Escalade Exits Information Security Business
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Escalade Inc. (Nasdaq: ESCA) has wrapped up the sale of another division. The exit from the information security business follows the recent sale of its print finishing segment. The moves are part of a larger strategy focusing on the company's sporting goods line. October 2, 2014
News Release
EVANSVILLE, Ind. (October 1, 2014) – Escalade, Incorporated (ESCA) is pleased to announce the completion of the sale of its Information Security business on October 1, 2014. As previously announced in August 2014, Escalade's strategic plan is to focus on its Sporting Goods business. The sale of its Information Security business, coupled with the sale of its Print Finishing business on June 30, 2014, accomplishes the Company's complete exit from the Information Security and Print Finishing segment. Escalade believes the Company's focus on the Sporting Goods segment will facilitate better deployment of Company resources, increased market leadership, and greater returns for shareholders.
Escalade sold its Information Security business, including the intimus product line, to an unaffiliated party that is a portfolio company of PHI Fund II, F.C.R. de Regimen Simplificado, a private investment firm based in Madrid, Spain. The sale was accomplished through the purchase and sale of the stock of the Escalade subsidiaries engaged in the Information Security business and of certain U.S. assets relating to that business. The purchase price was 750,000 Euros plus the assumption of certain related liabilities. Escalade was advised on the sale by the Munich, Germany based investment bank, Ferber & Co.
“We wish the new ownership group the best success in the future,” stated Robert J. Keller, President and Chief Executive Officer of Escalade, Inc. “Today's sale completes our exit from Information Security and Print Finishing segment and represents an important turning point and transformation for the Company. We are excited to move forward with our clear strategic vision focused on the Sporting Goods segment. We are a team of sports and outdoor enthusiasts with a passion for innovation and a close connection to our brands and the active lifestyles they inspire. We look forward to continued expansion of our Sporting Goods business.”
To obtain more information on the Company and its products, visit our website at: www.EscaladeInc.com
Source: Escalade Inc.