The Gores Group Closes the Sale of Vincotech
The Gores Group, LLC (Gores), a leading Los Angeles based private equity firm, today announced that on December 31, 2010, it completed the previously-announced sale of Vincotech Holdings Sàrl (Vincotech) to Mitsubishi Electric Corporation (Mitsubishi Electric). Financial terms of the transaction were not disclosed.
Vincotech specializes in the development, manufacturing and distribution of low power Power Modules that are used in inverters for general industrial applications and power conditioners for solar power system applications.
We appreciate Mitsubishi Electrics dedication to this transaction throughout the entire sale process, commented Ryan Wald, Managing Director of Gores. We are confident that Vincotech and its team will continue to prosper as part of Mitsubishi Electric.
Joachim Fietz, CEO of Vincotech, added, We are very excited to continue to grow Vincotech under the Mitsubishi Electric umbrella. We are grateful for Gores operational and financial support which helped lead to this transaction.
Vincotechs Shenzhen, China-based Electronics Manufacturing Services business (Vincotech Electronic Modules Co. Ltd) did not transfer to Mitsubishi Electric as part of this transaction, and is now a separate portfolio company of Gores.
DC Advisory Partners acted as sole financial advisor to Gores. Weil, Gotshal & Manges acted as legal advisor to Gores.