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Components | April 12, 2012

Gores Group acquires TE business unit

Private equity firm The Gores Group has - through an affiliate - signed a definitive agreement to acquire TE Connectivity's Touch Solutions business for $380 million in cash.
The Touch Solutions business is a global supplier of touch screens, touch monitors and all-in-one touch computers that are marketed under the Elo TouchSystems brand. Headquartered in Menlo Park, California, the business generated sales of $413 million in fiscal 2011.

"As a pioneer and global leader in high-performance touch solutions, Elo TouchSystems is a compelling addition to The Gores Group portfolio of companies," said Ryan Wald, Managing Director of M&A for The Gores Group. "Elo TouchSystems is well positioned in the industry because of its premier brand name and strong relationships with customers and channel partners. We plan to expand its offerings through investment in organic growth and strategic acquisitions."

Tim Meyer, Managing Director of Operations for The Gores Group, added, "Elo's leadership position and strong technology and product portfolio provide an excellent growth platform. We look forward to partnering with management to achieve the full potential of the business."

The transaction is subject to customary regulatory approvals and is expected to close in the second calendar quarter.
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