US-based Gores Group sells subsidiary Fotona Holdings to AGIC Capital
Los Angeles-based Gores Group has sold 100 per cent of its subsidiary, Fotona Holdings, to Asia-Europe cross-border growth equity firm .
The value of the sale was not disclosed.
Gores Group acquired Fotona in 2014 through its Small Capitalization Partners investment fund.
“Gores has been a great partner, and we look forward to continued success in partnership with AGIC,” Jeff Jones, CEO of Fotona, said in a press statement.
Founded in 1964, Fotona is a Central European manufacturer of high-performance lasers for medical, dental and aesthetic applications. Fotona sells these systems through a network of more than 70 distributors globally and through a direct salesforce in the US.
Victor Otley, managing director of Gores Group said, that during his company’s time with Fotona it had seen “significant growth” in sales, profitability and product offerings.
“Fotona’s talented management team has done an outstanding job of growing the business while maintaining a focus on industry-leading products and technologies. We greatly value our partnership with them,” Otley stated.
Piper Jaffray & Co. acted as the sole financial advisor to Fotona in this transaction.
Gores Group was started in 1987 by Alec Gores as an investment firm focused on acquiring controlling interests in mature and growing businesses. It is headquartered in LA but maintains offices in Boulder, Colorado, and London.
Meanwhile, AGIC closed its first $1 billion fund in February.
The firm plans to target investments in European small- and mid-cap companies in the areas of intelligent manufacturing, high-end equipment, advanced materials, medical technologies and environmental protection technologies. The company now is furthering its expansion into the growing Asian markets, with a specific focus on China.