Beat Kahli,
President of VOXX International Corporation (VOXX) and Controlling
Partner of Avalon Park Entities Agrees to Sell 50% of APG Holdings
in VOXX
Gentex to Own ~15.1% of VOXX's Class A Common
Stock Following the Transactions
ORLANDO,
Fla., Oct. 10, 2023 /PRNewswire/ -- Avalon Park
Group ("APG"), a diversified family of companies across multiple
industries and geographies, is pleased to announce today that it
has entered into Stock Purchase Agreement with Gentex Corporation
(NASDAQ: GNTX) to sell 50% of its total ownership stake in VOXX
International Corporation (NASDAQ: VOXX).
Beat Kahli, CEO and President of
APG has been a shareholder of VOXX for several years, continuing to
build his position was named President of VOXX in February 2023. In taking on this executive role
with VOXX, one of his primary focus areas was building strategic
partnerships, and currently, VOXX and Gentex are collaborating in
both the Automotive and Biometrics industries. Mr. Kahli has agreed
to sell half of APG's stake in two separate tranches, the first of
which took place on Friday, October
6th and the second planned for January 5, 2024.
The Stock Purchase Agreement was signed on October 5, 2023 between Avalon Park International
LLC and Avalon Park Group Holding AG, as Sellers, and Gentex
Corporation, as the Purchaser. The first tranche of 1.57 million
shares closed on Friday, October 6,
2023 at $10 per share,
representing a 32.5% premium to VOXX's current share
price as of market close on October 5,
2023. The second tranche of 1.57 million shares is scheduled
to close on January 5, 2024 and the
stock price will be based on a formula in the Stock Purchase
Agreement at (a) a 25% premium if the volume weighted average price
(VWAP) for the 20 days prior to the closing is between $7 and $8; or (b)
if the 20 day VWAP is at least $8.00
but less than $10, the purchase price
will be $10 per share; or (c) if the
20 day VWAP is greater than $10, the purchase price will be the
market price.
As noted in its Form 4 filing with the Securities and Exchange
Commission on August 21, 2023, Gentex
Corporation previously owned 173,808 shares of VOXX International's
Class A Common Stock. With this most recent transaction and the one
planned for January 2024, Gentex will
own approximately 15.1% of the Company's total Class A
Common Stock Outstanding, becoming one of the Company's largest
shareholders, along with the Company's Founder and Chairman,
John Shalam and the two Avalon Park entities.
Commenting on the transaction, Mr. Kahli stated, "When I came on
as President of VOXX, a key focus was building the right strategic
partnerships that would help us grow and create value. With Gentex,
I believe we found that partner both from business and financial
perspectives. Gentex is one of our key partners in Biometrics and
we've worked closely with them on the Automotive side of our
business as well. With Steve
Downing, President and CEO of Gentex joining our Board this
year, we strengthened our relationship further and there are still
many areas we see for greater collaboration. My decision to sell a
portion of my holdings has nothing to do with my belief in VOXX,
but rather, was about creating value for VOXX and all shareholders.
We now have three holders representing more than half of our common
stock outstanding who are fully aligned in strategy and what it
will take to realize our vision."
About Avalon Park Group Holding AG
Avalon Park Group
is a uniquely diversified family of companies engaged in businesses
ranging from master-planned community development to technology,
healthcare, and industrials. The company was founded in 1995 by
Beat Kahli, a Swiss national
investment banker who has more than 30 years of international
finance and business experience. With more than $1.7 billion in total assets (USD), Avalon Park
Group combines its exceptional reputation, sound business
experience, significant financial resources, and owner-managed
hands-on approach to invest in extraordinary opportunities.
Company Contact
Beat
Kahli
President and CEO
Email: bkioff@aol.com
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SOURCE Avalon Park Group