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Veber Partners assists Pacific Interpreters, Inc. in Restructuring its Ownership.
PORTLAND, OR (April 30, 2007) Pacific Interpreters Inc., (www.pacificinterpreters.com) ("Pacific Interpretrs" "PI" or the "Company") has restructured its ownership with management; selected outside investors and Veber Partners joining as new sharholders in the company.
The investment group (the "New Shareholders"), consisting of members of PI management (Brian Daisy, David Porter, Gene Tonry, and Bruce Merley), Gayle Veber, Rodger Adams, and Nick Stanley of Veber Partners, along with new third party investors, purchased a majority of the stock of the company for cash and seller debt. Mary Rynerson, the founder, previous CEO and majority owner retained a substantial part of the company. Rynerson will now serve as Chairman of the Board and continue to work for the company part-time, focusing on strategic planning and marketing.
The Company raised new third party equity and debt to support the purchase of a majority of the Company. In addition, members of the management team and Veber Partners invested cash to support the purchase. New third party equity investors were regional individuals interested in participating in the Company’s future growth and development.
Gayle Veber of Veber Partners commented, "This transaction was in the sweet spot of our direct investment program — a company with strong management and revenue growth combined with a business that benefits from demographic trends."
Pacific Interpreters is a Portland, Oregon-based national leader in providing a broad range of over-the-phone and on-site interpretation services primarily for the medical community throughout the United States.
Mary Rynerson founded the Company in 1992, having spent 20 years in hospital staffing and management. She started PI in response to the acute need for trained, competent medical interpreters in Portland, OR. In 1993, the Company added telephonic interpretation; document translation services were available starting in 1994, and interpreter program consulting and language assessments were added more recently.
Today, Pacific Interpreters provides over-the-phone (OPI) services for over 400 institutions in 43 states and two Canadian provinces. It has an active roster of over 1,100 interpreters and offers services in more than 180 languages. At present, OPI services represent approximately 75% of the Company’s revenues, and over 80% of these revenues come from the health care arena.
In addition to its OPI business, the Company provides on-site interpreters (OSI) in Oregon and Washington. This business line represents approximately 20% of the Company’s revenues.
Veber Partners, LLC structured and arranged the financing for the new capitalization, working with the current company shareholders and management. Veber Partners was founded in 1994 and is one of the premier private investment and merchant banking firms in the Pacific Northwest which focuses on mergers and acquisitions, private placements, fairness opinions, valuations and other financial advisory services. Veber acts as a principal as well as an advisor in transactions up and down the I-5 corridor. It operates in five primary sectors including manufacturing/distribution, technology, business services, consumer/retail and healthcare. Visit Veber Partners on the World Wide Web at www.veber.com.
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