SAN JOSE, Calif., July 23 /PRNewswire-FirstCall/ -- SonicWALL, Inc.
(Nasdaq: SNWL), a leading provider of IT security and data backup
and recovery solutions, today announced that it has completed its
merger with affiliates of an investor group led by Thoma Bravo,
LLC, which includes the Ontario Teachers' Pension Plan through its
private investor department, Teachers' Private Capital. This
follows approval of the transaction by SonicWALL shareholders
during a Special Meeting of Shareholders held today.
"With strong and supportive partners in Thoma Bravo and
Teachers' Private Capital, we can create exciting new opportunities
for SonicWALL and continue building the Company into an IT security
leader," said Matthew Medeiros,
SonicWALL's president and CEO. "We look forward to continuing to
provide our customers with the innovation and high quality service
and products they have come to expect from SonicWALL. On behalf of
SonicWALL's Board of Directors and management team, I want to thank
our employees and customers for their ongoing support."
"SonicWALL is a business with tremendous momentum and we look
forward to partnering with the Company to extend their success
within the IT security industry," said Seth
Boro, a Principal at Thoma Bravo.
"We are eager to embark on this new era for SonicWALL, and look
forward to supporting the many strategic opportunities available to
the company," added Neil Petroff,
Teachers' Executive Vice-President and Chief Investment
Officer.
SonicWALL shareholders will receive $11.50 in cash for each share of SonicWALL common
stock they hold. Letters of transmittal allowing SonicWALL
shareholders of record to deliver their shares to the paying agent
in exchange for payment of the merger consideration will be
distributed shortly. SonicWALL shareholders who hold shares through
a bank or broker will not have to take any action to have their
shares converted into cash, as such conversions will be handled by
the bank or broker.
As previously announced, SonicWALL stock will cease to trade on
the NASDAQ after market close today and will be delisted.
Centerview Partners LLC served as exclusive financial advisor to
SonicWALL and provided a fairness opinion to the Company's Board of
Directors. Kirkland & Ellis LLP provided legal counsel to Thoma
Bravo. Fenwick & West LLP provided legal counsel to SonicWALL.
Credit Suisse arranged the debt financing in support of the
transaction.
About SonicWALL, Inc.
Guided by its vision of Dynamic Security for the Global Network,
SonicWALL develops advanced intelligent network security and data
protection solutions that adapt as organizations evolve and as
threats evolve. Trusted by small and large enterprises worldwide,
SonicWALL solutions are designed to detect and control applications
and protect networks from intrusions and malware attacks through
award-winning hardware, software and virtual appliance-based
solutions. For more information, visit
http://www.sonicwall.com/.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm that has
been providing equity and strategic support to experienced
management teams building growing companies for more than 29 years.
The firm originated the concept of industry consolidation
investing, which seeks to create value through the strategic use of
acquisitions to accelerate business growth. Thoma Bravo applies its
investment strategy across multiple industries with particular
focus on the software and services sectors. In the software
industry, Thoma Bravo has completed more than 50 acquisitions
across 15 platform companies with total annual earnings in excess
of $700 million. For more information
on Thoma Bravo, visit www.thomabravo.com.
About Teachers' Private Capital
Teachers' Private Capital, the private investment department of
the Ontario Teachers' Pension Plan, is one of the world's largest
private equity investors, having participated as a long-term
investor in numerous transactions in Canada, the United
States and Europe. Current
investments of Teachers' Private Capital include: Acorn Care &
Education, Alliance Laundry Systems, Aquilex Corporation, General
Nutrition Centers, Inc., Easton-Bell
Sports, Exal Group, GCAN Insurance, Maple Leaf Sports &
Entertainment, Munchkin, National Bedding Company (Serta) and
Simmons Bedding Company, among others. Teachers' Private Capital
provides long-term, flexible capital and support to high-quality
management teams seeking to grow and add value to their businesses
over time.
With net assets of C$96.4 billion
at December 31, 2009, the Ontario
Teachers' Pension Plan is an independent organization responsible
for investing the pension fund and administering the pensions of
Ontario's 289,000 active and
retired teachers. For more information visit www.otpp.com or
www.teachersprivatecapital.com.
SOURCE SonicWALL, Inc.