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02 Feb 17. H.I.G. Capital Announces the Sale of Fibercore. H.I.G. Capital, a leading global private equity investment firm with over €20bn of equity capital under management, announces today that it has sold Fibercore Limited (“Fibercore”) to Humanetics Innovative Solutions, Inc. (“Humanetics”), a portfolio company of Golden Gate Capital. Terms of the transaction were not disclosed.
Fibercore, based in the UK, is a world leader in the design and manufacture of specialty optical fiber and offers the industry’s most comprehensive suite of specialty fiber products serving multiple high-growth end-markets, including use in Aerospace & Defence, Oil & Gas, and Biomedical applications. Since its founding over thirty years ago, Fibercore has been universally recognized as the global leader in the specialty optical fiber sector with an unrivalled reputation for quality, innovation and technical support. It works with some of the world’s largest companies assisting in the development of new optical fiber technologies.
Carl Harring, Managing Director at H.I.G. Capital commented: “Fibercore has always been an industry leader. It has been a very successful transaction and during our period of ownership, we have enjoyed working with Chris Emslie and his team helping to develop the business in new areas; in many cases pushing the boundaries of optical science via pioneering R&D. Today, Fibercore sits at the heart of the industrial Internet of Things revolution with applications ranging from driverless cars to remote operating robots relying on the company’s leading edge technology. Humanetics is a natural home for the business and we wish the combination every success.”
Chris Emslie, CEO of Fibercore stated: “I would like to thank H.I.G. for their assistance in the development of Fibercore since 2011 and their support of the management team. This is an exciting moment in the Fibercore story and in combining our strengths with Humanetics and its leadership in sensor technologies, I believe we have found the perfect partner.” (Source: Yahoo!/BUSINESS WIRE)
02 Feb 17. Teledyne Technologies Reports Fourth Quarter Results. Teledyne Technologies Incorporated (TDY):
• Fourth quarter sales from continuing operations of $552.9 m
• Fourth quarter GAAP earnings per diluted share from continuing operations of $1.49
• Announced pending acquisition of e2v technologies plc
• Excluding pretax charges of $7.9m ($0.16 per share) related to the e2v transaction, fourth quarter earnings per share of $1.65, a non-GAAP measure
• Acquired Hanson Research and assets of IN USA
Teledyne today reported fourth quarter 2016 sales from continuing operations of $552.9m, compared with sales from continuing operations of $594.7m for the fourth quarter of 2015, a decrease of 7.0%. Net income from continuing operations was $53.4m ($1.49 per diluted share) for the fourth quarter of 2016, compared with $56.2m ($1.59 per diluted share) for the fourth quarter of 2015, a decrease of 5.0%. The fourth quarter of 2016 includes $7.9m in acquisition related costs for the pending acquisition of e2v technologies plc (“e2v”). The fourth quarter earnings outlook issued by the company’s management on November 3, 2016, did not include charges related to the e2v transaction announced on December 12, 2016. Net income attributable to Teledyne was $53.0m ($1.48 per diluted share) for the fourth quarter of 2016, compared with $55.5m ($1.57 per diluted share) for the fourth quarter of 2015, a decrease of 4.5%. The fourth quarter of 2016 contained 13 weeks and the fourth quarter of 2015 contained 14 weeks.
“We concluded 2016 with our strongest quarter of the year. Furthermore, we generated record full year cash from operations,”