MiddleGround announces voluntary public take over for STEMMER IMAGING
MiddleGround Capital confirm they have finalised their takeover agreement with STEMMER IMAGING.
An offer to all shareholders of STEMMER IMAGING will be made by MiddleGround Capital to acquire all outstanding shares for €48.00 per share, reflecting a 52% premium on the closing price on July 19th, 2024. MiddleGround has already irrevocably secured more than 69% of shares through a share purchase agreement with PRIMEPULSE, the current majority shareholder.
MiddleGround Capital is an American private equity firm that invests in B2B companies in the industrial and specialty distribution sectors. Based on past performance, it will hope to implement a value creation program to generate equity for their investors from the deal. John Stewart, Managing Partner of MiddleGround, commented that “We believe our longstanding expertise in the value-add distribution space makes us a proven partner for growing STEMMER’s leading position in the machine vision space”.
STEMMER IMAGING, headquartered in Germany, is an international supplier of machine vision services, from value-added services to the development of subsystems and its own products. Arne Dehn, CEO of STEMMER, confirmed that MiddleGround “understands the success factors for our business very well and can sustainably support STEMMER IMAGING in its further development and growth strategy.”
Subject to the usual approvals, the deal should be completed in Q4 2024 and will not contain a minimum acceptance threshold.
