Advised on sale of company


Gleitsmann Security Inks GmbH

Leading manufacturer of security inks for state print works and commercial high security printers Germany

has been acquired by

IN Groupe

Global specialist in identity and secure digital services France

IMAP advises hubergroup on the sale of Gleitsmann Security Inks GmbH to IN Groupe

hubergroup has sold its shares in Gleitsmann Security Inks GmbH (GSI), a leading global manufacturer of security inks for state print works and commercial high security printers, to French state-owned IN Groupe. With the acquisition of GSI, IN Groupe further expands its "Secure Components" business unit for identity and banknote security. The complementary nature of the two companies will strengthen IN Groupe's product portfolio to meet increasing security requirements worldwide.

hubergroup Deutschland GmbH, Munich, Germany 

hubergroup, a 255-year-old family-owned company based in southern Germany, is one of the world's leading specialists in solutions and technologies for printing inks and auxiliaries (Print Solutions Division) and corresponding raw materials (Chemicals Division). The company employs around 3,500 people in nearly 30 countries and generated an annual turnover of about €700 million in 2021.

Gleitsmann Security Inks GmbH, Berlin, Germany

Founded in 1847 and headquartered in Berlin, Germany, GSI is a leading global manufacturer of security inks and a trusted partner to many state print works and commercial security printers around the world.

IN Group, Paris, France

IN Groupe (formerly Imprimerie Nationale) is a global specialist in identity and secure digital services, headquartered in France with more than 130 customers worldwide. In addition to identity document security solutions, IN Groupe develops and markets state-of-the-art security elements for identity documents and banknotes through its Surys (optical components) and SPS (electronic components) brands. With more than 1,900 employees at 10 sites in Europe, IN Groupe generated sales of €516 million in 2022.


The IMAP team exclusively advised hubergroup and GSI in a structured M&A process through all phases until the successful closing.

“I am glad that the transaction at the same time provides GSI with many synergies for the future expansion of its business. We would like to thank the IMAP team for their professional preparation, advice and tireless efforts in making this future-proof solution possible."

said Heiner Klokkers, Chairman of the Management Board of hubergroup