TMCnet News
The Gores Group Agrees to Acquire Harris Corporation's Broadcast Communications DivisionLOS 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. |
