May River Capital-backed Dickson has completed the squeeze-out of Oceasoft minority shareholders for a cash consideration of 2.85 euros per share, which equals $3.17 in U.S. dollars. As a result, Dickson now holds 100% of Oceasoft's shares. Effective Dec. 18, Oceasoft's shares were delisted from the Euronext Growth exchange.
This transaction is considered to be fully in line with Dickson's strategy to accelerate its growth in the European and U.S. environmental monitoring markets. In this context, Oceasoft is expected to provide Dickson with additional expertise in innovative products and services, in particular for intelligent and connected sensors for monitoring physical parameters.
This transaction also is intended to ensure the sustainability of Oceasoft's team and technology. Oceasoft will continue operations under its current name, and Oceasoft Founder & CEO Laurent Rousseau will continue as European president, leading the consolidated R&D team and joining Dickson's board of directors.
"Oceasoft fills a gap that Dickson currently has within regulated supply chain monitoring. Joining the two businesses together will enable true end-to-end environmental monitoring of global supply chains," Dickson CEO Rick Weiler said in a statement.
Rousseau added: "There is a like-minded approach between the two businesses. We both ensure the integrity of highly-regulated end markets and have established customer trust through our in-house certified laboratories.”
May River Capital Partner Steve Griesemer added: “We are proud of the work the entire team dedicated to completing this complex transaction/ Oceasoft represents a perfect strategic fit with Dickson and allows the combined companies to support our customers who are facing increasing end market regulation and a heightened focus on product safety."
May River Capital acquired Dickson in April 2018 as a platform to build a larger test and measurement instrumentation company. Dickson, a 96-year old company based in Addison, provides IoT-enabled environmental monitoring systems that support real-time data and service from its SaaS cloud platform, DicksonOne.
Paul Hastings LLP served as legal counsel, ALANTRA France Corporate Finance as presenting bank and financial adviser, and EC Mergers & Acquisitions as buyside financial adviser to Dickson and May River Capital.