CompuDyne Corp., an Annapolis-based security products integration and technology company for public security markets, announced the signing of a definitive purchase agreement to be acquired by a group of investors.
This group is led by The Gores Group and industry executive Stuart Mackiernan, with Clearlake Capital Group committing to provide debt and equity financing for the transaction.
A cash tender offer of $7.00 per share has also been made, and is expected to be offered to all shareholders by the end of the month, a 32 percent premium.
“This action represents the culmination of a long process of exploring the best direction for CompuDyne to take,” Martin Roenigk, chairman and chief executive officer of CompuDyne said in a statement. “Given our relatively small size, complex structure and the inordinate costs of being a public company in the post-Sarbanes Oxley era, a sale of the entire company … seemed the most appropriate step to take.”
