March 17, 2008 – Westport, CT – Sterling Investment Partners ("Sterling") announces the closing of the sale of The CBORD Group ("CBORD"), the leading supplier of card systems and integrated security solutions to higher education, health care and other markets, to Roper Industries, Inc. (NYSE: ROP) in a transaction valued at approximately $367 million (including $23 million in tax benefits that can be utilized over time).
CBORD provides integrated transaction solutions to 750 colleges and universities, representing 4.5 million students, 1,700 major health care licensees, and large corporate campuses, leading supermarkets, theme parks and dining chains. In total, CBORD systems are used by more than 6,000 organizations in the U.S., Canada, Europe, South Africa, New Zealand and Australia.
Since Sterling’s acquisition in mid-2004 CBORD has more than doubled in size. Under Sterling’s ownership CBORD acquired the campus card division of Diebold Incorporated (NYSE:DBD); Student Advantage, the nation’s largest student discount program; and Off-Campus Advantage, LLC (OCA), a leading provider of off-campus payment services for colleges and universities. These acquisitions along with organic growth increased CBORD’s market share in its existing business while expanding the company’s offerings.
Mr. Tim Tighe, chief executive officer of CBORD, noted, "Our partnership with Sterling was extremely productive for our company. They were a pleasure to work with and helped us build CBORD into a business that was highly attractive to Roper. I look forward to continuing to lead the business as part of Roper."
Mr. M. William Macey, Jr., managing partner of Sterling, commented, "CBORD is a unique business and it was a pleasure working with Tim and his management team to build a great business."
Mr. Douglas Newhouse, managing partner of Sterling, said, "CBORD was a great investment for Sterling due to the company’s compelling business model and terrific management team. We are thrilled to have found Roper as a new partner for CBORD, which will further enhance the company’s opportunities both strategically and financially."
Mr. Brian Jellison, Roper Industries’ chairman, added, "We are very impressed by the accomplishments and talents of the CBORD management team, and look forward to working with Tim and his colleagues to enhance the value of those businesses through the application of their proven technologies to new end markets and expansion of their global reach."
Mr. Tighe said, "Our management team is delighted that CBORD has found a great new home at Roper. Our customers will find that we will continue to provide the same excellent service and support, with full continuity of personnel, and that with greater scale, our customers will be able to expect even more from us. As part of Roper we will have the financial and strategic resources necessary to pursue a variety of new initiatives, and further improve our product offerings through collaboration with the other leading-edge businesses in the Roper family. Our future is very bright as part of Roper, which shares our vision and commitment to value creation."
Sterling Investment Partners
Sterling Investment Partners, based in Westport, Connecticut, invests in companies with significant competitive strengths and growth potential. Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value in excess of $7 billion, representing over 75 companies. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, and technology-related businesses. www.sterlinglp.com