Cerberus Completes Acquisition of Sparton Corporation
March 04 2019 - 11:48AM
Business Wire
Sparton Corporation (“Sparton” or the “Company”) (NYSE:SPA)
today announced the completion of its acquisition by Sparton
Parent, Inc. (formerly known as Striker Parent 2018, LLC)
(“Parent”), an affiliate of Cerberus Capital Management, L.P.
(“Cerberus”).
Pursuant to the terms of the transaction, Sparton has become a
wholly owned subsidiary of Parent and the holders of Sparton shares
(other than shares held by (i) the parties to the transaction or
any of their respective wholly owned subsidiaries and (ii)
shareholders who have properly exercised dissenters’ rights) are
entitled to receive an amount in cash equal to $18.50 per share of
Sparton common stock. As a result of the completion of the
acquisition, Sparton will operate as a privately held company and
shares of Sparton common stock will cease trading on the New York
Stock Exchange (the “NYSE”) prior to the opening of trading on the
NYSE on March 5, 2019, and will be delisted from the NYSE.
“This transaction represents an important milestone for our
company,” said Joseph Hartnett, Interim President and Chief
Executive Officer of Sparton. “Cerberus is an exceptional financial
and operating partner that will help drive Sparton’s long-term
growth and continue our track record of delivering industry-leading
solutions to our customers around the world.”
“We are excited to partner with Sparton as it looks to the
future,” said Dev Kapadia, Co-Chief Investment Officer of Private
Equity and Senior Managing Director of Cerberus. “Building on the
Company’s foundation of market-leading capabilities and strong
customer relationships, we look forward to supporting the Sparton
team as they drive new innovations and capitalize on dynamic global
opportunities.”
About Sparton Corporation
Sparton Corporation, now in its 119th year, is a provider of
complex and sophisticated electromechanical devices with
capabilities that include concept development, industrial design,
design and manufacturing engineering, production, distribution,
field service, and refurbishment. The primary markets served are
Medical & Biotechnology, Military & Aerospace, and
Industrial & Commercial. Headquartered in Schaumburg, IL,
Sparton currently has thirteen manufacturing locations and
engineering design centers worldwide. Sparton’s website may be
accessed at http://www.sparton.com/.
About Cerberus
Founded in 1992, Cerberus is a global leader in alternative
investing with over $35 billion in assets across complementary
credit, private equity, and real estate strategies. Cerberus
invests across the capital structure where its integrated
investment platforms and proprietary operating capabilities create
an edge to improve performance and drive long-term value.
Cerberus’s tenured teams have experience working collaboratively
across asset classes, sectors, and geographies to seek strong
risk-adjusted returns for Cerberus’s investors. For more
information about Cerberus’s people and platforms, visit Cerberus
at www.cerberus.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190304005741/en/
SpartonInstitutional Marketing Services (IMS)John Nesbett
/ Jennifer Belodeau,
203-972-9200jnesbett@institutionalms.comorSparton CorporationJoseph
McCormack, 847-762-5812jmccormack@sparton.comCerberusTorrey
LeroyCerberus Corporate
Communications646-885-3029tleroy@cerberus.com
Sparton (NYSE:SPA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Sparton (NYSE:SPA)
Historical Stock Chart
From Aug 2023 to Aug 2024