Gerber Scientific Inc., the parent company of Gerber Scientific Products, has been acquired by Vector Capital Corp.
The merger was announced on 13 June. Gerber operates Gerber Scientific Products as well as Spandex and Gerber Technology, supplying equipment for signmaking, specialty graphics, packaging, apparel and industrial industries. The company announced that its board had unanimously adopted the merger agreement.
The agreement is the latest in a series of changes within the company aimed at 'rationalising [their] facilities, reducing supply chain costs, and streamlining the organisational structure and headcount,' President and CEO Marc Giles said in an August 2010 fiscal-earnings conference call.
'This merger is a very positive development for our shareholders, employees, customers and business partners,' said Donald P. Aiken, Gerber Scientific Chairman of the Board. 'We are very excited to open a new chapter in our 60+ year heritage as a technology innovator through our new partnership with Vector, a leading technology investment firm. Vector has a proven track record as a value-added partner to its portfolio companies, and we believe that their technology expertise and financial resources will enable us to continue to provide superior products and service to our customers worldwide, while growing our global footprint.'
Amish Mehta, a Partner at Vector, said, 'We are very excited to partner with Gerber Scientific’s talented team to continue to grow their leading technology business. The business that Gerber Scientific’s team has built, coupled with its great product offerings, makes it an ideal fit for our portfolio of cutting edge technology companies. We believe our support, combined with Gerber’s product strategy, employee talent and strong customer relationships will enable Gerber Scientific to further define itself as a leading player in the Apparel and Industrial market segment.'
The merger agreement permits the Board to solicit, receive, evaluate and enter into negotiations with respect to alternative proposals through July 25, 2011. The Board, with the assistance of its advisors, will actively solicit alternative proposals during this period. There can be no assurance that this process will result in a superior offer. If there is no superior offer, the transaction is expected to close in the second half of calendar 2011, subject to customary approvals and closing conditions. Completion of the transaction also requires approval by a majority of the outstanding shares of the Company.
Gerber Scientific Inc
http://www.gerberscientific.com/
The agreement is the latest in a series of changes within the company aimed at 'rationalising [their] facilities, reducing supply chain costs, and streamlining the organisational structure and headcount,' President and CEO Marc Giles said in an August 2010 fiscal-earnings conference call.'This merger is a very positive development for our shareholders, employees, customers and business partners,' said Donald P. Aiken, Gerber Scientific Chairman of the Board. 'We are very excited to open a new chapter in our 60+ year heritage as a technology innovator through our new partnership with Vector, a leading technology investment firm. Vector has a proven track record as a value-added partner to its portfolio companies, and we believe that their technology expertise and financial resources will enable us to continue to provide superior products and service to our customers worldwide, while growing our global footprint.'
Amish Mehta, a Partner at Vector, said, 'We are very excited to partner with Gerber Scientific’s talented team to continue to grow their leading technology business. The business that Gerber Scientific’s team has built, coupled with its great product offerings, makes it an ideal fit for our portfolio of cutting edge technology companies. We believe our support, combined with Gerber’s product strategy, employee talent and strong customer relationships will enable Gerber Scientific to further define itself as a leading player in the Apparel and Industrial market segment.'
The merger agreement permits the Board to solicit, receive, evaluate and enter into negotiations with respect to alternative proposals through July 25, 2011. The Board, with the assistance of its advisors, will actively solicit alternative proposals during this period. There can be no assurance that this process will result in a superior offer. If there is no superior offer, the transaction is expected to close in the second half of calendar 2011, subject to customary approvals and closing conditions. Completion of the transaction also requires approval by a majority of the outstanding shares of the Company.
Gerber Scientific Inc
http://www.gerberscientific.com/
