Archive for category: News

Acquisition Expected to Expand Product Offerings and Accelerate Growth

SEATTLE, Aug. 21, 2018 – Grakon Group, a global leader in the design, development and manufacture of advanced lighting and electronics systems for premier vehicle Original Equipment manufacturers, announced on Monday it has entered into a definitive agreement to be acquired by Methode Electronics, Inc. (NYSE: MEI), a global developer of custom engineered and application-specific products and solutions. With access to markets around the world and complementary advanced technologies and innovations, the size and financial strength of the combined businesses will present customers with additional value through an expanded and diversified portfolio of products and a global manufacturing footprint.

Grakon’s President and Chief Executive Officer, Dave Paborsky, said, “Grakon Group is excited to be joining forces with Methode. Upon closing, our companies will be positioned to accelerate our leadership as a global solutions provider of advanced lighting systems and electronic controls for premier vehicle Original Equipment Manufacturers.”

“I would like to thank Industrial Growth Partners (www.igpequity.com) for being great stewards of the business. Together, we have invested in engineering and manufacturing capabilities that have benefited our customers, employees, and stakeholders,” Paborsky said.

In making the announcement, Methode’s President and Chief Executive Officer, Donald W. Duda, said, “Grakon will enhance our product line, diversify our business mix into new end-markets and allow us to serve a broadly expanded universe of customers. The company has developed an extensive array of lighting and electronic controls uniquely engineered for diverse and growing transportation applications. Grakon’s solutions align with global trends including increasing LED adoption and advanced driver assistance, while providing differentiation and critical functionality. This transaction furthers our objective of pursuing strategic acquisitions where we can leverage our core competencies and provide an attractive value proposition for our shareholders.”

As a subsidiary of Methode, Grakon Group will continue to operate its businesses in normal course, and its name and brands will remain intact. The acquisition is subject to customary closing conditions, including expiration of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction is expected to be completed in September 2018.

About Grakon

Headquartered in Seattle, WA, Grakon (www.grakon.com) was established in 1977 and is a global leader in the design, development, and manufacture of advanced lighting and electronics systems, and engineered trim components for premier vehicle Original Equipment Manufacturers in the heavy truck, bus, rail, and powersports markets. Subsidiaries include Hamsar (www.hamsar.com) located in Burlington, Ontario and BMAC (www.bmac.ltd.uk) located in Manchester, England.

About Methode

Methode (NYSE: MEI) is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in Belgium, Canada, China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. Methode’s business is managed on a segment basis, with those segments being Automotive, Interface, Power Products and Other. Methode’s components primarily serve the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment end markets. Further information can be found on Methode’s website www.methode.com.

Media Contacts for Grakon Group:

Barbara Kerwin
barbara.kerwin@grakon.com
206-824-6000

Peter Oldis
pete.oldis@grakon.com
206-824-6000

Contacts for Methode:

Kristine Walczak
Vice President, Corporate Communications
kwalczak@methode.com

October 4, 2016 -Grakon LLC (www.grakon.com), a global leader in the design and manufacture of custom LED interior and exterior lighting solutions, heavy duty work lamps, engineered trim components, and electronic modules, announced the acquisition of BMAC Limited, located in Manchester, England. Grakon, headquartered in Seattle, WA, was acquired by Industrial Growth Partners IV, L.P. (IGP) in October 2014.

“We are very pleased to bring BMAC into the Grakon family. BMAC immediately gives us a leadership position in the U.K. rail and bus markets. The acquisition accelerates our continued growth in Europe and further diversifies and broadens the end markets we serve.”

Grakon President and CEO, Dave Paborsky commented, “We are very pleased to bring BMAC into the Grakon family. BMAC immediately gives us a leadership position in the U.K. rail and bus markets. The acquisition accelerates our continued growth in Europe and further diversifies and broadens the end markets we serve.”

Mark Rutherford, Managing Director of BMAC added, “We are very excited to be joining forces with Grakon. The global footprint, combined with world leading design and development capabilities will help us to better serve our rail and bus customers with access to the latest technology supported by a truly global supply chain.”

“The combination of industry leading expertise, new markets, geographic expansion and available products is a powerful tool to assist Grakon’s worldwide customers in meeting their lighting and electronics component needs,” noted Paborsky.

Acquisition Details – On October 3, 2016, Grakon LLC acquired BMAC Limited, supported with additional equity from Industrial Growth Partners IV, L.P., management and certain outside investors. IGP and Grakon continue to seek add-on acquisitions that can enhance Grakon’s position as a leading global designer and manufacturer of advanced lighting and electronics systems.

ABOUT GRAKON

Headquartered in Seattle, Washington, Grakon was established in 1978 and is a global leader in the design and development of advanced lighting and electronic systems, and engineered trim components for premier OEM customers in the heavy truck, rail, bus and powersports markets. In May 2016, Grakon acquired Hamsar Diversco, located in Burlington, Ontario, Canada. Hamsar designs, manufactures, and assembles external lighting and electronics products for the snow plow, bus, off-road/power sports, heavy truck and other vehicular end markets.

Grakon’s expertise and innovative designs have led to a preferred supplier status among our OEM customers. Our design expertise includes industrial, mechanical, electrical, and optical design. Grakon has a mature ISO 9001:2000, TS16949 & ISO14001 customer orientated, process based Quality System and Program Development System. For more information please visit www.grakon.com.

ABOUT BMAC

Headquartered near Manchester, England and founded in 1927, BMAC is a leader in designing, manufacturing and distributing LED lighting and electronic control systems for the European rail, bus and tram markets. Products include exterior and interior light fittings, switch assemblies, control panels, bell pushes and other electromechanical components. Recent product introductions include the market’s first LED rail lighting solution which is fully compliant with the European EN15153-1 exterior rail lighting standard and a self-powered wireless bell push system for buses. BMAC is ISO 9001:2008 approved and RISQS (f.k.a. Link-Up) qualified to serve the needs of the U.K. railway infrastructure. For more information please visit www.bmac.ltd.uk.