Herkules sells its majority share in Projectiondesign to Barco
(Oslo, 19 December 2012)
Herkules Private Equity III has sold Projection Holding to Barco, the global visualization solutions provider. Projection Holding owns 61% of the shares in Projectiondesign, a leading developer and manufacturer of high quality projectors for professional applications. During the Herkules ownership period the company has strengthened and secured its strategic market positions in important global verticals.
Projectiondesign develops, designs, manufactures and sells high performance projectors for a wide range of applications including simulation, visualization, control rooms, visitor attractions and collaboration rooms. The company, based in Fredrikstad, Norway, has a strong team of engineers with significant experience and competence within electronic, optical and mechanical technology, as well as distinct capabilities within system design of high performance projectors. From the historically low revenues in 2010 of NOK 317 million revenues increased to NOK 427 million in 2011, with continued growth in 2012. In addition to securing Projectiondesign's technological leadership in a challenging macroeconomic environment, a large sales and partnership organisation has been put in place to ensure significant customer and geographical coverage.
Patrik Bø Egeland, Partner at Herkules Capital, states that: "Herkules acquired the majority share of Projectiondesign late 2009 and has successfully implemented the investment strategy based on commercialisation and professionalization of the company. Barco contacted the owners with a proposal that was strategically right for the company. Barco and Projectiondesign show a unique natural and cultural match, while their technology offering and geographical coverage are very complementary. Barco has shown a serious commitment to strengthen their position in Projectiondesign's segment, and we are therefore confident that Barco will be a good owner of Projectiondesign going forward".
"Projectiondesign is one of the innovators in the projection market, and its projectors stand out in the way they combine technological innovation with leading design," comments Eric Van Zele, Barco's CEO and President. "The Projectiondesign product offering not only complements ours, but the acquisition also opens up opportunities to reach out into the mid-segment, including the Corporate AV market. Moreover this transaction will also open up Barco's global sales team and channel portfolio for Projectiondesign."
Herkules has sold all its shares in Projection Holding AS, representing 61% of the total number of shares in Projectiondesign AS, to Barco and the transaction was closed immediately after signing the share purchase agreement.
Patrik Bø Egeland, Partner at Herkules Capital
Telephone: +47 22 04 80 07
Herkules consists of three funds, with a total capital base of NOK 12.25 billion in committed capital from Norwegian and international investors. Herkules has the financial strength to acquire majority ownership positions in established companies with growth potential. Companies owned by Herkules funds are: Pronova BioPharma, Noratel, European House of Beds, Beerenberg Corp., Micro Matic Norge, Tilbords, Hatteland Display, EFG European Furniture Group, Aibel, Nevion, Estrella Maarud, Gothia Financial Group, Bandak, New Store Europe, Enoro, Odlo Sports Group, Intelecom, Norsk Jernbanedrift, Helse Holding and Espresso House. More information to be found at: www.herkules.no
Projectiondesign is a Norwegian company that designs, manufactures and markets a range of high- performance projectors and supporting systems for professional, business and consumer applications. Among its core markets are high-resolution scientific visualization, visual training and simulation, medical imaging, broadcast and post production, public media and entertainment. Projectiondesign is located in Fredrikstad, Norway, with representatives in more than 17 offices throughout the world.
Barco is a global technology company that designs and develops visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific. Barco (NYSE Euronext Brussels: BAR) is active in more than 90 countries with about 3,700 employees worldwide. Barco posted sales of 1.041 billion euro in 2011.