NEW YORK, June 30, 2011 /PRNewswire/ -- MidOcean Partners
("MidOcean"), a leading private equity firm, announced today that
it has completed its previously announced acquisition of Pre-Paid
Legal Services, Inc. ("Pre-Paid Legal", NYSE: PPD) for $66.50 per share in a cash transaction valued at
approximately $650 million.
The transaction was approved by Pre-Paid Legal's stockholders at
a special meeting of stockholders held on June 21, 2011. Pre-Paid Legal common stock
will be delisted from the New York Stock Exchange.
Pre-Paid Legal, headquartered in Ada,
Oklahoma, provides families and small businesses with
affordable access to professional legal services and identity theft
protection and restoration services through a network marketing
distribution network. The Company has more than 1.4 million members
(customers) and serves members in all 50 states, Washington D.C. and four provinces in
Canada, through its partnerships
with 40 law firms across North
America and with Kroll Background America, Inc.
MidOcean has appointed its Management Affiliate Rip Mason as CEO
of the Company. Rip was formerly Vice Chairman & Executive Vice
President of JAFRA Cosmetics, a highly successful network marketing
business. Rip has leveraged his relationships to bring in some of
his former colleagues, including Alan
Fearnley (President and Chief Commercial Officer) and
Joaquim Simoes (Chief Information
Officer), to supplement the existing management team and execute on
MidOcean's value creation initiatives.
"We are extremely excited about the acquisition of Pre-Paid
Legal," said Frank Schiff, a
MidOcean Managing Director. "We believe the Company's beneficial
and unique service offering has been underappreciated in the
marketplace and look forward to combining our strong operating
resources with Pre-Paid Legal's already strong management team and
field personnel to drive the long-term growth of the Company."
"I am excited to assume the role of CEO of Pre-Paid Legal at
this important time in the development of the Company," commented
Rip Mason, Pre-Paid Legal's new CEO. "Pre-Paid Legal provides
affordable access to critical legal services through an impressive
network of provider law firms. In taking over the role of
CEO, I am particularly delighted to be working with a talented team
of management professionals and with the most outstanding team of
field leadership in the network marketing and employee benefits
industries."
"With the acquisition of Pre-Paid Legal Services by MidOcean
Partners, we mark a new milestone in the 40-year history of our
company," said Harland C.
Stonecipher, founder of Pre-Paid Legal Services, Inc.
"From the beginning, our mission has been to provide
affordable access to a full suite of legal services to families and
small businesses and also offer a unique business opportunity. I'm
confident that under the leadership of MidOcean Partners, Pre-Paid
Legal has an even brighter, more prosperous future ahead,"
Stonecipher said.
About Pre-Paid Legal
Pre-Paid Legal provides families, employees and small businesses
with affordable access to professional legal services and identity
theft protection and restoration services. The Company provides
legal service benefits through a network of independent law firms
across the U.S. and Canada.
Additional information about Pre-Paid Legal found at
www.prepaidlegal.com.
About MidOcean Partners
MidOcean Partners is a premier private equity firm headquartered
in New York focused on the middle
market. MidOcean is committed to investing in high quality
companies with stable market positions and multiple opportunities
for growth. Targeted sectors include consumer, media and
communications, business and financial services and industrial
services. MidOcean utilizes a broad foundation of expertise in its
focus industries to create value for its investors and partners.
For more information, visit www.midoceanpartners.com.
Contact for MidOcean: Chris
Tofalli
(914) 834-4334
SOURCE MidOcean Partners
