A Reuters report today said that GVI Security Solutions, Inc., Carrollton, Texas, agreed to be acquired by investment funds managed by GenNx360, a global private equity firm that focuses on middle-market opportunities. GVI is a provider of video security surveillance solutions that feature Samsung Electronics products.
"After careful consideration of our strategic alternatives, we are pleased to have reached this agreement with GenNx360,” said Steven Walin, chairman of GVI. “GenNx360's desire to add GVI to its portfolio underscores our solid business model, the talent of our people and the significant progress we have made in transforming GVI into an important market player."
Following completion of the tender offer, which is expected to commence on or before Nov. 4, the parties will complete a second-step merger in which any remaining shares of GVI common stock will be converted into the right to receive the same price per share paid in the tender offer.
Read the Reuters story here.