Boca Restaurateur A Partner Of Broward-Based Firm To Be Acquired By Arsenal Capital For $45M

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By: Dale King Contributing Writer

The co-owner of Mario’s Osteria, a popular Boca Raton restaurant, is one of three partners in Cyalume Technologies Holdings, Inc., a Broward County-based firm scheduled to be acquired by an affiliate of Arsenal Capital Partners as part of a $45 million merger.

The deal was expected to close last month.

Cyalume recently announced the signing of a definitive agreement and plan of merger in which the firm will be acquired by an affiliate of Arsenal Capital Partners in an all-cash transaction totaling $45 million.

The joining is subject to certain adjustments set forth in the merger agreement, which includes the repayment of Cyalume’s outstanding debt.

“We are very excited to have Arsenal as our partner,” said Dale S. Baker, chief operating officer of Cyalume and also co-owner with his wife, Mary, of Mario’s. “We are confident that with their strategic and financial support, we will be able to significantly accelerate our growth in the specialty chemical, pharmaceutical and medical product markets.”

Upon completion of the Cyalume-Arsenal affiliate merger, the management team is scheduled to remain in place, officials of both companies said.

The firm produces specialty chemicals and pharmaceutical components; designs and manufactures related products and does sub-contract manufacturing of components for use in pharmaceutical, medical, commercial and military markets.

“We are very pleased to announce this transaction with Arsenal, as we believe it affords us the opportunity to both deliver a return to many of our stakeholders that have supported Cyalume over the past several years and positions the company for continued growth and future success,” said Zivi Nedivi, Cyalume president and CEO.

Sal Gagliardo, industry and operations partner at Arsenal, said, “Cyalume has a strong brand and long-term relationships with blue chip customers. Given its robust portfolio of technologies, we expect Cyalume will serve as a platform for further acquisitions in the specialty chemicals and performance polymers sector.”

During his career, Baker has held senior level positions with various companies. He earned a masters of business administration degree from the Fuqua School of Business of Duke University and a bachelor of science in mechanical engineering from Virginia Polytechnic & State University.

Global law firm Greenberg Traurig is legal counsel to Cyalume, and Cassel Salpeter & Co., LLC, acts as financial advisor to the Board of Director’s special committee created to handle the transaction. DLA Piper, LLP, serves as legal counsel to Arsenal Capital Partners in connection with the transaction.

The company is headquartered in Fort Lauderdale, with manufacturing locations in West Springfield, Mass. and Bound Brook, N.J., as well as a subsidiary, Cyalume Technologies, SAS, in Aix-en-Provence, France.

The company sells to the US Military and other militaries and to major pharmaceutical and medical device companies throughout the world.

Established in 2000, Arsenal Capital Partners is a New York-based private equity firm that specializes in investments in middle market specialty industrials and healthcare companies.

Investors and security holders will be able to receive the information statement and other documents free of charge at the Securities and Exchange website, http://www.sec.gov, or from Cyalume at 910 SE 17th St., Suite 300, Fort Lauderdale.