Prepress, gravure cylinder production, flexographic plate manufacturing, and embossing tool production
Munich-based investment company Blue Cap AG signed an agreement on May 7, 2026, to acquire all shares in Janoschka AG, headquartered in Kippenheim, Germany. The transaction will nearly double the size of the Blue Cap Group and marks a strategic entry into the global packaging prepress market.
Blue Cap has entered into a purchase agreement with members of the founding Janoschka family as well as Stuttgart-based investment firm Süd Beteiligungen GmbH (SüdBG) for the acquisition of 100 percent of the shares in Janoschka AG and, indirectly, its subsidiaries. The parties have not disclosed the purchase price.
The transaction remains subject to customary closing conditions, including the restructuring of Janoschka AG’s existing syndicated financing, the approval of certain corporate and regulatory requirements, and the completion of defined operational measures. Upon successful completion, Janoschka will be fully consolidated and is expected to contribute proportionally to the Blue Cap Group’s revenue and earnings for the 2026 fiscal year.
The sellers include shareholders from the founding family, among them company founder Manfred Janoschka, who built the business in Kippenheim (Baden-Württemberg) starting in 1976 and currently serves on the supervisory board. Also divesting is SüdBG, which has held its stake since 2017.
For Blue Cap, the acquisition represents a transformative step. Analyst firm mwb research estimates that the deal will almost double group revenues. Accordingly, Blue Cap has significantly raised its 2026 outlook: assuming successful completion, the management now expects consolidated revenues of EUR 170–190 million (previously: EUR 120–140 million) and an adjusted EBITDA margin of 7.5–8.5 percent (previously: 5.0–6.0 percent).
Blue Cap cites structurally growing demand in the flexible packaging segment as a key strategic driver, where gravure printing—a core competence of Janoschka—plays a central role. Janoschka’s geographic footprint, located close to key packaging markets, ensures short supply chains and high service quality, contributing to strong customer retention. In addition, with annual revenues of around EUR 90 million and an EBITDA margin of approximately 13 percent (mwb estimate), Janoschka fits precisely into Blue Cap’s acquisition profile: mid-sized B2B companies in the DACH region with stable core businesses and clear development potential.
Company Profiles
Janoschka AG
Founded in 1976 by trained gravure retoucher Manfred Janoschka in his hometown of Kippenheim in the Ortenau region, the former five-person operation has developed into a global market leader in packaging prepress solutions. Today, the Janoschka Group employs around 1,500 people and operates production sites in 12 countries across Europe, Asia, and North America; company sources report 25 subsidiaries in 15 countries.
As a one-stop provider, Janoschka covers the entire prepress value chain for packaging printing—from packaging development and design adaptation to graphic reproduction (the conversion of designs into print-ready data), as well as the production of gravure and flexographic printing plates and embossing tools. Its main customers include packaging manufacturers and brand owners in the fast-moving consumer goods (FMCG) sector, spanning food, personal care, tobacco, and pharmaceutical industries.
The group also includes the premedia production agency Linked2Brands, which manages packaging design and adaptation to ensure consistent brand presentation across multiple points of sale. Additional applications include security printing, anti-counterfeiting solutions, and tactile surfaces for décor, tissue, and textile markets. In fiscal year 2025, Janoschka generated revenues of approximately EUR 90 million.
Blue Cap AG
Blue Cap AG was founded in 2006 in Munich and is a listed investment company whose shares are traded in the Scale segment of the Frankfurt Stock Exchange as well as the m:access segment of the Munich Stock Exchange. Its business model is based on acquiring mid-sized B2B companies in special situations that nevertheless exhibit sustainably stable core operations.
The company focuses on businesses headquartered in the DACH region with annual revenues between EUR 20 million and EUR 200 million. Blue Cap typically acquires majority stakes, actively supports the operational and strategic development of its portfolio companies, and exits investments profitably after a holding period of three to seven years. As of December 31, 2025, the ongoing portfolio comprised four majority holdings in the Industrials and Business Services segments as well as one minority stake.
For fiscal year 2025, Blue Cap reported strong results and proposed a record dividend of EUR 1.60 per share at its Annual General Meeting—comprising a base dividend of EUR 0.65 and a special dividend of EUR 0.95 from the sale of its con-pearl stake. With the acquisition of Janoschka, CEO Dr. Henning von Kottwitz continues to advance the company’s portfolio transformation.
Outlook
The exact timing of closing has not yet been determined, as it remains dependent on the renegotiation of Janoschka AG’s syndicated financing and additional corporate approvals. Blue Cap expects proportional consolidation during the current 2026 fiscal year. The company’s Annual General Meeting is scheduled for June 23, 2026, in Munich.
For the printing industry, the transaction sends another signal of ongoing consolidation in the upstream prepress market: specialized service providers such as Janoschka are increasingly attracting financially strong industrial investors targeting structural growth in flexible packaging printing.
