DeWITT — Veritas Capital, an affiliate of the New York City–based Veritas Capital Fund IV, L.P., has completed its acquisition of Anaren, Inc. (NASDAQ: ANEN) of DeWitt in a cash transaction worth about $383 million, or $28 a share.
Anaren made the announcement in a news release posted on its website. The firm had first announced the pending acquisition back on Nov. 4.
Veritas Capital Fund IV, L.P. is a private-equity investment firm.
(Sponsored)
Does Your Nonprofit Need an Annual Audit?
Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers
What is Fiducuary Liability and how does it affect you and your business?
Managing a company’s insurance needs can be complex and stressful. It doesn’t need to be when adding certain specialty insurance products, like fiduciary liability insurance. It protects the sponsoring company;
Shareholders approved the transaction during a special meeting held Feb. 6, Anaren said in its news release. Under private ownership, the NASDAQ will no longer list the firm’s common stock for trading, Anaren said.
Veritas Capital is “excited” about its new association with the management and employees of Anaren, Hugh Evans, partner in Veritas Capital, said in the news release.
“The company has an established history of providing leading technologies and products to the space, defense and communications markets. We look forward to continuing this tradition under our ownership, working with [Anaren CEO] Larry Sala and his team, to provide our customers with cost effective, high performance solutions to their important requirements,” said Evans.
The top executive at Anaren also weighed in on the acquisition closing.
“We are pleased to be embarking on the next stage of Anaren’s growth under the new ownership of Veritas Capital. As a private company and under the guidance of Veritas, we will continue to serve our customers and end markets while seeking to broaden our product offerings and expand into adjacent market spaces,” Larry Sala, CEO of Anaren, said in the release.
Anaren will continue operating as an independent entity with headquarters in DeWitt. The firm has no plans to make changes to its staffing levels as a result of this announcement, the company said in its initial announcement on Nov. 4.
Anaren designs, develops, manufactures, and sells microwave components, assemblies, and subsystems for the wireless communications, satellite communications, and defense-electronics markets.
Anaren employs about 800 people.
Founded in 1992, Veritas Capital is a private-equity investment firm that invests in companies that provide critical products and services to government and commercial customers worldwide, according to the Anaren news release.
Veritas has been involved as the lead investor in more than 60 transactions totaling approximately $16 billion in value, the release stated.
Contact Reinhardt at ereinhardt@cnybj.com
