Gores Group sells Fotona to AGIC Capital
The Gores Group is to sell Fotona Holdings to AGIC Capital, a European-Asian cross border private equity firm focused on industrial technology and healthcare investments in Europe and the US.
The Gores Group acquired Fotona in 2014 through its Small Capitalisation Partners investment fund.
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 70-plus worldwide distributors and through a direct salesforce in the US.
In January 2014 Gores partnered with Jeff Jones, the founder of Fotona’s US product distributor, to acquire the company with the goal of expanding both its product line and worldwide sales. With the support of Gores, Fotona has since experienced 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,” says Victor C Otley, managing director of The Gores Group. “The initial transaction to acquire Fotona was very complex, and we are pleased that Gores’ and management’s shared vision of Fotona’s significant market potential continues to deliver.”
“Fotona is a great fit for AGIC given their focus on supporting sales and product expansion in Asia. Asia is one of Fotona’s largest and most successful markets, and given Fotona’s current scale and track record of innovation, we are confident that the Company is well positioned for continued growth,” says Anthony Chirikos, principal of The Gores Group.
Jeff Jones, CEO of Fotona, adds: “Gores has been a great partner, and we look forward to continued success in partnership with AGIC.”
Piper Jaffray & Co acted as the sole financial adviser to Fotona in this transaction.