Indianapolis-based Fortune Industries Inc. became a majority-owned subsidiary of CEP Inc., effective July 1. CEP is a Tennessee corporation that includes Fortune’s CEO Tena Mayberry and CFO Randy Butler. As a result of the merger, the company has reduced its record shareholder count to below 300 and voluntarily delisted from the NYSE MKT.

“With the company’s preferred stock eliminated through the merger transaction, we will be diligently working together as common shareholders in an effort to grow shareholder value as a non-SEC reporting company,” said Tena Mayberry, Fortune’s president and chief executive officer.

Fortune’s shareholders voted in favor of the proposal to go private under a management buyout plan at a special meeting June 20. Read about the plan here.

Fortune Industries operates as a professional employer organization to small and medium-sized businesses in 47 states.