Hirsch International Acquired By CEO
November 17, 2009
Hirsch International Corp., a supplier of apparel manufacturing and decoration equipment, announced that its president and CEO Paul Gallagher has completed his acquisition of the company. According to the agreement, Hirsch has been delisted from Nasdaq and has become a private company.
As part of the transaction, stockholders received 31 cents per share, representing a premium of approximately 48% over Hirsch's closing share price of 21 cents on June 12. That was the last completed trading day prior to the public announcement of Gallagher's offer to acquire all of the company's outstanding shares. Following the acquisition, Henry Arnberg, Marvin Broitman, Chris DaVino and Mary Ann Domuracki resigned from Hirsch's board of directors, leaving Gallagher as the sole director. Gallagher began his career at Hirsh in September 2001 as COO. He was named president in 2003 and CEO in December 2004.
Hirsch, founded in 1968, provides equipment and support services to the graphic and decorated apparel industry. Its customers include manufacturers who use embroidery, screen printing or other embellishing techniques as well as promotional products, uniform and sportswear companies. The Hauppauge, NY-based company had been public since 1994.