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| [December 10, 2012] |
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The Gores Group Agrees to Acquire Harris Corporation's Broadcast Communications Division
LOS ANGELES --(Business Wire)--
The Gores Group, a leading Los Angeles-based investment firm, today
announced that through an affiliate it has signed a definitive agreement
to acquire Harris Broadcast Communications from Harris Corporation (News - Alert) for
$225 million.
Harris Broadcast Communications is a global supplier of hardware and
software that creates, manages, transmits, distributes and monetizes
video content. Headquartered in Denver, CO, the company is widely
recognized as the preeminent brand in the broadcast communications
equipment industry. It is well known for delivering an end-to-end
breadth of offerings and for creating quality and reliable products.
"In Harris Broadcast Communications, we are investing in a proven
technology leader with great products and a great team," said Ryan Wald,
Managing Director for The Gores Group. "We are excited to provide the
capital and support to transition this division to a strong independent
company further enabling it to continue developig and delivering market
leading technologies to its customers."
Commenting on the transaction, Harris Morris, President of Harris
Broadcast Communications, stated, "We are thrilled to become a part of
The Gores Group. They provide proven capabilities including operations
expertise, experience in carve-outs, and significant investment capital.
The Gores team, which includes Senior Advisor Carl Vogel, a long time
C-level executive in the cable and satellite business, worked diligently
to truly understand our business, and they believe Harris Broadcast
Communications is the right company to anchor their presence in the
industry. They value our established global customer relationships,
innovative growth platforms, broad product portfolio, and experienced
team. They are committed to supporting us in continuing to innovate and
grow, and we look forward to our future together."
About The Gores Group LLC
The Gores Group, LLC is an investment firm focused on acquiring
controlling interests in mature and growing businesses which can benefit
from the firm's operating experience and flexible capital base. The firm
combines the operational expertise and detailed due diligence
capabilities of a strategic buyer with the seasoned M&A team of a
traditional financial buyer. The Gores Group, which was founded in 1987
by Alec E. Gores, has become a leading investor having demonstrated over
time a reliable track record of creating substantial value in its
portfolio companies alongside management. Headquartered in Los Angeles,
The Gores Group maintains offices in Boulder, CO, and London. For more
information, please visit www.gores.com.
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