FG Acquisition Corp. announced the proposed acquisition of Strong/MDI Screen Systems, initiating a new business chapter under the name Saltire Holdings, Ltd. This strategic move, according to CEO Larry G. Swets, Jr., aims to establish a robust investment platform supported by MDI’s leading role in global screen manufacturing and distribution. Strong/MDI’s acquisition, valued at a pre-money valuation of $30 million, represents a significant investment opportunity for FGAC. The transition involves a comprehensive plan including potential private placements, share issuances, and governance restructurings poised to enhance shareholder value. Mark Roberson, CEO of Strong Global, expressed that this venture with Saltire and FGAC would enable Strong/MDI to access Canadian financial markets, supporting growth initiatives. The management team following this acquisition includes executives from both entities, ensuring integrated leadership. Legal counsel and financial advisories include Goodmans LLP and Canaccord Genuity Corp. for the corporation, and Gowling WLG for Strong Global and MDI. Key business drivers for the new entity will revolve around portfolio management focusing on strength, growth, operational execution, profitability, and corporate health. The acquisition will include all outstanding shares of MDI, making it a fully owned subsidiary of FGAC. Saltire’s investment approach targets strategic equity investments, promoting long-term capital appreciation. MDI, renowned for supplying premium projection screens globally, boasts relationships with dominant cinema chains and diverse entertainment venues, bolstering its industry reputation. The detailed investment approach plans to maximize intrinsic value by tapping into under-valued assets and fostering organic growth and strategic acquisitions. Post-acquisition, FGAC aims to focus on building a strong portfolio offering public market investors rare access to private equity investments traditionally limited to major investors.

Private Equity, Manufacturing and Distribution, Cinema and Entertainment,Canada, United States