THE GORES GROUP, LLC ACQUIRES BRAND-REX LTD. FROM HONEYWELL INTERNATIONAL, INC.
Los Angeles, CA, November 1, 2005 - The Gores Group, LLC ("Gores"), a leading privately held investment firm, announced today that, through an affiliate, it has acquired Brand-Rex Ltd. from Honeywell International, Inc. (NYSE:HON). Terms of the transaction were not disclosed.
Brand-Rex is a leading cabling manufacturer headquartered in Glenrothes, Scotland. A truly global operation, Brand-Rex designs, develops and manufactures some of the most sophisticated, high performance cabling solutions for communications and extreme environment applications. The Company has manufacturing resources in the UK and sales and marketing bases in the UK, Germany, France, Italy, Spain, Scandinavia and the Middle East.
"Gores will work closely with management to build on Brand-Rex's leading position in the design, manufacture and sales, of high performance cabling systems worldwide," said Steve Yager, President, Mergers & Acquisitions at Gores. "Brand-Rex has an established presence in Europe, with a leading market position in a number of European countries and a well-renowned brand. Gores plans to work together with management to maintain this position and also provide the support required to explore new growth opportunities for the business."
Paul Lines, Managing Director of Brand-Rex, stated, "We are excited to join the Gores portfolio of companies. We believe that with Gores's support and expertise we will be able to maintain our leading position and explore new growth opportunities."
Commenting on the nature of the transaction, Nadim M. Nsouli, who led the transaction and is Gores' European Head stated, "This acquisition had to be completed in a short-period of time and involved significant carve out issues. We were very pleased with how this transaction was accomplished and believe Brand-Rex is a perfect fit for Gores."
About The Gores Group, LLC
The Gores Group, LLC ("Gores") is a private investment firm focused on the technology and telecommunications sectors. Since 1987, Gores has amassed an enviable track record of successful investments within these sectors. The firm combines the seasoned M & A team of a traditional financial buyer with the operational expertise and detailed due diligence capabilities of a strategic buyer. Gores has a long standing record of creating sustainable value in its portfolio companies by focusing on customers and employees, supporting management with operational expertise and providing the capital required for growth. Headquartered in Los Angeles, California, Gores maintains offices in Boulder, Colorado; London; and Zurich. (www.gores.com)
About Brand-Rex, Ltd.
Brand-Rex, Ltd. is a designer and manufacturer of copper and fibre based cabling systems, headquartered in Glenrothes, Scotland with facilities across Europe. Brand-Rex has two primary businesses: Connectivity and Speciality. Its Connectivity division designs and manufactures cabling systems (both copper and fibre) for Data Communications and is the no. 2 player in Europe. The Speciality division exclusively produces cables that are used for control, communications, power and instrumentation within hostile environments. For information, visit www.brand-rex.com
About Honeywell International, Inc.
Honeywell International is a diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. For information, visit www.honeywell.com.
For additional information, please contact:
The Gores Group
Frank Stefanik
Gores Technology Group, LLC (310) 209-3010
Terry Fahn
Sitrick And Company (310) 788-2850
Brand-Rex
Ian Wilkie
Brand-Rex Limited +44 1592 778677
Andrew Smnith / Dawn Flynn
Companycare Communications +44 118 939 5900