team, led by Journo, and the founding shareholders, represented by Millet, were very concerned about the identity of the new owner. They had worked very hard first to build the company and then to turn it around. Now they wanted to grow Imaje to be the #1 market leader worldwide. Worried that a debt burden would be imposed if the com-pany were acquired by financial buyers, these company leaders also feared that a strategic buyer or competitor might break up the synergistic structure they had so carefully crafted.
  Banks: Although the financial shareholders naturally sought the highest price for Imaje, they were sensitive to the legitimate concerns of the management team responsible for turning the company around. And, since the proposed transaction was very high profile, especially within French banking circles, it was important that it be carried forward with as few setbacks as possible.
  Dover emerged as the ideal buyer from every standpoint. Management was offered both the opportunity to continue to run the company and funds for future growth and expansion. Financing was not an issue. Dover’s acquisition strategy was clear and straightforward, and its long track record of successfully concluding transactions was appreciated by the negotiators.
  Imaje joined Dover as a stand-alone company in 1995. Journo remained as company president for the ensuing four years. In an orderly transition, Mr. Journo departed to pursue personal interests and was succeeded by Mr. Omar Kerbage, who is leading a number of growth improvement programs including the 2001 acquisitions of Adhoc, a French based producer of customized traceability solutions and Markpoint, a Swedish designer and manufacturer of marking systems using inkjet, label, mobile, print and apply printers. Since becoming part of Dover, Imaje has continued its robust growth through new initiatives in product development, market expansion and new acquisitions.