GW Equity Announces Sale of Pyramid Technologies, Inc. to Private Equity Firm Hanover Partners
DALLAS--(Business Wire)--
GW Equity, an advisor to privately held and family-owned
businesses for mergers, acquisitions, and strategic growth
initiatives, announced the sale of its client Pyramid Technologies,
Inc., a Mesa, Ariz.-based manufacturer of proprietary and patented
bill acceptors and currency validation equipment, to private equity
investor Hanover Partners, Inc. The amount of the transaction was not
disclosed.
Pyramid Technologies manufactures equipment used in slot machines,
vending machines and other equipment where currency is accepted
without human attendants. Pyramid's products currently support nearly
60 international currencies. Founded in 1994, Hanover Partners, Inc.
is a private investment company that acquires smaller U.S.-based
middle-market businesses with earnings of over $1.5 million.
With the transaction, Pyramid Technologies' owners will retain a
stake in the company, using additional capital to help with the firm's
growth plan. "It was very important for us to find a buyer that is
committed to building upon Pyramid's success," said David Mays,
founder of Pyramid Technologies. "GW Equity helped us find a partner
in Hanover that is focused on just that"
In May 2007, Pyramid Technologies retained GW Equity to provide
business valuation and exit planning services. GW Equity assisted in
identifying a buyer, securing a competitive offer and negotiating the
transaction.
"We marketed Pyramid to a tight-knit group of strategic buyers and
private equity groups including international prospects due to the
client's large volume of foreign sales," said Eric Sanderson, GW
Equity's lead managing director for the transaction.
Andrew Ford of Hanover Partners said, "We're excited to have
completed the Pyramid acquisition. It's a great company with an
impressive product offering and international distribution channel.
Pyramid is a continued example of our strategy of acquiring
manufacturers of highly-engineered, proprietary products. We look
forward to working with Dave Mays and the Pyramid team to continue the
company's tremendous growth, domestically and internationally."
About GW Equity
GW Equity, a Generational Wealth and Equity company, assists
privately held and family-owned businesses in completing mergers,
acquisitions, divestitures and strategic growth initiatives. GW Equity
has more than 300 professional advisors and affiliates nationwide and
is headquartered in Dallas, with affiliate offices in New York,
Chicago and Irvine, Calif. For more information, contact GW Equity at
(877) 213-1792 or info-us@gwequity.com, or visit www.gwequity.com.
About Pyramid Technologies, Inc.
Pyramid Technologies, Inc. is a leading manufacturer of
proprietary, patented bill acceptors, also know as bank note
validators and currency validation equipment, used in slot machines,
vending machines, amusement devices and other equipment. The products
are a sophisticated combination of electro-mechanical hardware and
software with capabilities to currently support 57 international
currencies. Based in Arizona, Pyramid products are sold worldwide.
About Hanover Partners, Inc.
Founded in 1994, Hanover Partners, Inc. is a buyout sponsor with
offices in Portland, OR and San Francisco, CA. Hanover and its
institutional partners provide all the equity and debt to acquire
majority positions in lower middle-market manufacturers with highly
engineered products, as well as consumer products and business
services companies, with operating income of at least $1.5 million and
operating margins exceeding 10%.
Edelman
Erica Studl
312-240-3364
Erica.Studl@Edelman.com
Copyright Business Wire 2008
