Milwaukee, Wis. – March 24, 2010 – RedPrairie Holding, Inc. (“RedPrairie” or the “Company”) announced today that New Mountain Partners III, L.P., a private equity fund sponsored by New Mountain Capital, L.L.C. (“New Mountain”), has closed its acquisition of RedPrairie. Terms of the deal were not disclosed.
RedPrairie, founded in 1975, is a leading global provider of productivity software solutions that enable manufacturers, distributors and retailers to increase revenue, reduce costs and compete more effectively. The Company offers comprehensive supply chain management, workforce management, and in-store productivity solutions in market leading end-to-end solutions. RedPrairie’s “best-of-breed” solutions are consistently deployed in the most complex and demanding supply chain and retail environments and create substantial return on investment for its customers through improved management of labor, inventory flow and transportation.
“The completion of this acquisition marks an exciting new chapter in RedPrairie’s history,” says Mike Mayoras, CEO of RedPrairie. “We believe there are many exciting opportunities to further accelerate our business, provide more value to our customer base, and enter new markets. We look forward to working with New Mountain, our new board members, our employees, and customers to capitalize on these opportunities.”
Alok Singh, Managing Director of New Mountain, states, “RedPrairie has consistently added meaningful value to its customers through its market-leading productivity solutions, all aimed at enhancing the efficiency and effectiveness of the operations of its world class customers. We intend to work closely with RedPrairie’s management team and help them accelerate their growth and strategic development with the goal of providing enduring value to customers and further build on their existing position of being a leading productivity solutions provider.”
The RedPrairie senior management team will remain in place. Mike Mayoras and Martin Hiscox will continue as members of the Board of Directors. Steven Klinsky (New Mountain’s CEO), Alok Singh and Peter Masucci will join the Board from New Mountain. Nanci Caldwell (former PeopleSoft CMO), Lawrence Jackson (former Wal-Mart Global Procurement CEO and President), Tom Manley (former Avaya CFO and former Cognos CFO) and Janet Perna (former IBM Information Management General Manager) will also join the Board as independent directors.
About New Mountain Capital
New Mountain Capital is a New York-based private equity firm investing for long-term capital appreciation through direct investment in growth equity transactions, leveraged acquisitions, and management buyouts. The Firm currently manages private and public equity funds with approximately $8.5 billion in aggregate capital commitments. New Mountain seeks out the highest-quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.
About RedPrairie Corporation
RedPrairie delivers productivity solutions to help companies around the world in three categories – inventory, transportation and workforce. RedPrairie provides these solutions to manufacturers, distributors and retailers looking to reduce cost, increase sales and create competitive advantage.
With over 20 global offices providing services to over 34,000 sites in 40 countries, companies trust RedPrairie inventory, workforce and transportation solutions to deliver an immediate increase in productivity – with the flexibility to adapt as business needs change.
At RedPrairie, we understand today’s operational demands and we’re committed to delivering solutions that work. We’re committed to delivering solutions for the real world.
For additional information, call 1.877.733.7724, or visit www.RedPrairie.com.