New Orleans-based Spear Point Capital Management has reached a deal with Imation Corp. to buy its data storage company Nexsan for $25 million.
Spear Point managing members Trevor Colhoun and Ron Bienvenu utilize an activist investment strategy that combines intensive due diligence, an active role in addressing corporate governance and strategy, and a highly concentrated portfolio. Exactly one year ago, Spear Point sent a letter to Imation exploring how to best create value at the company through a number of possibilities.
As a leader in Hyper-Unified Storage, Nexsan will be able to focus on new product development as Imation backs away from the data storage business.
“We are enthusiastic about what Nexsan has been able to accomplish over the past year, especially with the early adoption of Unity,” said Bienvenu. “This restructuring and investment will help Nexsan accelerate its growth, create tremendous impact and deliver enormous value.”
The deal, set to close on January 31, will make Nexsan a private company. Nexsan is based in California and will be keeping its workforce on the West Coast. Nexsan CEO Bob Fernander and CTO Geoff Barrall will continue to run the Nexsan business and will have seats on the new board.