The Gores Group has signed an agreement to acquire Harris Broadcast Communications, a broadcast communications equipment company, from Harris Corporation for $225 million.
“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 developing and delivering market leading technologies to its customers.”
Harris Broadcast Communications is a supplier of hardware and software that creates, manages, transmits, distributes and monetizes video content. The company is headquartered in Denver (www.broadcast.harris.com)
“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,” said Harris Morris, President of Harris Broadcast Communications. “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.”
The Gores Group makes control investments in non-core, underperforming or undervalued businesses in the United States and Europe. The firm maintains an in-house team of over 60 M&A and operations professionals in the US and Europe. The Gores Group was founded in 1987 and has offices in Los Angeles, CA; Boulder, CO and London, UK (www.gores.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-12-12