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Vector Capital completes acquisition of Gerber Scientific
23
Aug '11
Gerber Scientific Inc a leading international supplier of sophisticated automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries, announced the completion of its acquisition by funds managed by Vector Capital, a global private equity firm specializing in the technology sector, in a transaction valued at approximately $283 million. CITIC Capital Partners, a leading China based private equity firm, will take a minority stake in Gerber Scientific alongside Vector.

On August 18, 2011, Gerber Scientific's stockholders approved the take-private transaction at a special meeting of the stockholders. Under the terms of the merger agreement, Gerber Scientific stockholders will receive $11.00 per share in cash, plus a non-transferable contractual right to receive additional contingent cash consideration payments if net recoveries are obtained in connection with certain claims for infringement of a Gerber Scientific patent covering “print to cut” technology. Gerber Scientific common stock will be delisted from the New York Stock Exchange.

Simultaneous with the take-private of Gerber, Vector divested Spandex, a Gerber business unit and trade supplier to the sign making and display industries in Europe and Australia, to funds managed by Gilde Buy Out Partners, a European private equity firm. Going forward, Spandex will operate as an independent company.

"We are delighted to be working with Vector Capital to execute on our long-term vision,” said Marc Giles, President and Chief Executive Officer of Gerber Scientific. “We believe Vector Capital and CITIC Capital Partners have the global capabilities, financial resources and industry expertise that will allow us to capitalize on our expansive global infrastructure, dedicated employees and loyal customer base to continue to deliver innovative automation solutions to the markets we serve.”

Giles added, “The sale of Spandex is part of our overall strategy to concentrate on our technology-intensive, global businesses, namely, Gerber Technology, which serves the apparel and industrial markets, and Gerber Scientific Products, a major player in the sign making and specialty graphics business. Spandex will continue to serve as a distributor for Gerber Scientific Products in Europe.”

Amish Mehta, a Partner at Vector commented, “We are excited to partner with Gerber Scientific's talented team to deliver cutting-edge products and services to its global customer base. We believe Gerber Scientific is well positioned to capitalize on growth opportunities globally. We are committed to assisting Gerber in accelerating its growth in the Apparel and Industrial market segment, both organically and through acquisitions.”

Gerber Scientific's Board of Directors was advised by Cravath Swaine & Moore and RA Capital Advisors. Davis Polk & Wardwell served as a legal advisor to Vector.

Vector Capital


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