Business News
Francisco Partners Agrees to Sell Metrologic Instruments to Honeywell International
Tuesday 29. April 2008 - Francisco Partners, one of the world's largest technology-focused private equity funds, announced today that its portfolio company Metrologic Holdings Corporation, parent company of Metrologic Instruments, Inc., has signed a definitive agreement to be acquired by Honeywell International for $720 million in cash.
Metrologic is a leading provider of data capture and collection hardware and software. The business will be merged with Honeywell Security, part of Honeywell’s Automation and Control Solutions (ACS) business.
The combined businesses will offer a broad range of solutions in the AIDC industry, with a diverse base of customers in a number of industry verticals. The new business will serve customers in retail, healthcare, manufacturing, distribution and logistics, transportation, entertainment, and government sectors.
“We are excited about the opportunity to join Honeywell,” said Darius Adamczyk, Chief Executive Officer of Metrologic. “Combining Metrologic’s and Honeywell Imaging and Mobility’s product and solution portfolios will provide customers one of the most compelling value propositions in the AIDC industry. We will continue to be a leading player in the industry by maintaining our common commitment to innovation and customer focus.”
Andrew Kowal, a Principal with Francisco Partners, commented, “As a private company, Metrologic has been able to transform itself and improve many aspects of its business. We have been fortunate in the opportunity to partner with Metrologic’s management team to affect this transformation and support the company’s continued success.”
Elliott Associates is also an investor in Metrologic.
The transaction is expected to be completed in the second quarter of 2008, subject to regulatory approvals and the satisfaction of other customary closing conditions.
http://www.metrologic.com
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Business News
Francisco Partners Agrees to Sell Metrologic Instruments to Honeywell International
Tuesday 29. April 2008 - Francisco Partners, one of the world's largest technology-focused private equity funds, announced today that its portfolio company Metrologic Holdings Corporation, parent company of Metrologic Instruments, Inc., has signed a definitive agreement to be acquired by Honeywell International for $720 million in cash.
Metrologic is a leading provider of data capture and collection hardware and software. The business will be merged with Honeywell Security, part of Honeywell’s Automation and Control Solutions (ACS) business.
The combined businesses will offer a broad range of solutions in the AIDC industry, with a diverse base of customers in a number of industry verticals. The new business will serve customers in retail, healthcare, manufacturing, distribution and logistics, transportation, entertainment, and government sectors.
“We are excited about the opportunity to join Honeywell,” said Darius Adamczyk, Chief Executive Officer of Metrologic. “Combining Metrologic’s and Honeywell Imaging and Mobility’s product and solution portfolios will provide customers one of the most compelling value propositions in the AIDC industry. We will continue to be a leading player in the industry by maintaining our common commitment to innovation and customer focus.”
Andrew Kowal, a Principal with Francisco Partners, commented, “As a private company, Metrologic has been able to transform itself and improve many aspects of its business. We have been fortunate in the opportunity to partner with Metrologic’s management team to affect this transformation and support the company’s continued success.”
Elliott Associates is also an investor in Metrologic.
The transaction is expected to be completed in the second quarter of 2008, subject to regulatory approvals and the satisfaction of other customary closing conditions.
http://www.metrologic.com
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