United States. Schneider Electric announced that it has completed the sale of its Pelco business unit to the company Transom Capital Group, a private equity firm based in the United States, this is a stock that is in line with the terms that were known since march 25 (see news).
Following consultation with the relevant working committees, Schneider Electric made it official that the transaction was closed on May 24, 2019.
Russ Roenick, Managing Partner of Transom Capital Group, said: "As most experts in the security industry know, Pelco is one of the pioneers of the video surveillance space. The journey toward creating the next big breakthroughs in video security begins today through our investment in Pelco. We are convinced that the work done in recent years to transform the company into a leader in security with digital knowledge with innovative hardware, software and service solutions is almost complete. We are excited to partner with management to grow the business for many years to come."
Jean-Marc Theolier, CEO of Pelco, commented: "While examining the potential partner landscape, our main goal was to engage with a company that appreciated Pelco's legacy, and also supported our current business strategy and growth plan. Transom strongly believes in our unique value proposition to be an end-to-end solution provider, and has encouraged us to continue doing what we do best. We are delighted to be working with Transom and developing new and innovative solutions to better serve our business partners."
Pelco, well known as a global specialist in the design, development and delivery of reliable end-to-end video surveillance solutions and services including cameras, recording software and management systems, had revenues of €169 million in 2018 and employs 478 employees.
