The additive manufacturing world continues to consolidate: voxeljet just announced that it has provisionally agreed to sell its entire business to funds affiliated with Anzu Partners via an asset deal. Who? Anzu is an investment firm that manages about $1 billion in assets; their stated focus is “clean tech, industrial and life science technology companies with the potential to transform their industries.” I took a quick look at their current portfolio, and I didn’t notice any familiar names — but that shouldn’t negate their interest in additive technologies or their ability to help bring voxeljet to a broader market than it has been able to do on its own.

Anzu says it has a “strong commitment to voxeljet’s existing customers, suppliers, and employees. Anzu’s managing partner, Whitney Haring-Smith, will be the chair of the Board of Directors of the future business after closing, and current CEO, Rudolf Franz, will lead the post-transaction business. In this transaction, the business has a strong partner to support further growth and financing of the business.” Mr. Haring-Smith added, “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 … voxeljet is a leader and driver of the future that we want to deliver.”

voxeljet CEO Franz said, “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.”

This announcement isn’t a surprise — voxeljet has been stressed for years, selling expensive large-format printers and their materials to a market that needed to figure out how additive fit into a manufacturing strategy. Like 3D Systems, Stratasys, and others, voxeljet struggled to find buyers and build the scale to support those who did buy.

This transaction is expected to close in March or April 2025, assuming voxeljet’s shareholders and German regulators approve.

And assuming that voxeljet doesn’t receive a better offer before the “go-shop” period ends on January 12, 2025. The “go-shop” allows voxeljet to “actively initiate, solicit and consider alternative acquisition proposals from third parties. In the event of a superior proposal, voxeljet has the right to terminate the purchase agreement to enter into the superior proposal in accordance with the conditions set out in the purchase agreement.”

Here’s why: The purchase price agreed to with Anzu is based on an enterprise value of EUR 20 million, which will be “paid through the assumption of Voxeljet’s liabilities and the payment of a cash component of approximately EUR 1.7 million.” That EU1.7 million is not a lot for the shareholders to divide up … Not spelled out in today’s announcement is whether Anzu still holds the loan(s) it made to voxeljet, which were last stated to be around $10 million, as of voxeljet’s delisting from the NASDAQ stock exchange in April.