LeMusique/iStock via Getty Images
- Special purpose acquisition company FG Acquisition (FGAA.U:CA), and Strong Global Entertainment (NYSE:SGE), announced the proposed acquisition of Strong/MDI Screen Systems, a manufacturer and distributor of premium large format projection screens to the cinema industry in North America.
- The MDI acquisition, together with the launch of FGAC’s new investment platform, will constitute FGAC’s qualifying acquisition, the companies said.
- “We are excited to present this qualifying acquisition to our shareholders and believe that MDI provides a compelling investment opportunity to acquire a leading global manufacturing and distribution business that will anchor our unique investment platform” said Larry G. Swets, Jr., Chief Executive Officer of FGAC.
- In connection with the closing of the MDI acquisition, the corporation intends to rename itself Saltire Holdings.
- “We are delighted to be partnering with the teams at MDI and FGAC for the launch of Saltire Holdings. This platform will aim to benefit both business owners and investors seeking a differentiated long-term platform”, Andrew Clark, proposed Chief Executive Officer of Saltire Partners said.
- The deal will constitute FGAC’s Qualifying Acquisition, and values MDI at a pre-money valuation of $30 million.
- MDI also has contractual relationships to supply screens to IMAX, AMC, Cinemark and many of the other major cinema operators worldwide.
- Source: Press Release