National Investment Managers Inc. Completes Sale of the Company to Stonehenge Unit
March 21 2011 - 1:37PM
Marketwired
National Investment Managers (OTCBB: NIVM), a nationally-based and
regionally-operated retirement plan administration and investment
management company, with over $11 billion of assets under
administration, today announced that it has completed the
previously announced sale of the Company to an entity owned and
controlled by Stonehenge Opportunity Fund III, LP, an entity
managed by Stonehenge Partners, Inc., for approximately $42.5
million in cash. Stonehenge Partners, Inc., based in Columbus,
Ohio, manages more than $700 million of private capital and focuses
on investing in middle-market businesses.
The sale was approved by Company shareholders at a special
meeting held on Friday, March 18, 2011. After payment of NIVM's
outstanding debt and other liabilities, $8 million of the purchase
price proceeds will be distributed to shareholders, as follows:
- Series A Preferred Stock -- $0.50 per share
- Series B Preferred Stock -- $0.43 per share
- Series C Preferred Stock -- $2.41 per share
- Series D Preferred Stock -- $3.96 per share
- Series E Preferred Stock -- $38.64 per share
- Common Stock -- $0.02 per share
BNY Mellon Shareholder Services, as paying agent, will send
information to shareholders regarding the procedures for obtaining
payment for their shares.
The investment banking group of Carl Marks Securities LLC acted
as financial advisor to the Company.
National Investment Managers Inc. is a holding company and a
consolidator of pension plan administration, investment management
and insurance businesses. Its strategy includes a custom-tailored
acquisition formula for each acquired business, which allows local
and regional entities to retain their autonomy while benefiting
from the reach that a national presence offers. In addition, the
Company's approach offers entrepreneurs in these businesses an exit
strategy suited to their specific needs.
National Investment Managers targets businesses with stable cash
flows and high operating margins to ensure successful integration
of operations once a sale is concluded. Acquired companies continue
to operate under their own brands, usually with minimal staff
turnover to ensure that relationships of many years' standing are
not disrupted. At the same time, these formerly small businesses
can cross-sell related financial services under the National
Investment Managers umbrella and enjoy administrative and other
support from around the country.
The member firms of National Investment Managers provide pension
administration services, retirement planning, defined benefit
services, asset preservation, general insurance and asset
management services. Wholly-owned subsidiaries of National
Investment Managers are based in Anchorage, AK; Laguna Hills, CA;
Marina Del Rey, CA; Denver, CO; Southington, CT; Lake Mary, FL;
Pikesville, MD; North Attleboro, MA; Haddonfield, NJ; New York
City, NY; Yorktown Heights, NY; Beaverton, OR; Harrisburg, PA;
Horsham, PA; Wayne, PA; Warwick, RI; Houston, TX; and Seattle, WA.
NIVM's corporate headquarters are located in Dublin, OH.
National Investment Managers John M. Davis 614-923-8824
JDavis@nivm.com