Francisco Partners, a San Francisco-based private equity firm, has made a binding offer to Technicolor to acquire Grass Valley’s broadcast & professional business activities.
This includes the camera, content repurposing, editing, master control, modular, news production, production automation, routing, servers, storage, and switching product lines.
According to a statement, these represent the core of the Grass Valley product line.
The transmission and headend businesses are in the process of being separated from the Grass Valley Broadcast & Professional business and will be sold separately.
“This is positive news for the company and our customers,” said Jeff Rosica, senior vice president and head of the Grass Valley Broadcast & Professional business. “We are encouraged that we are taking a major step towards completing the divestiture process with this binding offer from Francisco Partners.
“The opportunity to be part of Francisco Partner’s portfolio gives Grass Valley a solid foundation to continue to work tirelessly to maintain our core values of innovation, performance, and passion that have benefitted our customers throughout the years. Our customers worldwide will continue to receive the high quality and service that they have come to expect from Grass Valley, with continued focus on raising the bar in our industry.”
Grass Valley has been on the market since 2009 and has shed around 25% of its workforce since the recession began.