Broadcast Electronics Sold
January 20, 2010 at 7:22 AM (PT)
BROADCAST ELECTRONICS has a new private-equity majority owner, reports RADIO WORLD. The "new owner specializes in special situations, BE’s chief executive stresses that the 51-year-old company is not going out of business and in fact sees itself in a strong position due to the sale."
President/CEO JOSEPH ROARK told RADIO WORLD "the company, which makes prominent lines of transmitters and automation systems among other products, will remain intact," and that "GE CAPITAL, the lead bank among BE’s investors, was over-leveraged and just before the holidays sold its debt position in BE for cash to FIRSTCITY CRESTONE."