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Private equity to acquire Pomeroy

September 28, 2009
Staffing Industry Analysts North American Daily News

Pomeroy IT Solutions Inc. (NASD: PMRY) announced a deal Friday to be acquired by Los Angeles-based private equity firm Platinum Equity LLC for $6.50 a share in cash. It canceled a previous $6-a-share deal by company founder David Pomeroy II.

Pomeroy, a Hebron KY-based information technology services and staffing firm, reported the sale represents $64.4 million in equity value, according to a filing with the U.S. Securities and Exchange Commission. Shareholders must still OK the acquisition, which is slated to close in the fourth quarter. Pomeroy will become a private firm in the deal.

The company also reported the sale will not significantly change the number of employees.

Pomeroy originally made a deal to be acquired by its founder on May 19. The acquisition by Pomeroy had been the subject of two lawsuits, both of which are over. The deal struck with Platinum required a termination fee for the Pomeroy deal of $1.0 million.

Pomeroy owns approximately 16% of Pomeroy IT Solutions' outstanding shares, according to the company.