Irving, TX – August 13, 2010 – EF Johnson Technologies, Inc. (NASDAQ: EFJI) today announced that FP-EF Holding Company, Inc., an affiliate of Francisco Partners, a global technology-focused private equity fund, has completed its acquisition of EF Johnson Technologies, Inc. Under the terms of the merger agreement approved by stockholders, FP-EF Holding Company has acquired all of the outstanding shares of EF Johnson Technologies, based on a price of $1.50 per share in cash.
“EF Johnson has a long history of providing quality products and services to customers in its core markets,” said Ashutosh Agrawal, Principal at Francisco Partners. “We are looking forward to partnering with the Company’s management team to provide our customers with leading products, and the industry’s best customer experience.”
“The EF Johnson team is excited to be joining Francisco Partners,” said Michael E. Jalbert, the outgoing Chairman and Chief Executive Officer of EF Johnson Technologies. “Our extensive technology capabilities and shared focus on customer service create a compelling offering in this growing industry.”
“I’m looking forward to leading the EF Johnson team as it pursues its strategic goals and continues to focus on providing the highest quality secure communications solutions for its customers,” said Norman Stout, the incoming Chief Executive Officer. Mr. Stout brings more than 20 years’ of technology experience to the position.