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Sterling Partners buys Innotrac for USD106.6 million in cash
eCommerce solutions company Innotrac recently said that it will be acquired by private equity firm Sterling Partners for USD106.6 million in cash. As a result of the buyout, the NASDAQ-listed Innotrac will become a privately-held company. The deal is expected to be finalized in the first quarter of next year, the Atlanta Journal Constitution (AJC) said.
In a statement, Innotrac chairman and chief executive officer Scott Dorfman said the acquisition would give the company immediate liquidity even without financing involved. Dorfman is Innotrac's largest shareholder, owning a 44% stake in the company.
Dorfman and other Innotrac executives will remain with the company and retain a significant equity position after the takeover, AJC said.
According to CrunchBase, the Georgia-based company was created in 1984 and is currently operating eight fulfillment and distribution centers in the US. Innotrac also has other operations in the European region, the report said.
Innotrac registered a gross profit of USD51.7 million for the year ended in June 2013, based on its annual report.