Thursday, February 18, 2010

Lineage Power Buys Ohio Firm

Dallas-based Lineage Power, a developer of power rectifier and other components, is acquiring Galion, Ohio-based PECO II, a provider of engineering and on-site installation services for the communications power systems and power distribution equipment market. According to PECO II, the deal is worth $5.86 per share in cash, a 51 percent premium over the firm's closing price Wednesday. The deal is worth approximately $16.7M. Lineage Power is owned by private equity firm Gores Group. According to PECO II, it was advised by Western Reserve Partners LLC and Porter, Wright, Morris & Arthur, LLP in the deal.