Business

Sparton goes private with Cerberus acquisition

Posted March 04, 2019 12:00 am

SCHAUMBURG - Sparton Corp. was officially acquired Monday by Sparton Parent, Inc., an affiliate of Cerberus Capital Management.

Sparton is now a wholly owned subsidiary of Parent and will operate as a privately held company. Shares of Sparton common stock ceased trading on the New York Stock Exchange prior to the opening of trading Monday, and will be delisted from the NYSE. Sparton shareholders who have properly exercised dissenters' rights are entitled to receive an amount in cash equal to $18.50 per share of Sparton common stock.

"Cerberus is an exceptional financial and operating partner that will help drive Sparton's long-term growth and continue our track record of delivering industry-leading solutions to our customers around the world," said Joseph Hartnett, interim president and chief executive officer of Sparton.

Sparton, which has 13 locations globally, develops complex and sophisticated electromechanical devices for the medical and biotechnology, military and aerospace, and industrial and commercial industries.

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