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Tuesday, August 16, 2005
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Platinum Equity To Acquire USRobotics
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The acquisition is expected to strengthen USR as a leading network connectivity provider
Platinum Equity will acquire USRobotics(R) in an all-cash transaction that will both strengthen the pioneering Internet connectivity and networking product provider and position it for future growth, the two companies announced today.
"USRobotics has a stellar reputation for quality and innovation, and is one of the premier brand names in the technology industry," said Tom Gores, chairman and chief executive officer of Platinum Equity. "There is enormous opportunity for growth as the broadband and wireless markets continue to evolve, and we're eager to help the USRobotics team drive that growth."
Joseph J. Hartnett, president and chief executive officer of USRobotics, says the transaction will allow the company to maintain its independence and entrepreneurial spirit while benefiting from the financial resources and M&A capabilities of Platinum Equity.
"Platinum's approach will empower the USRobotics management team to execute its business strategy while providing the resources and support necessary to grow," Hartnett said. "This positions the company on an exciting platform for expansion and growth in the coming years."
Jim Levitas, senior vice president of mergers and acquisitions at Platinum Equity, says USRobotics was an attractive investment not only because of its strong brand name and reputation, but also its potential as a platform for add-on acquisitions.
"USRobotics has been at the forefront of modem technology for more than three decades, connecting millions of users around the world to the Internet," Mr. Levitas said. "As new broadband, wireless and security applications evolve, the company is well-positioned to grow. We believe we can accelerate growth by identifying complementary strategic acquisitions."
With an installed base of more than 100 million products in more than 80 countries worldwide, USRobotics is one of the world's leading producers and distributors of broadband and analog modems, and wired and wireless networking solutions. USRobotics continues to be recognized as the standard in quality, reliability, and technical innovation by users in the home, home office, and small- to medium-sized business markets.
Founded in 1976 by three University of Chicago students working out of a Skokie, Illinois garage, the company was named after the "greatest company in the known galaxy" - U.S. Robots and Mechanical Men - from the science fiction novel I, Robot by Isaac Asimov. From those entrepreneurial beginnings, USRobotics quickly emerged as the world's No. 1 selling modem brand, as millions of PC users around the globe first connected to the Internet with the company's analog modem. Today, it is the most recognized product line in its category within the Internet access industry.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specialized in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing, health care products and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 50 businesses and built a multibillion-dollar portfolio of operating companies. In 2004, Platinum was named the 32nd largest private company in the United Stated by Forbes magazine.
About USRobotics
For three decades, USRobotics has been a leader in network access, delivering the highest quality and most innovative products available. Without losing its focus on the analog modems that made the company a household name, USRobotics is rapidly expanding its category leadership by offering high-speed, broadband modems and wired and wireless networking solution; to the growing home, home office, and small-business markets. USRobotics is privately held and headquartered in the Chicago area. For further information, please visit the Web site at www.usr.com. |
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