LOS ANGELES--()--The Gores Group, a leading Los Angeles‐based investment firm, today announced that through an affiliate it has completed the acquisition of Elo Touch Solutions from TE Connectivity for $380 million in cash.
Elo Touch Solutions is a global supplier of touch screens, touch monitors and all-in-one touch computers. The company is widely recognized as the preeminent brand in the touch systems industry and is well known for delivering a superior breadth of offerings and for the quality and reliability of its products. Headquartered in Menlo Park, California, Elo Touch Solutions generated sales of $413 million in fiscal 2011.
“The Gores Group is excited about the acquisition of Elo Touch Solutions,” said Anthony Guagliano, Managing Director for The Gores Group. “Elo has a long tradition of innovation, market leadership and financial success. We believe that the Elo team will thrive as an independent entity and The Gores Group looks forward to assisting them in doing so.”
Commenting on the transaction, Doug Means, Chief Executive Officer of Elo Touch Solutions, stated, “We are pleased to be a part of The Gores Group. This is great news for the company, our employees and customers. The Gores Group has an impressive track record of growing organizations profitably, attracting and retaining top talent, investing in new products and improving the customer experience. I am confident in Elo Touch Solutions’ continued growth and prosperity.”
“The touch solutions industry is enjoying strong growth driven by the mainstream adoption of touch interfaces across the commercial and consumer markets. As a leader in touch products and technology, Elo is well positioned to capture a large share of that growth,” noted Jonathan Huberman, Managing Director of Operations for The Gores Group. “We are confident that Elo's cutting edge technology will continue to penetrate the market and look forward to partnering with the management team to better serve our customers and maximize the company's potential.”
About The Gores Group LLC
The Gores Group, LLC is an investment 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, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, the Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
About ELO Touch Solutions
ELO Touch Solutions is a premier global supplier of touch solutions including touchscreen components, touchmonitors, and all-in-one (AiO) touchcomputers. With multiple touchscreen technology options, including surface acoustic wave (SAW), resistive, projected capacitive, acoustic pulse recognition (APR), infrared (IR), and optical, Elo touch solutions meet the diverse requirements of digital signage, retail, point-of-sale (POS), hospitality, medical/healthcare IT, industrial, and consumer. A pioneer in the industry with over 40 years of experience, Elo brings quality, innovation, and integrity to everything we touch. Visit www.elotouch.com