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Home > BizTimes Daily > Archives > February 22, 2010
New York private equity firm to acquire RedPrairie
Published February 22, 2010 - BizTimes Daily
RedPrairie Holding Inc. announced today it will abandon its plan to become a publicly held company and instead has entered into a definitive agreement to be acquired by a fund affiliated with New Mountain Capital LLC, a New York private equity firm.
Officials at RedPrairie, which is based in the Town of Brookfield, said the acquisition will enable the company to accelerate its rapid growth rate while enhancing its commitment to customer success.
“Our objective is to be the leading provider of productivity solutions for manufacturers, distributors and retailers,” says Mike Mayoras, chief executive of RedPrairie. “Our relationship with New Mountain Capital will allow us to reach our strategic goals quickly, efficiently and with certainty. We believe there are significant opportunities to provide more value to our customer base by expanding our product portfolio and entering new markets.”
Alok Singh, managing director of New Mountain Capital, said, "We are delighted at the prospect of being able to add RedPrairie to our family of companies. They have
consistently, over their long history, been committed to the success of their customers. We aim to work closely with RedPrairie's management team and help them
accelerate their growth and strategic development, making them an even more valued partner to their customer base."
David Golob, chairman of the RedPrairie board of directors and partner at Francisco Partners, said, “RedPrairie has a strong vision, proven set of solutions and talented management team. I believe RedPrairie and New Mountain Capital will be a great combination. I wish them continued success.”
With the acquisition, the RedPrairie name will be retained, as will the company’s management team and employees.
Last fall, RedPrairie filed paperwork with the U.S. Securities and Exchange Commission for a $172.5 million initial public offering.
“We are not pursuing the IPO at this point,” said RedPrairie spokesman Kari Janavitz.
New Mountain Capital currently manages private and public equity funds with
approximately $8.5 billion in aggregate capital commitments.
