Agfa-Gevaert: Siris Capital to acquire Active Ownership's 19.1% stake
U.S.-based investment fund Siris Capital Group will acquire the 19.1% stake that Active Ownership holds in the Belgian imaging group. The transaction is linked to the ongoing combination of Agfa's digital printing business and EFI, a company already present in Siris' portfolio.
Acquisition of stake subject to completion of EFI-Agfa DPS project
Agfa-Gevaert NV announced on September 28, 2026 that Siris Capital Group had signed an agreement to acquire a 19.1% stake in the group, currently held by Active Ownership.
The financial terms of the transaction were not disclosed. The operation is presented as a strategic investment by Siris in the capital of the Belgian group.
This acquisition is conditional upon the completion of a previously announced agreement concerning the combination of Agfa's Digital Printing Solutions business (Agfa DPS) with Electronics for Imaging, Inc. (EFI), a company in Siris' portfolio.
This combination remains subject to customary regulatory approvals and closing conditions. Until these steps are completed, the acquisition of Active Ownership's stake is not finalized.
Siris intends to act as shareholder in Agfa's capital
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Frank Baker, co-founder and managing partner of Siris, indicated that the work conducted with Agfa's teams on the EFI-Agfa DPS combination had reinforced the fund's vision regarding the group's business.
According to him, Siris wishes to deepen its partnership with Agfa and position itself as a shareholder supporting the company in investing in its growth activities and ongoing transformation.
Siris presents itself as a private equity firm focused on control investments in service companies related to disruptive technologies. Based in West Palm Beach, Florida, the firm states it has deployed more than 9 billion dollars in equity capital since its inception.
A Belgian group with nearly 160 years of history
Agfa-Gevaert group, based in Mortsel, Belgium, develops and markets analog and digital systems for healthcare, the printing industry, green hydrogen and specific industrial applications.
In 2025, the group achieved revenues of 1,086 million euros.
SectorDispositifs médicaux et optique›Dispositifs médicaux / imagerie
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 512 millions d'euros
Quarterly revenue: 512 millions d'euros
Revenue growth: -2,2 %
EBITDA: 25 millions d'euros
EBITDA margin: 4,9 %
Net income: -27 millions d'euros
Free cash flow: -52 millions d'euros
127 millions d'euros
Guidance from the release
The full year 2026 free cash flow is expected to be more negative than in 2025
Risks mentioned
Flux de trésorerie disponible négatif de 52 M€ au S1 2026, aggravé par les coûts de transformation et de réorganisation
Faiblesse persistante du marché Green Hydrogen Solutions liée aux retards de mise en œuvre de la directive RED III
Baisse du chiffre d'affaires de HealthCare IT de 7,3% hors effet de change liée à la transition cloud
Opportunities identified
EBITDA ajusté du groupe en hausse de 66% au S1 2026 grâce aux programmes d'économies
Recettes récurrentes de HealthCare IT en hausse de 4% hors effet de change au T2 2026, où elles représentent 66% du chiffre d'affaires du segment
Amélioration du fonds de roulement dans toutes les activités hors film grâce à un programme d'affacturage avec BNP Paribas Fortis
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.