Meridian Capital Executes Sale of VIOX Corporation to Ceradyne, Inc.
Seattle, Washington | 6 January 2011 – Meridian Capital LLC, a partner of Global M&A, is pleased to announce the successful sale of its client, VIOX Corporation (VIOX or “the Company”), to Ceradyne, Inc. (Nasdaq: CRDN). The purchase price consists of approximately $27 million in cash paid at closing plus contingent payments of up to $22 million. In connection with the transaction, Meridian Capital served as VIOX’s exclusive M&A advisor.
Established in 1971, VIOX develops and manufactures specialty glass compositions for a wide range of electronic, industrial and health care markets. Over its history, the Company has established itself as a leader in glass engineering capabilities and manufacturing purity. In recent years, VIOX has developed a specialty glass formulation for polycrystalline silicon photovoltaic solar applications which has driven significant revenue growth. For the twelve-month period ended September 30, 2010, VIOX had sales of approximately $22 million with strong operating margins.
Ceradyne is a leading developer, manufacturer and marketer of advanced technical ceramic products and components for defense, industrial, energy, automotive/diesel and commercial applications.
Bill Coats, founder and Chairman of VIOX, said: “The Meridian team did a remarkable job for us. Their people are very knowledgeable, professional and brought in several competitive letters of intent. We are very pleased to pass along our company and excellent management team to a class-act company like Ceradyne.”
Chuck Wilke, Managing Director at Meridian Capital commented on the transaction, “Meridian is very happy for the VIOX shareholders and management team. The Company remained focused and maintained excellent performance throughout an active transaction process. We believe Ceradyne is uniquely positioned to add-value to VIOX due to its strong balance sheet and tremendous ceramic technology capabilities.”
Press Release
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