FORT LAUDERDALE, Fla.—Arsenal Capital Partners and Cyalume Technologies Holdings Inc. signed a definitive agreement to merge.
Under the pact, Cyalume will be acquired by an affiliate of Arsenal in a $45 million, all-cash transaction, subject to certain adjustments set forth by the merger agreement, Arsenal said in an Aug. 8 news release.
The deal is subject to close in September, subject to closing conditions. Arsenal said Cyalume's management team will remain in place.
"We are very pleased to announce this transaction with Arsenal as we believe it affords us the opportunity to both deliver a return to many of our various stakeholders that have supported Cyalume over the past several years and positions the Company for continued growth and future success," Zivi Nedivi, Cyalume president and CEO, said in a statement.
Aresnal said Cyalume brings a strong brand and long-term customer relationships with a strong technology portfolio. Headquartered in Ft. Lauderdale, the firm produces specialty chemicals, pharmaceutical components, designs and manufactures unique related products, and takes on sub-contract manufacturing components for use in pharmaceutical, medical, commercial and military applications.
Aresnal Capital Partners is a New York based private equity firm that specializes in investing in middle market specialty industrial and health care companies, typically in the range of $100 million to $500 million of initial enterprise value.