(New York, NY) – Cortec Group (“Cortec”), a New York private equity firm which invests in middle market distribution, healthcare, consumer, and specialty products and service businesses, announced that on December 9, 2014, Barcodes, Inc. (“Barcodes”), a portfolio company of Cortec Group Fund V, L.P. (“Cortec V”), acquired OCR Canada, Ltd. (“OCR”). Terms of the transaction were not disclosed.
Based in Markham, Ontario, OCR is a leader in the delivery of automated identification and data capture (“AIDC”) solutions to companies throughout Canada. OCR provides data capture, mobile computing, and wireless infrastructure products along with custom software applications and onsite integration and support services to over 8,000 customers.
Dan Nettesheim, CEO of Barcodes, commented, “Our goal is to make capturing and managing enterprise data easier than ever before for our customers. With OCR’s leadership position in enterprise mobility, RFID, and barcode solutions in Canada, we will combine our strengths to provide a greater product, software and professional services offering to our customers across North America.”
“Being a part of Barcodes will allow us to do even more for our customers than we could have on our own,” added Jack Art, President of OCR. “In addition to improving our digital service capabilities for our customers, we will increase our technical and service capabilities and further strengthen our relationships with premier OEM partners across the industry.”
“We share the Barcodes management team’s excitement for such a highly strategic acquisition,” said Dave Schnadig, a Cortec Managing Partner. Cortec Partner Mike Najjar added, “The combined product lines and software and professional services capabilities of these two companies provide meaningful opportunities for future growth throughout North America. We look forward to working with the OCR team to continue to expand on its leadership position in the Canadian AIDC market.”
The OCR acquisition represents Cortec V’s ninth acquisition.
About Barcodes
Founded in 1994, Barcodes is a recognized leader in the delivery of AIDC products and solutions in North America, providing barcoding, RFID, and enterprise mobility capabilities to small- and medium-sized businesses, as well as to two-thirds of the Fortune 500. For additional information, please visit www.barcodesinc.com.
About OCR
Founded in 1972, OCR is a leader in the delivery of AIDC solutions to companies throughout Canada, providing data capture, mobile computing, and custom software solutions along with onsite integration and support services. For additional information, please visit www.ocr.ca.
About Cortec
Founded in 1984, Cortec acquires high value-added, middle-market distribution, healthcare, consumer, and specialty products and service businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.
