Caxton-Iseman Capital Acquires Manchester Technologies
Caxton-Iseman Capital is set to acquire Manchester Technologies and its wholly-owned subsidiary, Electrograph Systems, in a cash transaction valued at approximately $56 million.
Under the terms of the agreement, which was unanimously approved by the Manchester board of directors, Manchester shareholders will receive $6.40 per share in cash for each share they each currently own. The new company, according to Manchester, will operate as a private enterprise under the name Electrograph Systems, Inc.
Heading the new venture, Alan Marc Smith, former president and CEO of Westcon Group, will become CEO. In addition, Sam Taylor, current Electrograph president, will remain in his position.