|By Business Wire||
|February 5, 2014 12:01 PM EST||
Legrand, a global leader in electrical and data network infrastructure solutions, today announced it has signed a definitive agreement to acquire Lastar, Inc., including its Quiktron and C2G divisions. Quiktron, based in Albia, IA is a leading manufacturer of copper and fiber optic cable assemblies for the data communications distribution channel. C2G, based in Moraine, OH, is a recognized leader of cabling and connectivity products for the A/V and IT industries. Consummation of the transaction is subject to the completion of conditions for closing, including the receipt of consents and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which is anticipated within 30 – 60 days. Until such time, the companies will continue to operate independently.
Legrand’s acquisition of Lastar and its Quiktron and C2G brands would strengthen Legrand’s position and capabilities in the data communications and A/V channels while simultaneously providing Legrand access to new customer segments.
New breeds of digital applications and an increasing demand for streaming content at home and at work have driven rapid growth in the data center and the continued buildout of higher bandwidth communication infrastructures. Given the industry trend toward pre-terminated cable assemblies, Legrand would now offer its customers a broader array of custom and pre-terminated copper and fiber cable assemblies that are designed for flexibility and efficient installation.
“We are focused on providing a more integrated infrastructure solution including cable assemblies, connectivity, cabinets, racks, cable tray, and cable management solutions that will help address our customers’ requirements for next-generation data communications demands,” said John Selldorff, President and CEO, Legrand, North America. “The acquisition of these leading organizations underscores Legrand’s commitment to strategic growth in the data communications and A/V channels.”
The addition of Quiktron to Legrand’s existing data communications product and service capabilities would provide customers a more complete and fully integrated end-to-end solution. Additionally, customers would find increased flexibility in design, installation and support services from one streamlined source. In joining Legrand, C2G would gain access to Legrand’s global resources and capabilities in the acceleration of innovation, expansion of services, and the addition of select data communications and A/V products, over time, that are currently not available in their product catalog.
“Lastar’s customers would undoubtedly benefit from the increased access to a diverse range of products and the complete turnkey suite of solutions that Legrand would offer” said Bill Diederich, President and CEO, Lastar, Inc. “Upon formal completion, the acquisition would create new growth potential for all parties involved as the data communications, A/V and IT landscapes continue to evolve.”
“Lastar values providing customers an effortless experience, innovation in products and services, and caring for and communicating openly with its associates” said Mike Shane, Lastar Chairman and co-founder. “We are happy to find new owners 30 years after founding the company, who share those values and who will give our team the opportunity to take Lastar’s achievements to the next level backed by the strength of a vibrant global company.”
Founded in 1984, Lastar employs nearly 1,000 employees with operations in nine locations throughout the United States, Europe and Asia. In 2013, Lastar achieved global revenues of more than $135 million.
Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for use in commercial, industrial and residential markets makes it a benchmark for customers worldwide. Innovation for a steady flow of new products with high added value and acquisitions are prime vectors for growth. Legrand reported sales of close to $5.8 billion in 2012. Legrand has a strong presence in the North American market, with a portfolio of well-known product lines that include Cablofil, Electrorack, Middle Atlantic, NuVo, On-Q, Ortronics, Pass & Seymour, Vantage, WattStopper and Wiremold. The company is listed on NYSE Euronext and is a component stock of indexes including the CAC40, FTSE4Good, MSCI World, ASPI and DJSI (ISIN code FR0010307819). www.legrand.us
C2G is a division of Lastar, Inc., a global leader in IT, A/V, and datacom cabling and connectivity solutions since 1984. C2G delivers connectivity solutions renowned for superior quality, value, and innovation and are backed by their uncompromising commitment to customer service. C2G is best known for being the cabling and connectivity supplier of choice for industry leading technology resellers and distributors and has operations across North America, EMEA, and Asia. For more information regarding C2G, visit www.c2g.com.
Quiktron is a leading manufacturer of fiber optic and cable assemblies for the datacom and telecommunications industries since 1992.The company partners with prominent distributors that offer a full line of data and communications products. With facilities in Albia, Iowa and Hickory, North Carolina, Quiktron provides custom manufacturing of fiber and copper interconnects as well as the distribution of more than 3,000 core items. www.quiktron.com
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