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Prophet 21 Inc., Yardley, Pa., announced plans to merge with Thoma Cressey Equity Partners Inc. (TCEP) and LLR Partners Inc. (LLR).
Under the merger agreement, all of the issued and outstanding shares of common stock of Prophet 21 will be acquired for $16.30 per share. Prophet 21 management will continue to operate the business under its current name and operating structure.
Prophet 21's board of directors has unanimously approved and adopted the merger agreement. The merger is expected to close in the first calendar quarter of 2003.
“We believe Prophet 21 is very well positioned due to its leadership in the industry, domain expertise and innovative product offering,” said Orlando Bravo, a partner with Thoma Cressey Equity Partners. “This transaction fits very well with our strategy of buying strong franchises in large and fragmented industries. We are excited to be partnering with Prophet 21's proven management team, led by Chuck Boyle, to continue to build the business.”
According to Chuck Boyle, Prophet 21's president and CEO, “This transaction brings to Prophet 21 the opportunity to move forward more aggressively, to fully leverage our brand equity, leading technology offerings, and market penetration. The management team will own a substantial interest in the business. We are excited to continue building the business with the financial backing and business expertise of Thoma Cressey Equity Partners and LLR Partners.”