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CoBe Capital to exit PSG

CoBe Capital has agreed to sell the Printing Systems Group, a Dutch provider of industrial printing solutions across Europe, to Heidelberger Druckmaschinen AG. No financial terms were disclosed.


Amsterdam, The Netherlands – CoBe Capital, a global private investment firm, announced on March 3rd the signing of a definitive agreement to sell the Printing Systems Group (PSG), a Netherlands-based distributor of industrial printing solutions across Europe, to Heidelberger Druckmaschinen AG (Heidelberg). The pending transaction is subject to regulatory approval and customary closing conditions. Financial terms of the agreement were not disclosed.

CoBe Capital specializes in acquiring and operating non-core and underperforming business units from global corporations, and has led the Printing Systems Group through significant operational growth since its acquisition from Staples in 2013.

“The strategic vision that we have executed at PSG is an exciting success story”, said CoBe Capital Managing Director Dr. Henning Walf. “The success we have had in partnership with the PSG team is exemplary of how CoBe Capital excels as a firm. PSG presented an opportunity to rapidly execute operational improvements and to focus on driving customer excellence across the Pan-European marketplace. I am proud of our accomplishments in partnership with PSG’s executive team and the hard work of PSG’s employees.”

CoBe Capital worked with the PSG management team to execute a series of growth and operational improvement programs, including: dedicated emphasis on the company’s recurring after-sales revenue streams (service, spare parts, consumables), increasing customer relationships and customer loyalty, and overall operational performance throughout all back-office processes.

Neal Cohen, CoBe Capital’s Owner and Managing Director, stated, “CoBe delivered on its pledge to provide the resources and support the business needed to grow, and we are proud of the role we played in the evolution of the business. We have a history of long-term ownership of our businesses, and that makes it difficult for us to walk away from PSG – but ultimately we believe PSG is extremely well positioned for the future, and we are excited for the PSG team to have strong support from Heidelberg moving forward.”

With €225m in revenue and 400+ employees in the Benelux countries and southern Europe, PSG’s partnership with Heidelberg dates back decades, and Heidelberg’s products account for the majority of the company’s equipment sales. In addition to generating operational benefits, integrating PSG into Heidelberg will ensure the customer base continues to enjoy the best possible support. “PSG’s strength in the services and consumables business and its outstanding access to customers are very attractive to us,” said Heidelberg CEO Gerold Linzbach. The acquisition of the PSG Group will result in an immediate increase in sales for the Heidelberg Group, primarily through services and the consumables business.

About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base, specializes in the acquisition and operation of non-core and underperforming business units in the Americas and Europe from leading global corporations. CoBe Capital owns and operates a diversified portfolio of companies and strives to achieve long-term growth based on lean management and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit