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http://www.sltrib.com/business/ci_3057253
Firm strikes deal to acquire Sorenson
By Bob Mims
The Salt Lake Tribune
Golden Rauner, a private equity firm specializing in management buyouts and consolidations, has reached agreement to acquire Utah's Sorenson Communications.
In announcing the deal Friday, neither company would reveal specifics of the investment, other than to confirm the Chicago-based Golden Rauner will gain controlling stock interest in the privately-held Salt Lake City company. The investment is to close on Nov. 30.
James L. Sorenson Jr., the company's current CEO, will become a member of the new Sorenson Communications board. Chief Operating Officer Patrick Nola will be the new CEO of the company, which will retain all its employees, its name and its Utah headquarters.
"This is a very important part of our moving up to the next level," Sorenson said. "It will allow us to retire some debts, but it also is a very positive partnership. They like strong management teams like ours and don't try to micromanage them."
Founded in April 2000 by billionaire biotechnology inventor James LeVoy Sorenson and his son, James Jr., Sorenson Communications today is best-known for its services to the deaf community: Sorenson Video Relay Service (VRS), Sorenson IP Relay and the company's line of videophones.
The service allows hard-of-hearing callers to conduct live video relay services with the hearing through a sign-language interpreter. The company's IP Relay service extends text-based relay calls by the deaf through PCs or handheld devices to hearing telephone users.
"It is gratifying to find an equity partner that shares our vision and commitment to the deaf and hard-of-hearing community," Sorenson said of Golden Rauner. "The demand is there for the services, and this allows us to better grow to meet that."
Friday's announcement came just 10 days after the launch of Sorenson's IP Relay service center in South Jordan. The new deal will not affect plans announced earlier to create up to 750 jobs at the center by 2007; the facility currently employs about 150.
The company's popular, 2-year-old Video Relay Service, which employs about 1,800 interpreters at more than two dozen facilities nationwide, also will remain intact.
Golden Rauner, which reports having more $6 billion in capital, focuses its investments on business-to-business services and outsourcing, information technology, health care, education/training, transaction processing, marketing services and distribution and logistics enterprises.
Philip Canfield, a principal at Golden Rauner, said that acquiring Sorenson Communications gives his firm a market leader with leading-edge video communication technology solutions and high-quality interpreting services for deaf and hard-of-hearing individuals.
bmims@sltrib.com
About Sorenson Communications
The deal: Golden Rauner, a private equity firm, will gain controlling stock interest in the privately-held Sorenson Communications.
What will happen: The company will retain its name, its Utah headquarters and all its employees.
IP Relay: The new deal will not affect plans to create up to 750 jobs at the service center by 2007.
Video Relay Service: VRS will remain intact.
Sorenson name, location won't change
Firm strikes deal to acquire Sorenson
By Bob Mims
The Salt Lake Tribune
Golden Rauner, a private equity firm specializing in management buyouts and consolidations, has reached agreement to acquire Utah's Sorenson Communications.
In announcing the deal Friday, neither company would reveal specifics of the investment, other than to confirm the Chicago-based Golden Rauner will gain controlling stock interest in the privately-held Salt Lake City company. The investment is to close on Nov. 30.
James L. Sorenson Jr., the company's current CEO, will become a member of the new Sorenson Communications board. Chief Operating Officer Patrick Nola will be the new CEO of the company, which will retain all its employees, its name and its Utah headquarters.
"This is a very important part of our moving up to the next level," Sorenson said. "It will allow us to retire some debts, but it also is a very positive partnership. They like strong management teams like ours and don't try to micromanage them."
Founded in April 2000 by billionaire biotechnology inventor James LeVoy Sorenson and his son, James Jr., Sorenson Communications today is best-known for its services to the deaf community: Sorenson Video Relay Service (VRS), Sorenson IP Relay and the company's line of videophones.
The service allows hard-of-hearing callers to conduct live video relay services with the hearing through a sign-language interpreter. The company's IP Relay service extends text-based relay calls by the deaf through PCs or handheld devices to hearing telephone users.
"It is gratifying to find an equity partner that shares our vision and commitment to the deaf and hard-of-hearing community," Sorenson said of Golden Rauner. "The demand is there for the services, and this allows us to better grow to meet that."
Friday's announcement came just 10 days after the launch of Sorenson's IP Relay service center in South Jordan. The new deal will not affect plans announced earlier to create up to 750 jobs at the center by 2007; the facility currently employs about 150.
The company's popular, 2-year-old Video Relay Service, which employs about 1,800 interpreters at more than two dozen facilities nationwide, also will remain intact.
Golden Rauner, which reports having more $6 billion in capital, focuses its investments on business-to-business services and outsourcing, information technology, health care, education/training, transaction processing, marketing services and distribution and logistics enterprises.
Philip Canfield, a principal at Golden Rauner, said that acquiring Sorenson Communications gives his firm a market leader with leading-edge video communication technology solutions and high-quality interpreting services for deaf and hard-of-hearing individuals.
bmims@sltrib.com
About Sorenson Communications
The deal: Golden Rauner, a private equity firm, will gain controlling stock interest in the privately-held Sorenson Communications.
What will happen: The company will retain its name, its Utah headquarters and all its employees.
IP Relay: The new deal will not affect plans to create up to 750 jobs at the service center by 2007.
Video Relay Service: VRS will remain intact.
Sorenson name, location won't change
