Digital offset technology company Presstek has announced an a definitive merger agreement with MAI Holdings, an entity affiliated with American Industrial Partners Capital Fund (AIP), which will see Presstek acquired by the company.

The merger has been approved unanimously by Presstek's board of directors and is expected to close during Q4 2012 following the approval of shareholders and other closing conditions.

"We are excited to combine the financial resources of AIP with the strong product portfolio of Presstek," says Stanley E Freimuth, Presstek's chairman, president and chief executive. "We believe that this combination will help to fuel the growth of the company, which has been challenging over the past few years as a result of the world-wide economic downturn."

Richard Hoffman, associate at AIP, adds: "Presstek represents a very attractive portfolio investment for AIP. The company has best-in-class technologies, headlined by its highly efficient and versatile 75DI digital offset printing press, and we look forward to partnering with Presstek's management team to help the company and its product portfolio achieve their full potential."