April 13, 2017 / 7:58 PM / 8 months ago

BRIEF-Gibraltar Growth Corp acquires LXR for $82.5 mln

April 13 (Reuters) - Gibraltar Growth Corp

* Gibraltar Growth Corporation announces the proposed acquisition of LXR Produits de luxe international as its qualifying acquisition

* Gibraltar Growth Corp says acquisition by Gibraltar growth of all issued and outstanding shares of LXR for an aggregate purchase price of $82.5 million

* Gibraltar Growth Corp says as a result of acquisition, LXR will become a wholly-owned subsidiary of Gibraltar growth

* Gibraltar Growth Corp - assuming redemption levels of 50 percent and 100 percent, founders of lxr will own 23 percent and 35 percent of resulting company, respectively

* Gibraltar Growth Corp says following closing of acquisition, LXR will continue to be led by its founders Fred Mannella and Kei Izawa

* Gibraltar Growth - cam di prata, co-ceo and director, will assume role of executive chairman, will continue as a director of resulting company

* Gibraltar Growth Corp - acquisition will introduce LXR as a publicly-listed company

* It is expected that up to an additional two independent directors will be added following closing

* Jeremy Stepak, current cfo, will act as chief financial officer of resulting company on an interim basis

* Gibraltar Growth Corp - has secured support of over 52% of disinterested shareholders for acquisition Source text for Eikon: Further company coverage:

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