Greenbriar Equity Group Completes Acquisition of Arotech Corporation
December 19 2019 - 8:39AM
Arotech Corporation (NasdaqGM: ARTX) (“Arotech”)
today announced the completion of its acquisition by an affiliate
of Greenbriar Equity Group, L.P. (“Greenbriar”). The transaction,
announced on September 22, 2019, was completed on December 19, 2019
following a majority shareholder vote for consideration of
approximately $80 million.
Dean Krutty, CEO and President of Arotech,
commented: “We are grateful for the hard work of our employees and
excited to deliver value to our shareholders in consummating this
transaction. The entire Arotech team is looking forward to our
partnership with Greenbriar and the opportunity to invest in
continued growth and expanded capabilities to support our
customers.”
Noah Roy, Managing Partner at Greenbriar, said:
“We are proud to invest in a company whose rich history, proven
technology and deep capabilities support critical missions in both
the military and commercial markets.”
The acquisition was effected through the
previously announced offer by Greenbriar of $3.00 in cash for each
share of Arotech common stock. As a result of the completion of the
transaction, Arotech becomes a private company and its shares are
no longer listed for trading on the Nasdaq Global Market.
B. Riley FBR, Inc. served as financial advisor
and Lowenstein Sandler LLP served as legal advisor to Arotech.
Kirkland & Ellis LLP served as legal advisor to Greenbriar.
About Arotech Corporation
Arotech Corporation is a defense and security
company engaged in two business areas: interactive simulation and
mobile power systems.
Arotech is incorporated in Delaware, with
corporate offices in Ann Arbor, Michigan, and research, development
and production subsidiaries in Michigan, South Carolina, and
Israel. For more information on Arotech, please visit Arotech’s
website at www.arotech.com.
About Greenbriar Equity
Group
Founded in 1999, Greenbriar Equity Group is a
private equity firm with over $3.5 billion of committed capital
focused on investing in market-leading manufacturing and services
businesses in partnership with proven management teams. Greenbriar
looks to identify companies capitalizing on strong long-term growth
prospects that can benefit from Greenbriar’s industry knowledge,
operating capabilities, network of senior executive relationships,
strategic insight and access to capital. Sectors of particular
focus include aerospace and defense, industrial and business
services, transportation and logistics, and specialty
manufacturing. Additional information may be found
at www.greenbriarequity.com.
Investor Relations
Contact:
Scott
SchmidtScott.Schmidt@arotechusa.com800-281-0356
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