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Vectra Co to sell its EaglePicher Technologies Business to affiliates of GTCR

Vectra Co (Vectra), a portfolio company of certain funds managed by affiliates of Apollo Global Management, has signed a definitive agreement to sell its EaglePicher business to affiliates of private equity firm GTCR.

EaglePicher is a provider of power and energy solutions for mission-critical applications with over 170 years of materials and electrochemistry expertise. The company is focused on specialised applications within high growth areas of defence, aerospace and medical products. As part of the transaction, it is anticipated that the existing management team at EaglePicher and its approximately 800 employees will remain with the business upon the closing. Terms of the agreement were not disclosed. The transaction is expected to close in the first quarter of 2018, subject to the receipt of customary regulatory approvals and fulfilment of customary closing conditions.
 
“The EaglePicher business is well positioned to continue its strong growth trajectory driven by innovation, quality and its mission-critical products. It has been a pleasure to partner with the dedicated employees and management team at EaglePicher and to be a part of this unique business with its storied history and exciting future in defence, aerospace and medical devices. Today’s announcement is testament to the strength of the EaglePicher business, the quality of its management and employees, and the professionalism of the GTCR team,” says Jim Voss, Vectra’s CEO.
 
“The management team at EaglePicher greatly enjoyed working with the broader Vectra team, and have appreciated their strategic insight and support for our growth and innovation strategy. We are extremely excited about our partnership with GTCR as we begin a new chapter in the EaglePicher story,” says Gordon Walker, EaglePicher’s President.
 
The transaction is structured as a sale of Vectra Co, the parent company of EaglePicher. Vacuumschmelze, Vectra’s magnetic technologies business, will be separated immediately prior to closing and continue to be owned by affiliates of Apollo Global Management going forward.
Financial advisor to Vectra is Goldman Sachs & Co. LLC and legal advisors to Vectra are Paul, Weiss, Rifkind, Wharton & Garrison LLP and O’Melveny & Myers LLP (with respect to environmental matters). 

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