Inca Digital Printers

Inca Digital Printers, a spin out from Cambridge Consultants Ltd, is a manufacturer of wide format flat-bed ink-jet printers for applications in production printing, packaging and decorative materials markets.

Inca received £2.1m of start up investment in May 2000 from Advent to fund the spin out and development and launch of its first products. In addition, Advent introduced an executive Chairman who joined the management team at the time of this first round. A further round of £2m was led by Advent, including Gartmore Private Equity, in October 2001.

Inca grew rapidly as further products were introduced, with customers attracted to the exceptional precision and speed of the technology with the ability to print on a wide range of substrates. By 2005, Inca employed around 140 staff based at its headquarters in Cambridge, UK. Annual sales had risen to £19m with its industrial printing systems distributed world-wide through specialist ink suppliers such as Sun Chemical, Inc and Sericol Ltd.

In a process led by Advent, Inca was acquired by Dainippon Screen Mfg Co Ltd in June 2005. The transaction was for £30m in cash providing Advent with a multiple of 3.1 on its invested capital, representing an IRR of 27%.