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The Gores Group, LLC and Investors Complete Purchase of CompuDyne Corporation
LOS ANGELES --(Business Wire)-- The Gores Group, LLC, and defense industry executive Stuart Mackiernan announced the completion of the acquisition of CompuDyne Corporation, a leader in sophisticated security products and technology for the public security markets. Clearlake Capital Group, L.P. provided debt and equity financing to the investor group in the transaction.
On August 6, 2007, affiliates of the investor group entered into an Agreement and Plan of Merger with CompuDyne. The transaction was effected by way of a tender offer (which resulted in approximately 92% of the outstanding shares being tendered) followed by a short-form merger.
As part of the transaction, Martin Roenigk resigned his position as President and CEO of CompuDyne and Stuart Mackiernan was named CEO. Mr. Mackiernan is an industry executive with significant experience in the defense and government services industry, most recently Corporate Vice President, Business Development, and President and CEO of L-3 Satellite Networks at L-3 Communications. Previously, Mr. Mackiernan held senior positions at GE Capital Spacenet Services, General Dynamics, SAIC, and Unisys.
"CompuDyne is well positioned to expand on its services and products in key markets of infrastructure protection and homeland security," said Mr. Mackiernan. "CompuDyne is engaged in all areas of public safety, from installing blast-proof windows at embassies to creating software to manage how our courts, prisons and police departments function. We see a unique opportunity to expand our business, both in the U.S. and around the world," he added.
Ian Weingarten, Managing Director at The Gores Group, commented, "The demand for sophisticated security systems offers exciting growth opportunity on a global basis. As a private company, CompuDyne will be better able to realize its potential in this important market. We are looking forward to the opportunity to expand CompuDyne organically as well as through acquisitions into a larger player in the security products and technology sector."
Steven Chang, Partner at Clearlake Capital, added, "We believe that CompuDyne will serve as an excellent platform for capitalizing on the growth opportunities in the defense and highly-fragmented public security industries. Clearlake is excited to team with Gores and Stuart on this important transaction and we look forward to supporting the growth of CompuDyne's business units."
About CompuDyne
CompuDyne Corporation (NASDAQ:CDCY) is a leading provider of products and services to the public security market with 2006 revenues of $147.5 million. CompuDyne operates in four distinct segments in this marketplace: Institutional Security Systems, Attack Protection, Integrated Electronics and Public Safety and Justice/Tiburon. CompuDyne's customers include several divisions of federal, state and local governmental agencies and corporate clientele. For more information, please visit www.CompuDyne.com.
About The Gores Group
Founded in 1987, The Gores Group, LLC is a private equity 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, LLC has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $1.3 billion. Headquartered in Los Angeles, California, The Gores Group, LLC maintains offices in Boulder, Colorado and London. For more information, please visit www.gores.com.
About Clearlake Capital Group
Clearlake Capital Group is a private investment firm integrating private equity, leveraged finance, and special situations in both private and public market opportunities. Clearlake Capital seeks to partner with world-class management teams to invest in businesses going through change or expansion with patient long-term capital. The firm has a flexible mandate to invest across the capital structure in corporate divestitures, recapitalizations, restructurings, going private buyouts and growth capital. Clearlake Capital's founding principals have led over 35 investments totaling more than $3.5 billion of capital in sectors including business services, communications and media, energy and power, healthcare, manufacturing, retail/consumer and technology.
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