New York, NY, January 15, 2013 --(PR.com
)-- Business Development Asia LLC ("BDA") is pleased to report that its client, Printronix, Inc. ("Printronix"), the global leader in line-matrix and thermal printing solutions, has been acquired by Corona Investment Partners, led by Daniel Allen. BDA acted as joint financial advisor to Printronix on the transaction. Terms of the transaction were not disclosed.
Printronix is headquartered in Irvine, California. It has been a portfolio company since 2007 of Vector Capital. During that time, it has expanded its share of the specialist printer market, developing its international presence, and increasing sales in emerging markets including notably China, India and Indonesia. The Printronix premium brand is well-known for quality and reliability in its industry.
Randy Eisenbach, CEO, and the existing Printronix management team, will continue to run the company. "Under the guidance of Vector Capital we have expanded our product offerings and global presence, and optimized our internal operations,” Eisenbach said. “We look forward to a great relationship with our new long-term investor and further expanding our product lines. We believe this transaction creates an outstanding opportunity for our company to continue to grow, enabling Printronix to maintain its leadership position in the global printer market.”
Amish Mehta, Partner at Vector Capital, said, “We have had a successful investment in Printronix and are pleased to have selected a buyer for the company which will continue to partner with management to further grow the business.”
Euan Rellie, Senior Managing Director at BDA, added, “We were pleased to help Vector Capital to manage a global process to identify the best owner to take Printronix forward. Printronix is a terrific company, with a compelling Asian growth story. We wish Corona, and Randy and his team, all the best going forward. We look forward to offering further assistance going forward.”
BDA and Moelis & Company advised Printronix on the transaction. Kirkland & Ellis acted as legal advisor to Vector Capital. Ropes and Gray acted as legal advisors to Corona Investment Partners. KPMG advised Corona on accounting and tax matters.
BDA Deal Team
Euan Rellie, Senior Managing Director, New York
Mark Webster, Managing Director, Shanghai
Kent Ng, Assistant Director, Shanghai
Jordan Selleck, Associate, New York
Doreen Dong, Analyst, New York
Jiageng Li, Analyst, Shanghai
Since 1974, Printronix, Inc. has created innovative printing solutions for the industrial marketplace and supply chain. The Company is the worldwide market leader in enterprise solutions for line matrix printing and has earned an outstanding reputation for its high-performance thermal bar code and fanfold laser printing solutions. Printronix also has become an established leader in pioneering technologies, including radio frequency identification (RFID) printing, bar code compliance and networked printer management. Printronix is headquartered in Irvine, California. For Company information, see www.Printronix.com
About Vector Capital
With over US$2 billion of capital, Vector Capital is a leading global private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are Aladdin Knowledge Systems, Cambium Networks, Certara, Corel, Gerber Scientific, LANDesk, Precise Software, RAE Systems, Register.com, SafeNet, Savi Technology, Technicolor, Tidel Engineering, Trafficmaster, WatchGuard Technologies, and WinZip. For more information, please visit www.vectorcapital.com
About Corona Investment Partners
Corona is a New York City based private investment firm focused on finding high potential assets that have been limited by their current ownership structure. The long term nature of Corona’s capital base uniquely enables it to work in partnership with talented management teams to create sustainable businesses and superior returns to shareholders without regard to investment horizons.
Business Development Asia LLC (“BDA”) is a leader in cross-border investment banking in Asia. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe and Asia. BDA was named Investment Banking Firm of the Year by The M&A Advisor in both 2012 and 2010. BDA is headquartered in New York with offices in London, Beijing, Shanghai, Hong Kong, Mumbai, Bahrain, Seoul and Tokyo. BDA formed a partnership with William Blair & Company in 2011. Further information is available at www.bdallc.com
For more information regarding this transaction, please contact Euan Rellie in New York at (+1) 212-265-5300 or Mark Webster in Shanghai at (+86) 21 5407 5580.