New York-based private equity firm Crestiview Partners announces that it has worked out a deal with another investment firm, The Gores Group, to purchase Milpitas, California-based Elo, a maker of touchscreens used in the digital signage and point-of-sale applications, among others.
Elo is a global leader in the touchscreen business, having been the original inventors of interactive touch screens some 45 years ago, according to their new owners. The company has more than 20 million installations worldwide and serves a variety of markets, including restaurants, retail, industrial, health care, banking and others.
The Gores Group had owned Elo since 2012.
“We are proud of the results we have achieved in partnership with Alec Gores (founder of The Gores Group) and are thankful to Alec, Steve Yager and the entire Gores team for their strong support.” says Craig Witsoe, Elo’s CEO. “Elo is well positioned, having created multiple industry-leading solutions for our customers with our hardware, SaaS software, secure cloud connect, and component technologies. We have also invested in new manufacturing, operational and systems improvements, sales and marketing excellence and, most of all, building an incredible Elo team.”