Arcline Investment Management has completed its acquisition of AstroNova, taking the Rhode Island-based maker of aerospace printing and product-identification systems private in an all-cash deal valued at roughly $272m.

At $29 per share, the offer sat roughly 209% above AstroNova’s unaffected closing price on 6 April 2026, the last full trading day before the company launched its strategic review, and about 120% above its 90-day volume-weighted average price to 16 June. Shareholders approved the deal in late August, clearing the final hurdle to completion.

The transaction caps a turbulent chapter for the target. Activist investor Askeladden Capital Management, led by Samir Patel, built a stake of about 9.2% and launched a proxy contest in early 2025. Askeladden criticised the company’s performance and the fallout from its acquisition of MTEX, which had triggered a covenant breach and a $13.4m goodwill impairment. After proxy advisers ISS and Glass Lewis backed Askeladden’s nominees, then chief executive Gregory Woods resigned and the two sides reached a cooperation agreement that August. A formal review of strategic alternatives followed, ultimately delivering Arcline’s offer.

“This transaction marks an important milestone for AstroNova. Our teams have worked hard over the last year to strengthen the business and position the Company for sustainable growth,” said Jorik Ittmann, President and Chief Executive of AstroNova. “Arcline’s interest in our entire enterprise - from our technologies, products, and strategy to our people and customers - makes them the right partner for AstroNova’s next chapter,” he concluded.