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CSL Completes Management Buyout, Adds Seveco as Strategic Investor
Convergence Systems Ltd. (CSL), a provider of passive RFID products and active real-time location system (RTLS) equipment, has announced that its management has completed the purchase of the company from the original investors.
To support them in their buyout effort, CSL's management reached out to their company's primary manufacturing partner, Seveco Global Ltd. The agreement with Seveco includes an investment and long-term financial commitment. Financial details have yet been not disclosed.
CSL says it will maintain business operations in three locations: Hong Kong is home to product development and global sales; Dongguan, China, is the manufacturing site for all of the company's products; and Dallas, Texas, is the site of warehouse operations for North American sales, as well as for local manufacturing requirements. CSL will continue to support existing RFID product lines, the company reports, and has plans for expansion.
"We are pleased that our original investors supported our desire to complete a 100 percent acquisition of the company with a very smooth transaction. All of our team is extremely pleased and motivated by the outcome," said Jerry Garrett CSL's managing director, in a prepared statement. "The inclusion of Seveco as a strategic investor brings additional strong engineering and production expertise, as well as better economies of scale for expansion."
Ed Lee, Seveco's founder and CEO, added in the statement that CSL represents a strong global brand with a proven track record of engineering high-quality products for the RFID industry. "Seveco's skills are very complementary with those of CSL, and we look forward to fully supporting them as they launch a series of new RFID products and solutions," he said.
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