Gores Group Acquires Touch-Screen MakerMonday, June 4, 2012
The Gores Group on Monday said that an affiliate had completed the acquisition of Elo Touch Solutions for $380 million in cash.
Elo Touch Solutions, is based in Menlo Park and is a global supplier of touch screens, touch monitors and all-in-one touch computers. It had sales of $413 million in fiscal 2011. It had been a unit of TE Connectivity.
Gores Group, the Westwood investment firm headed by billionaire financier Alec Gores, said Elo is well positioned to capture a large share of the growth of touch interfaces in both commercial and consumer markets.
“Elo has a long tradition of innovation, market leadership and financial success,” said Anthony Guagliano, Gores Group managing director, in a statement. “We believe that the Elo team will thrive as an independent entity and the Gores Group looks forward to assisting them in doing so.”
The deal comes about a week after Gores abandoned a proposed $804 million acquisition of publicly held Pep Boys-Manny Moe & Jack. The Philadelphia auto parts and services company received a $50 million termination fee.