The Gores Group, LLC Acquires Brand-Rex Ltd. from Honeywell International, Inc.
November 1, 2005
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."