Evercel, Inc. (EVRC) Sells Stake in Printronix for $30M
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Evercel, Inc. [OTC Pink: EVRC] (the “Company”) today announced the successful completion of the sale of its 80.1% stake in Printronix, a worldwide leader in multi‐technology industrial printing solutions, on October 7, 2021. Evercel received approximately $30 million from the sale of its 80.1% stake. Including the proceeds from this transaction plus prior dividends, the Company has cumulatively received more than $80 million from its investment in Printronix, excluding taxes and applicable fees.
Evercel invested approximately $18 million for its 80.1% equity stake in Printronix in 2013. Evercel’s investment in Printronix was managed by CoronaPark and Evercel’s CEO, Daniel Allen. Proceeds from the investment have been reinvested into other transactions completed by the Company, including its investment in ZAGG earlier this year.
“We want to thank Evercel and CoronaPark for their support and tremendous hard work helping drive Printronix’s success over the past eight years,” said Werner Heid, CEO of Printronix. “CoronaPark’s hands-on and entrepreneurial approach was instrumental in helping the Printronix management team identify ways to dramatically improve our business. The CoronaPark team was a great partner to work with.”
“The Board and I are pleased to be delivering a strong return to shareholders through the sale of our stake in Printronix. It has been a true pleasure working alongside Werner and the rest of the Printronix management over the past eight years as we took many complex steps to increase the operational efficiency of the global business,” said Daniel Allen, CEO of Evercel.
At the time of Evercel’s investment in Printronix, Evercel’s only material asset was the $18 million it invested in the CoronaPark-led acquisition of Printronix. Today, following the sale of Printronix, Evercel has approximately $48 million in cash and note. Evercel also continues to hold its position in Current Technologies, which it purchased for $3 million, and its investment in ZAGG, which it purchased for approximately $36 million.
About Evercel, Inc.
Evercel, Inc. is a holding company that brings an entrepreneurial approach to acquiring and managing businesses through a hands-on, data-driven approach as it partners with strong management teams to drive long term results. Evercel’s current portfolio companies, which are managed by CoronaPark, are ZAGG and Current Technologies.
Evercel is currently exempted from the SEC’s periodic reporting requirements, and voluntarily reports financial and other information from time to time. Evercel may change its reporting practices at any time, in its discretion and without notice. www.evercel.com
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