X-Rite Acquires Pantone in $180 Million Transaction
August 28, 2007
GRAND RAPIDS, Michigan – X-Rite Inc., providers of color measurement and management serving the printing, textiles, automotive and other industries, has entered into an agreement to purchase Pantone, Inc. for $180 million.
Pantone, headquartered in New Jersey, is known mostly in the design world for their "Pantone Matching System," which has expanded to serve home, fashion, architecture and contract interior markets – among others. In 2006, Pantone's revenue was about $42 million. The company sells its products and services through licensees in more than 100 countries.
As part of the agreement, Pantone will become a new business unit within X-Rite and current leaders will hold their posts within the organization. The transaction, expected to close in the fall of 2007, will be funded through new borrowings from several sources like Merrill Lynch, LaSalle Bank and others who have agreed to fund the transaction and refinance X-Rite's existing debt.
Pantone, headquartered in New Jersey, is known mostly in the design world for their "Pantone Matching System," which has expanded to serve home, fashion, architecture and contract interior markets – among others. In 2006, Pantone's revenue was about $42 million. The company sells its products and services through licensees in more than 100 countries.
As part of the agreement, Pantone will become a new business unit within X-Rite and current leaders will hold their posts within the organization. The transaction, expected to close in the fall of 2007, will be funded through new borrowings from several sources like Merrill Lynch, LaSalle Bank and others who have agreed to fund the transaction and refinance X-Rite's existing debt.
