CEWE Agrees to Acquire Kodak Alaris’ Global Instant Photo Business and Strengthens Its Strong Brand Portfolio with KODAK MOMENTS

CEWE Agrees to Acquire Kodak Alaris’ Global Instant Photo Business and Strengthens Its Strong Brand Portfolio with KODAK MOMENTS

• Signing of agreement to acquire KODAK MOMENTS Retail Photo Solutions: The acquired business has revenue of approximately 200 million euros
• Global expansion in the instant photo business, with core markets in the U.S., Canada, Mexico, and Australia
• A positive EBIT contribution from the acquisition is expected as early as fiscal year 2027; CEWE’s corporate planning for 2026 remains unchanged

 

Oldenburg, July 16, 2026. CEWE Stiftung & Co. KGaA (“CEWE”) today signed an agreement with Kodak Alaris, a portfolio company of Kingswood Capital Management, to acquire the KODAK MOMENTS Retail Photo Solutions business unit.

The KODAK MOMENTS Retail Photo Solutions division operates the global instant photo business in 54 countries. The company employs approximately 500 people, operates about 37,000 of its own connected photo stations in 16,000 retail stores, and generates annual revenue of approximately 200 million euros.

The transaction will take the form of a carve-out from the Kodak Alaris Group. CEWE is acquiring the business unit, including the consumables production facility in Windsor (Colorado, USA), for an agreed enterprise value totaling approximately 88 million euros. The purchase price is calculated based on the net debt and the net working capital to be assumed at the time of closing. Based on the figures as of March 31, 2026, an illustrative calculation results in a purchase price payment of approximately 72 million euros. However, this amount may still vary depending on the figures as of the closing date. The closing of the transaction is subject to various closing conditions, including regulatory and antitrust approvals, and is expected to take place in the first half of 2027.

Transaction and pre-closing costs for fiscal year 2026 are estimated to be in the low to mid single-digit millions of euros. The CEWE Group’s existing operational business plan for fiscal year 2026 remains unaffected by this and continues to apply unchanged.

Starting with the first full fiscal year following completion (expected to be 2027), the Executive Board anticipates a mid-single-digit EBIT margin for the acquired business. The planned realization of all operational synergies is expected to gradually further increase its contribution to earnings in subsequent years.

With this acquisition, CEWE is expanding its international market presence in the point-of-sale (POS) instant photo segment globally; in addition to the U.S. market, it is primarily entering the markets in Canada, Mexico, and Australia, and will use the KODAK MOMENTS brand under a licensing agreement for its international consumer business. By taking over the production facility in the U.S., CEWE is also expanding its depth of value creation in the instant photo business.

This announcement contains forward-looking statements that are based on current assumptions and are subject to risks and uncertainties.

Notifying person: Axel Weber, Head of Group Controlling & Investor Relations

CEWE Stiftung & Co. KGaA

© 2026 Kodak Moments Division, Kodak Alaris Inc.

The Kodak trademark and Kodak trade dress are used under license from Eastman Kodak Company.