26th Feb 2007 13:30
Polaris Venture Partners today announced that CushcraftCorporation has been acquired for $89.75 million in cash by The LairdGroup PLC (LSE: LARD.L), a U.K.-based global electronics, securitysystems and distribution group. £ Polaris took a majority interest in Cushcraft in September 2003.The sale is the second portfolio company exit in a month for Polaris,as it follows the recent acquisition of Archivas, a provider ofdigital archiving solutions, by Hitachi Data Systems for $120 million. £ Cushcraft Corporation, based in Manchester, NH, with facilities inSan Diego, CA and Bluffdale, UT, is the leading supplier of highperformance antenna solutions for the Wireless Networking andCommunication industry. Cushcraft's infrastructure, customer premiseand client products are used in a variety of applications includingWLAN (WiFi), WWAN (WiMAX and 802.11 based WISP networks), In-BuildingCellular and RFID. £ The Cushcraft business and its management will be integrated withLaird Technologies' growing Wireless Infrastructure Antenna SBU, andwill benefit from Laird's greater product development and applicationengineering resources, customer presence and global reach, whileproviding Laird with an expansion of both its product range and themarket sectors it serves. Laird Technologies is based in St. Louis,Missouri. £ The acquisition of Cushcraft by Laird Technologies, the world'sleading designer and manufacturer of antenna solutions,electromagnetic interference (EMI) shielding products, telematics,signal integrity products and thermal management solutions, creates apowerful force in the wireless arena. Antennas have historicallyplayed a key roll in the deployment of wireless communications andconnectivity systems, making the acquisition of Cushcraft a naturalfit for Laird. £ "Our goal is to add value to the companies in which we invest byactively partnering with each entrepreneur and management team to helppropel them into market leading businesses. Greg Czuba and his team atCushcraft did a tremendous job of building Cushcraft into the leadingprovider of high performance antennas for the WLAN, WiMAX, WISP andRFID markets," said Bryce Youngren, General Partner at Polaris VenturePartners. £ "We have had an excellent relationship with Polaris. They stronglysupported both our organic and acquisition growth initiatives withbusiness expertise and financial resources," said Gregory S. Czuba,CEO of Cushcraft Corporation. "We are very excited to join the LairdTechnologies team at this point in our evolution. Cushcraft's growthprospects will benefit immensely from Laird's core RF technology,scale, global reach and highly complementary business strategy. Ibelieve that Cushcraft's advanced RF technology and the breadth of ourantenna solutions and customer relationships is highly valued byLaird." £ "Our strategy is to establish leading positions and keytechnologies in our core markets where we see opportunities forgrowth," said Peter Hill, Chief Executive of The Laird Group."Cushcraft's position and development expertise in the new andexciting, fast growing WiMax and RFID sectors will enhance our currentand future products for the growing wireless market, providing ourcombined customer base with the solutions they require as wirelesssignal integrity becomes increasingly important." £ About Cushcraft £ Based in Manchester, NH, with facilities in San Diego, CA andBluffdale, UT, Cushcraft Corporation is the leading supplier of highperformance antenna solutions for the Wireless Networking andCommunication industry. Cushcraft's infrastructure, customer premiseand client products are used in a variety of applications includingWLAN (WiFi), WWAN (WiMAX and 802.11 based WISP networks), In-BuildingCellular and RFID. For more information, see www.cushcraft.com. £ About The Laird Group PLC £ The Laird Group PLC is a leading global electronics and securitysystems group, employing 12,500 people in operations in North America,Europe and across Asia. For more information, see www.laird-plc.com. £ About Laird Technologies £ Laird Technologies designs and supplies customized performancecritical products for wireless and other advanced electronicsapplications. Laird Technologies is a global market leader in thedesign and supply of electromagnetic interference (EMI) shielding,thermal interface products, signal integrity components, and wirelessantennae solutions, and has recently established a position in thedesign and supply of complete radio frequency ("RF") modules andsystems. These performance critical products, co-designed inconjunction with customers, are essential in enabling and protectingthe functionality of electronic devices and wireless applications.Custom products are supplied to all sectors of the electronicsindustry, including telecommunications, data transfer and informationtechnology, as well as to the automotive, aerospace and defense,consumer electronics, medical and industrial markets. LairdTechnologies' customers include global leaders in their respectivemarkets. £ About Polaris Venture Partners £ A national venture capital firm with over $3 billion undermanagement, Polaris identifies and invests in seed, early stage andgrowth equity businesses in the technology, life science, digitalmedia, and consumer sectors. Through a philosophy of lead investingand active, long-term partnering with early stage and growing revenuestage businesses, Polaris has helped a number of companies achieveoutstanding success. Among them are: Accordant Health Services,Acusphere, Advanced Inhalation Research (AIR), Akamai Technologies,Allaire Corporation, American Superconductor, Alnylam Pharmaceuticals,Aspect Medical Systems, Avici Systems, Centra Software,Classifieds2000, Cubist Pharmaceuticals, Cushcraft Corporation, deCODEgenetics, Exchange.com, GlycoFi, Matrics, Momenta Pharmaceuticals,Paradigm Genetics, Powersoft, Solidworks, and TransFormPharmaceuticals. For more information, see www.polarisventures.com. Copyright Business Wire 2007Related Shares:
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