BOCA RATON, FL -- (Marketwired) -- 04/25/13 -- AutoInfo, Inc. (OTCBB: AUTO) (the "Company" or "AutoInfo") announced today the consummation of the transactions contemplated by the previously announced Agreement and Plan of Merger with AutoInfo Holdings, LLC, a subsidiary of Comvest Investment Partners IV, L.P., one of the investment funds managed by Comvest Partners ("Comvest"), pursuant to which AutoInfo Holdings, LLC t has acquired the Company for $1.05 per share in cash (the "Merger Agreement"). As a result, shares of AutoInfo common stock have ceased to be quoted on the Nasdaq Over-the-Counter Bulletin Board.
The Company's stockholders approved the Merger Agreement and the transactions contemplated thereby at the Special Meeting of the Company's stockholders held on April 25, 2013.
Harry Wachtel, the Company's Chairman of the Board, said, "We are very pleased to have consummated the merger with Comvest, and appreciate the strong support of our stockholders in approving the Merger Agreement and the merger. The merger will provide for greater stability, focus, and flexibility enabling AutoInfo to achieve its strategic goals and growth. I look forward to my affiliation with Comvest moving forward." John Caple, Managing Director at Comvest, said "We are excited to partner with Harry and the AutoInfo team to continue their track record of growth and profitability."
Stephens Inc. acted as financial advisor to the Company. Roetzel & Andress, LPA and Morse, Zelnick, Rose & Lander, LLP acted as legal advisors, to the Company.
McDermott Will & Emery LLP, acted as legal advisors to Comvest.
AutoInfo, Inc. operates in two business segments, non-asset based transportation services and agent support services. The non-asset based transportation services segment includes its brokerage and contract carrier services which are provided through a network of independent sales agents throughout the United States and Canada. Revenue in this segment is generated from freight transportation transactions. The agent support services segment includes an array of services that we provide to our agent network to support and encourage the expansion of our agents' businesses, primarily financial support through interest bearing long-term loans, sales-type leases (which facilitate the acquisition of trucks by owner-operators), and non-interest bearing short-term loans, as well as other services including training, margin analysis, marketing assistance, industry and market segment data and business analysis tools. Revenue in this segment consists primarily of interest on interest bearing loans and profits and interest earned on sales-type leases.
ABOUT AUTOINFO HOLDINGS, LLC AND COMVEST PARTNERS
AutoInfo Holdings, LLC is a wholly-owned subsidiary of Comvest Investment Partners IV, LP, one of the investment funds managed by Comvest Partners, a private equity firm with over $1.3 billion of assets under management ("Comvest"). Comvest's personnel include seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.6 billion of capital in over 110 public and private companies.
For further information contact:
Executive Vice President and Chief Financial Officer
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