Benzinga | Oct 11, 2021 12:53PM EDT

Acacia Research Acquires Printing Technology Business Printronix For $33M

* Acacia Research Corp (NASDAQ:ACTG) has acquired Printronix Holding Corp. for $33 million in cash. The purchase price represents a multiple of ~3.6x the Adjusted EBITDA generated by Printronix in the fiscal year ended March 31, 2021.

* Printronix is a manufacturer and distributor of industrial impact printers, known as line matrix printers, and related consumables and services. It provides customized industrial print solutions for supply chain and manufacturing processes in harsh printing environments.

* Acacia sees significant value-creation opportunities stemming from the profitable printing technology business.

* Acacia Research held cash, equivalents, and equity investments at a fair value totaling $320.6 million as of June 30, 2021.

* "The acquisition of Printronix aligns with our strategic focus on acquiring high-potential businesses that can effectively leverage Acacia's significant capital resources and operational expertise," commented Clifford Press, Acacia's President and CEO.

* Price Action: ACTG shares are trading lower by 0.86% at $5.79 at the last check Monday.