Shareholders agreed the deal of 28,571,429 shares of common stock to One Equity Partners (OEP) – representing a 37% stake in the group – in return for an agreed purchase price of $100m.

In addition, the issue of 9,076,667 and 9,256,667 shares of common stock to Sagard and Tinicum respectively, in exchange for the aggregate agreed purchase price of $55m, was also approved.

X-Rite confirmed that proceeds from the capital raise, which was announced in August, would be used to: repay indebtedness under its First and Second Lien Credit Agreements; prepay certain amounts outstanding with Fifth Third Bank; and to fund ongoing operations.

Chief executive Thomas Vacchiano said: "We now have the necessary resources to continue developing new and innovative products for our customers related to the business of colour.

"The capital raised also provides the company with greater financial flexibility during these times of increased economic uncertainty to improve shareholder value and fund ongoing operations."