LOS ANGELES, CA, APRIL 10, 2012 -- The Gores Group, a leading Los Angeles‐based private equity firm, today announced that through an affiliate it has signed a definitive agreement to acquire TE Connectivity's Touch Solutions business for $380 million in cash.
The Touch Solutions business is a global supplier of touch screens, touch monitors and all-in-one touch computers that are marketed under the Elo TouchSystems brand. Elo TouchSystems, which is widely recognized as the preeminent brand in the touch systems industry, is well known for delivering a superior breadth of offerings and for the quality
and reliability of its products. Headquartered in Menlo Park, California, the business generated sales of $413 million in fiscal 2011.
The Gores Group noted that the touch systems industry is enjoying strong secular growth driven by the mainstream adoption of touch interfaces and proliferation across
commercial and consumer vertical markets.
"As a pioneer and global leader in high-performance touch solutions, Elo TouchSystems is a compelling addition to The Gores Group portfolio of companies," said Ryan Wald,
Managing Director of M&A for The Gores Group. "Elo TouchSystems is well positioned in the industry because of its premier brand name and strong relationships with customers
and channel partners. We plan to expand its offerings through investment in organic growth and strategic acquisitions."
Tim Meyer, Managing Director of Operations for The Gores Group, added "Elo's leadership position and strong technology and product portfolio provide an excellent growth platform. We look forward to partnering with management to achieve the full potential of the business."
The transaction is subject to customary regulatory approvals and is expected to close in the second calendar quarter.