Private equity firm Arcline Investment Management has agreed to acquire and take data visualisation and printing technology company AstroNova Inc private in a transaction valued at approximately $272m, according to a report by the Wall Street Journal.
Under the terms of the agreement, Arcline will pay $29 per share in cash, representing a significant premium to AstroNova’s prior closing price of $16.69. The deal has received unanimous approval from the company’s board following a review of strategic alternatives.
Completion of the transaction remains subject to shareholder approval and customary closing conditions, with the deal expected to finalise in the third quarter.
The acquisition is the latest in a series of take-private transactions by Arcline, which has been increasingly active in deploying capital across industrial and technology-related carve-outs. Earlier this month, the firm agreed to acquire Continental Aerospace Technologies, further expanding its exposure to engineered industrial assets.
Arcline, which manages more than $26bn in assets, has focused its investment strategy on niche manufacturing, industrial technology and aerospace-related businesses, often targeting companies with strong technical differentiation and opportunities for operational improvement.
