Arcline Investment Management, a private equity firm focused on industrial technology, has agreed to acquire AstroNova for approximately $272 million in enterprise value.
The transaction follows AstroNova’s (Nasdaq: ALOT) previously announced strategic alternatives review and was unanimously approved by the company’s board of directors. Headquartered in Rhode Island, AstroNova provides identification, marking and data visualization services serving the aerospace and defense, labeling, packaging and industrial markets. The company operates through its Aerospace and Product Identification segments, offering avionics printers, Ethernet switches and specialty printing systems used in aircraft cockpits, manufacturing environments and packaging operations.
Rockefeller Capital Management served as financial advisor to AstroNova, with Foley Hoag acting as legal counsel and Alliance Advisors serving as strategic communications advisor. Mesirow advised Arcline as exclusive financial advisor, while Bass, Berry & Sims served as legal counsel to the buyer.