|By Business Wire||
|February 6, 2014 06:26 PM EST||
Francisco Partners, a leading technology-focused private equity investment firm, today announced that its portfolio company has received a binding acquisition offer from Belden, Inc. (NYSE:BDC) to acquire Grass Valley. Based in Hillsboro, Ore., Grass Valley is one of the world’s leading providers of broadcast equipment solutions.
“We are pleased to have partnered with Grass Valley’s management team to streamline the company’s offerings and improve its performance. The contemplated combination of Belden’s Miranda business unit and Grass Valley will position them to become the clear leader in the broadcast equipment market by delivering the most complete solution to broadcasters worldwide,” said David Golob, a partner at Francisco Partners and Grass Valley director.
Francisco Partners acquired Grass Valley in 2010. Under Francisco Partners’ ownership, the company substantially improved profitability while also rejuvenating its product portfolio and divesting non-strategic lines of business.
“We are extremely excited to have Grass Valley join the Belden family. By combining Grass Valley and Miranda, we will create the broadcast industry’s largest and most complete portfolio,” said John Stroup, CEO of Belden.
About Francisco Partners
Francisco Partners is a global private equity investment firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sub-sector knowledge and operational expertise can help a company realize its full potential. For further information, please visit: www.franciscopartners.com.
About Grass Valley
For more than 50 years, the Grass Valley® name has been synonymous with innovation, leadership, and performance. With an eye to the future, we are committed to advancing our industry by being a strategic and trusted partner. Leveraging IP technology with our proprietary knowledge of media processing and storage, we develop product and service solutions that deliver unmatched interoperability and financial efficiency, and have the flexibility to change and grow as business evolves. When you're watching news, sports, or entertainment programming—whether on a TV, the web, or a mobile device, you're watching Grass Valley at work in today's connected world. For further information, please visit www.grassvalley.com.
St. Louis−based Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information visit www.belden.com.