Sparton Corporation Shareholders Approve Merger with Cerberus
SCHAUMBURG, Ill.–Sparton Corporation (“Sparton”) (NYSE:SPA) announced that, at a special meeting of shareholders held today, the shareholders of Sparton approved the proposed acquisition of Sparton by Sparton Parent, Inc. (formerly known as Striker Parent 2018, LLC) (“Parent”), an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), by adopting the previously announced Agreement and Plan of Merger, dated as of December 11, 2018, by and among Sparton, Parent and Striker Merger Sub 2018, Inc., a wholly owned subsidiary of Parent (“Merger Sub”).
The transaction remains subject to customary closing conditions. The parties expect to close the transaction promptly.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 119th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. Sparton’s website may be accessed at http://www.sparton.com/.
About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with over $35 billion in assets across complementary credit, private equity, and real estate strategies. Cerberus invests across the capital structure where its integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Cerberus’s tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for Cerberus’s investors. For more information about Cerberus’s people and platforms, visit Cerberus at www.cerberus.com.
