€20 Million Lifeline? Anzu Partners’ Strategic Bid to Acquire Voxeljet

After being downgraded to over-the-counter trading in early 2024, voxeljet has agreed to sell its business to Anzu Partners in a deal valued at €20 million. Aimed at securing its financial future, this acquisition signals a new chapter for voxeljet. Structured as an asset deal, the transaction is expected to close in the first half of 2025.

Anzu Partners, a U.S. investor with expertise in industrial technology managing approximately $1 billion in assets and a previous backer of 6K Inc., is acquiring voxeljet to fuel its potential in additive manufacturing. Anzu’s managing partner, Whitney Haring-Smith, will be the chair of the Board of Directors of the future business after closing.

“voxeljet’s technology fundamentally enables scaled additive manufacturing, supporting projects clients with decades of decided service and support. We believe that its technology advantage – from building the largest 3D printers in the world to features that enable fine details – is a decisive factor in its success in the market,” said Haring-Smith. “On the key challenges we face today – from localizing supply chains to supporting a circular economy – voxeljet is a leader and driver of the future that we want to deliver.”

Post-acquisition, voxeljet will continue under the leadership of its long-serving CEO, Rudolf Franz, who expressed optimism about the partnership, stating that the combination of voxeljet’s talent and Anzu’s ambitious vision will help ensure voxeljet’s success in an increasingly competitive industry.

“In a very dynamic market environment, this is an important step forward in shaping the further development of the industrial 3D printing market and achieving sustainable profitability as a company,” noted Franz in a social media post. “This agreement reflects Anzu Partners’ strong commitment to our customers, suppliers, and — most importantly — our exceptional team.”

As part of the agreement, voxeljet is entering a 45-day “go-shop” period, which allows the company to actively seek alternative acquisition proposals from other potential buyers. This clause ensures that voxeljet’s shareholders have the opportunity to benefit from a better offer, should one emerge. If a superior proposal is received during this time, voxeljet has the right to terminate the agreement with Anzu Partners and proceed with the new deal.

Meanwhile, Anzu Partners has agreed to buy voxeljet for a total value of €20.033 million, which includes most of the payment for taking over voxeljet’s debts. Within this amount, Anzu will also pay €1.7 million in cash to close the deal. This valuation translates to roughly €0.29 per share, offering shareholders a modest premium compared to the stock’s price of €0.21 on December 3, 2024, the day the deal was announced.

Over the past six months, voxeljet’s stock price has fluctuated between €0.029 and €0.70, highlighting the volatility of its market performance. The company’s shares are now traded on the OTC market under the ticker “VJTTY,” following its delisting from Nasdaq in March 2024 due to ongoing struggles with its stock price. For voxeljet, this deal provides a chance to stabilize its finances under Anzu’s ownership.

Anzu Partners is acquiring voxeljet’s core operating business through an asset deal covering its 3D printing technology, manufacturing facilities, customer contracts, and leadership team. As with most asset deals, certain parts of the business may not be included, such as non-core assets, specific liabilities, or obligations that don’t fit Anzu’s strategic plans. Any remaining assets or liabilities not covered in the deal will stay with voxeljet, which is expected to be liquidated following the transaction’s completion.

Founded in 1999 as a spin-off from the Technical University of Munich, voxeljet evolved into a global leader in high-speed, large-format 3D printing. The company’s technology supports industries ranging from aerospace to automotive, with components manufactured using voxeljet printers even reaching outer space. However, voxeljet’s journey has been marked by some challenges. In recent years, the company has faced financial struggles, including revenue fluctuations, widening losses, and difficulties maintaining profitability.

Amid the COVID-19 pandemic, disruption of global supply chains and reduced demand put pressure on voxeljet’s operations, leading the company to transfer its listing from the New York Stock Exchange (NYSE), which had been its home since 2013, to the Nasdaq. By 2022, the company reported a net loss of €11.4 million, pointing to ongoing pressures to manage costs and adapt to shifting market conditions. Then, earlier this year, voxeljet voluntarily delisted from Nasdaq and moved to the OTC market, citing the financial burden of maintaining a U.S. listing. Despite these hurdles, voxeljet has not stopped its innovation route to push for better 3D printing technology. Also, the company reported record revenue and gross profit in Q1 2024, with revenue growing 15.6% year-over-year and gross profit margins rising significantly. Perhaps it was this financial turnaround that set the stage for the acquisition.

As the deal progresses, voxeljet’s management will focus on being transparent and planning for growth. In the first quarter of 2025, shareholders will vote on the sale at an extraordinary General Meeting, where they will also discuss the possibility of liquidating voxeljet after the deal closes.

“For more than 25 years, our incredibly talented teams have created some of the most powerful industrial 3D-printers. The combination of voxeljet’s world-class talent and extraordinary franchises with Anzu’s technology network, access to talent, ambitious vision, and shared commitment to investing in the next generation of breakthroughs will help ensure our continued success in an increasingly competitive industry,” concluded Franz.

As 2024 comes to a close, the additive manufacturing industry has seen a wave of major acquisitions. Alongside Anzu Partners’ €20 million bid for Voxeljet, Nano Dimension successfully acquired Desktop Metal and Markforged. These deals highlight a trend of consolidation, with companies looking to boost their technology and expand their portfolios. This surge in acquisitions is altering the 3D printing landscape, setting the stage for big industry changes.