JVCKENWOOD Corporation to Acquire EF Johnson Technologies, Inc.
IRVING, Texas, Jan. 31, 2014 /PRNewswire/ -- EF Johnson Technologies, Inc. announced today that JVCKENWOOD Corporation has entered into a definitive agreement to acquire the company from its current owner, Francisco Partners. The transaction is expected to be completed in the first quarter of 2014 subject to regulatory approvals and customary closing conditions. This pending acquisition is integral to JVCKENWOOD's overall strategic initiative to increase its focus on professional communications, especially the U.S. public safety market.
"This alliance brings key strengths together that will benefit our current and future public safety customers," commented Haruo Kawahara, chairman and chief executive officer of JVCKENWOOD. "We now have complete turnkey P25 infrastructure capability, mission-critical P25 radios with multiband capability and value-focused P25 radios for a wider range of customers. With this complete P25 product portfolio and our market-leading NEXEDGE® digital radio technology, we are poised to significantly increase our global market share in professional wireless communications."
EFJohnson will continue to operate as its own company, but now with the backing of a large-scale, communications-focused parent. JVCKENWOOD will task EFJohnson to lead its overall corporate P25 initiatives, leveraging EFJohnson's P25 expertise and focus on mission critical quality products.
"For EFJohnson, our goal is to provide outstanding customer service and the most innovative products available in the marketplace," said Andrew Adams, chief executive officer of EFJohnson. "With this acquisition, EFJohnson now has the corporate scale to match the large competitors and ensures excellent support to our customers and continued development of new products for many years to come."
Raymond James & Associates, Inc. served as exclusive financial advisor to EFJohnson in connection with the transaction.
About EF Johnson Technologies, Inc.
Headquartered in Irving, Texas, EF Johnson Technologies, Inc. focuses on innovating, developing and marketing the highest quality secure communications solutions to organizations whose mission is to protect and save lives. The Company's customers include first responders in public safety and public service, the federal government, and industrial organizations. The Company's products are marketed under the EFJohnson name. For more information, visit http://www.efjohnson.com.
JVCKENWOOD is a global manufacturer specializing in electronics and entertainment products. It was reborn in October 2011 through the merger of Victor Company of Japan, Limited (JVC) and Kenwood Corporation (Kenwood) three years after management integration. JVCKENWOOD operates four business segments, Car Electronics, Professional Systems, Optical & Audio, and Entertainment Software with image, sound, and radio technologies, as well as audio and visual software. JVCKENWOOD creates excitement and peace of mind, while aiming to achieve profitable growth and become a business group that is widely trusted by society.
SOURCE EF Johnson Technologies, Inc.