MERGERS AND ACQUISTIONSMilestone AV Technologies, Savage, the manufacturer of Chief and Sanus brand AV mounting and display products, and Da-Lite Screen Co,, manufacturer of Da-Lite, Projecta and Procolor brand commercial and residential projection screens, announced the merger of the two companies. Da-Lite will continue to be based in Warsaw, Ind., as an operating subsidiary of Milestone, under the leadership of current Da-Lite President Richard Lundin.
Rochester Medical Corp., Stewartville, Minn., said shareholders of Netherlands-based Fornix NV agreed to sell its Laprolan medical supplies distribution business to Rochester Medical for about $14 million in cash. Laprolan distributes wound and ostomy care and urology products in the Dutch market and has annual revenue of $10.5 million. The deal is expected to close in the "near term," although terms will be retroactive to Jan. 1 of this year.
DEBT AND EQUITIESValueVision Media Inc., Eden Prairie, announced the pricing of its previously announced underwritten public offering of 8.25 million common shares at $6.25 per share. In connection with the offering, ValueVision has also granted to the underwriters a 30-day option to purchase up to 1.24 million common shares to cover any overallotments. Net proceeds from the offering are expected to be used to redeem the outstanding Series B preferred stock held by GE Capital Equity Investments Inc. and, if proceeds remain, for working capital and general corporate purposes, which may include capital expenditures. The offering is expected to settle and close on Monday. Piper Jaffray & Co. is acting as sole book-running manager, and Dougherty & Co. and Feltl and Co. are acting as co-managers in the offering.
