Glencoe Capital Completes Purchase of Bell & Howell from ProQuest
Press release from the issuing company
CHICAGO, Sept. 28 - Glencoe Capital LLC announced that it has completed its purchase of Bell & Howell's Mail and Messaging Technologies, Scanners, and Financial Services businesses from ProQuest Company for $145 million. All of these businesses will continue to operate under the Bell & Howell name.
Bell & Howell Mail & Messaging Technologies is the recognized market leader in the manufacturing, marketing, and service of high-volume, high-speed mail processing systems, with more than 60 years of experience in the industry. Built on a reputation for providing the highest quality products and service to its customers, Bell & Howell maintains a dominant market position in the production of mail inserting, sorting, recognition, and transport equipment. Bell & Howell Scanners manufactures and markets high- volume document scanners, and Bell & Howell Financial Services provides equipment leasing and factoring financing solutions.
"These are fundamentally sound businesses that offer excellent opportunities for revitalization and new products and services,'' said David S. Evans, Chairman and Managing Director of Glencoe Capital. "In recent years, ProQuest Company has sought to reposition itself and has directed its resources toward its core businesses. We are confident that with renewed focus and dedicated resources, Bell & Howell will not only continue to achieve strong results, but will expand its market share and extend its suite of software applications to become the dominant provider of mail processing and document finishing solutions. We are pleased to have worked with ProQuest Company to help them complete their restructuring,''
William J. McGrath, Managing Director of Glencoe Capital responsible for the transaction, said, "The management team headed by Nils Johansson, who has more than 15 years of top management leadership at Bell & Howell, and Frank Gozzo, President of the Mail and Messaging business, is expected to make a powerful contribution to the success of the business.'' George Marton, President of Global Video LLC, and the Chairman of Glencoe Capital's Executive Network Business Services & Media Group, is Chairman of the Board and will also assist in the execution of the company's strategy. Mr. Marton's experience as a former division president of Bell & Howell's Imaging Group and as a consultant to the media services industry will complement the management team.
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