LOS ANGELES & TRENTON, N.J.--(BUSINESS WIRE)--The Gores Group, LLC, a Los Angeles-based private equity firm, today announced that it has completed the acquisition of The Clark Group, Inc., a leading non-asset based logistical services provider focused on developing and executing supply chain solutions for the print media industry both domestically in North America and internationally throughout the world.
Headquartered in Trenton, NJ, The Clark Group’s core business specializes in niche distribution and transportation services for the print media industry. The company’s customer base consists primarily of publishers, printers and distributors of magazines and books, including many of the largest and most recognizable magazine publications in the United States.
Under the terms of the transaction Clark Holdings Inc. (AMEX: GLA), the parent of The Clark Group, Inc., was merged with a holding company formed by The Gores Group. Clark Holdings shareholders will receive $0.46 per share in cash as a result of the merger. Clark Holdings will thereafter become a private company.
Skip Fischer, Chief Executive Officer of Clark, stated, “I am confident that The Gores Group’s financial resources and operational expertise will provide us with an enhanced ability to pursue our organic growth strategies – including new market segment development and deeper penetration internationally, as well as to target strategic acquisitions.”
Victor Otley, Managing Director for Gores, stated, “The existing management team, led by CEO Skip Fischer, has done an exceptional job forging a strong reputation with Clark’s loyal customers by continuing its unrelenting focus on service excellence. We are pleased to be partnering with this dedicated management team to leverage its market position and accelerate growth. We fully support the management team’s passion for print media and will collaborate with them to bring state-of-the-art logistics technology and innovative services to Clark’s customers in the U.S. and abroad.”
Fischer added, “The Clark management team is excited and extremely optimistic about our future. The Gores Group has a superb history of supporting the businesses it acquires and it fully understands the challenges facing the magazine and book industry. Together, we share the view that by investing in the Clark brand we can expand our service offerings for the benefit of our current and future customers.”
Clark’s three unique and complementary operating subsidiaries, Clark Distribution Systems (CDS), Highway Distribution Systems (HDS) and Clark Worldwide Transportation (CWT), provide customers with a single source supply chain solution. The company operates a network of 8 distribution centers strategically located across the United States to provide consolidation efficiencies and time-critical domestic transportation services to all regions of the country and internationally. Additionally, Clark offers its customers supply chain export and import services to more than 65 countries worldwide and has developed strategic alliances with numerous international agents throughout the world specializing in print media logistics.
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.