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Technicolor Receives Binding Offer from
Francisco Partners to Acquire Grass Valley Broadcast &
Professional Business
July 29, 2010
Source: Thomson/Grass
Valley
 Customer Letter
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Francisco Partners,
a San Francisco, California-based private equity firm focused
on investments in technology-based companies, has made a binding
offer to Technicolor for the acquisition of the Grass Valley
Broadcast & Professional business activities.
With nearly $5 billion of capital under
management, Francisco Partners is one of the world’s
largest technology-focused private equity funds. The firm
was founded to pursue structured investments in technology
and technology-based companies with a strong foundation and
secure market position.
Francisco Partner targets investments in
private companies, with transaction values ranging from $30
million to $2 billion. Since its inception, Francisco Partners
has invested in excess of $4 billion of equity capital in
over 50 technology companies.
“We are excited about this opportunity,
as Grass Valley’s market leadership is clearly evident,”
said David Golob, Partner at Francisco Partners. “The
business has an unrivalled brand identity and company heritage,
a long history of innovation, team members that are dedicated
to their customers' success, and an impressive product portfolio.
We are looking forward to the opportunity to work closely
with Grass Valley's management to create a company that leverages
the strong entrepreneurial spirit within Grass Valley, allowing
them to achieve even greater success.”
The binding offer from Francisco Partners
is for 100 percent ownership of the current Grass Valley Broadcast
& Professional business, which would operate as "Grass
Valley" going forward. This includes the camera, content
repurposing, editing, master control, modular, news production,
production automation, routing, servers, storage, and switching
product lines including their entire product portfolios, the
R&D centers and factories around the world, the Sales
& Systems activities and Customer Support organization
worldwide, as well as the management and administrative support
functions dedicated to the business.
This business perimeter and associated product
lines for which the offer was made by Francisco Partners represent
the core of what the market historically knows as Grass Valley
products.
“This is positive news for the company
and our customers,” said Jeff Rosica, Senior Vice President
and head of the Grass Valley Broadcast & Professional
business. “We are encouraged that we are taking a major
step towards completing the divestiture process with this
binding offer from Francisco Partners. The opportunity to
be part of Francisco Partner’s portfolio gives Grass
Valley a solid foundation to continue to work tirelessly to
maintain our core values of innovation, performance, and passion
that have benefitted our customers throughout the years. Our
customers worldwide will continue to receive the high quality
and service that they have come to expect from Grass Valley,
with continued focus on raising the bar in our industry.”
The Transmission and Headend businesses,
which are in the process of being separated from the Grass
Valley Broadcast & Professional business, are not included
in the offer received. Technicolor will continue the planned
divestiture of these businesses separately. These businesses
plan to individually operate going forward.
Subject to final agreement, regulatory approval,
and applicable notification requirements and, when it is requested,
the prior consultation of staff representatives, it is expected
that the transaction can be completed before the end of 2010.
Customer Letter
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