ProQuest and Atairos, an independent private company focused on supporting growth-oriented businesses, announced today that Atairos will acquire an ownership position in ProQuest.
ProQuest will use the proceeds from the transaction to repurchase most of the shares owned by entities affiliated with the Merchant Banking Division of Goldman Sachs, which will retain a minority interest in the Company.
Cambridge Information Group (CIG) will maintain its majority ownership of ProQuest.
CIG has been the majority owner of ProQuest since 2007, overseeing a period of growth through new product innovation and strategic acquisitions that have helped ProQuest customers respond to changing environments.
“We’re delighted to welcome the partnership of this like-minded investor,” said Andy Snyder, CEO of CIG and Chairman of ProQuest. “Like CIG, Atairos brings a long-term perspective and values relationships with the management teams of the companies it invests in. It’s committed to supporting sustainable growth for ProQuest. I’m equally happy that Goldman Sachs will remain an investor. They have been a value-added partner over the past six years and we’re grateful for their continuing support.”
ProQuest’s management team, led by CEO Matti Shem Tov, will all continue, and the Company’s strategy of innovation on behalf of better research, better learning and better insights remains unchanged.
The transaction is expected to be completed in the coming months, following satisfaction of customary closing conditions and receipt of required regulatory approvals.
Evercore served as the financial advisor to ProQuest.
Read the Complete Announcement
See Also: List of Atairos Partner Companies