Pitney Bowes Management Services to Become a Stand-alone Company
STAMFORD, Conn. & NEW YORK--(BUSINESS WIRE)--Jul. 30, 2013--
Funds affiliated with Apollo Global Management, LLC (NYSE: APO)
(together with its consolidated subsidiaries, “Apollo”) and Pitney Bowes
Inc. (NYSE: PBI) today announced a definitive agreement under which
Apollo will acquire Pitney Bowes Management Services (“PBMS” ) for
approximately $400 million in cash. The transaction, which is subject to
customary closing conditions, is expected to close in the fourth quarter
of 2013. Until then, Pitney Bowes will continue to operate PBMS.
“This transaction represents a tremendous opportunity for both Pitney
Bowes and PBMS,” said Marc Lautenbach, President and CEO, Pitney Bowes.
“It is part of our continued evolution into a company better aligned to
address the needs of clients while focusing on the areas where we can
create the greatest value for our clients and our shareholders. Pitney
Bowes Management Services, a strong business with an outstanding team
and an unparalleled client list, can benefit significantly from
operating as a more focused, stand-alone company in partnership with
Apollo, a leading global alternative asset manager with a proven track
record of success in building and growing businesses in the business
services industry.”
This agreement will create value for Pitney Bowes by allowing management
to focus attention and resources on developing and delivering the
highest value technology, innovative software and differentiated
services in high value segments of the market, where Pitney Bowes has
distinctive advantage.
“Pitney Bowes Management Services offers an innovative business model
supported by a highly talented team of individuals,” said Matthew Nord,
Partner at Apollo. “Their knowledge combined with cost-effective
solutions drive business outcomes that help clients achieve their
objectives. We are excited to invest in, and grow this great company.”
Pitney Bowes remains committed to delivering a high level of service to
its clients and will continue to focus on the three areas outlined
during its analyst day: Small and Medium Business Mail, Enterprise Mail
and Services, and Digital Commerce Solutions.
About Apollo
Apollo is a leading global alternative investment manager with offices
in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg,
Singapore, Mumbai and Hong Kong. Apollo had assets under management of
approximately $114 billion as of March 31, 2013, in private equity,
credit and real estate funds invested across a core group of nine
industries where Apollo has considerable knowledge and resources. For
more information about Apollo, please visit www.agm.com.
About Pitney Bowes
Pitney Bowes provides technology solutions for small,
mid-size and large firms that help them connect with customers to build
loyalty and grow revenue. Many of the company’s solutions are delivered
on open platforms to best organize, analyze and apply both public and
proprietary data to two-way customer communications. Pitney Bowes
includes direct mail, transactional mail and call center communications
in its solution mix along with digital channel messaging for the Web,
email and mobile applications. Pitney Bowes: Every connection is a new
opportunity™. www.pb.com.
Forward-Looking Statements
This document contains “forward-looking statements” about our
expected or potential future business and financial performance. For us
forward-looking statements include, but are not limited to, statements
about our future revenue and earnings guidance and other statements
about future events or conditions. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties
that could cause actual results to differ materially from those
projected. These risks and uncertainties include, but are not limited
to: mail volumes; the uncertain economic environment; timely
development, market acceptance and regulatory approvals, if needed, of
new products; fluctuations in customer demand; changes in postal
regulations; interrupted use of key information systems; management of
outsourcing arrangements; changes in business portfolio; foreign
currency exchange rates; changes in our credit ratings; management of
credit risk; changes in interest rates; the financial health of national
posts; and other factors beyond our control as more fully outlined in
the Company's 2012 Form 10-K Annual Report and other reports filed with
the Securities and Exchange Commission. Pitney Bowes assumes no
obligation to update any forward-looking statements contained in this
document as a result of new information, events or developments.
Source: Pitney Bowes Inc.
Media:
Pitney Bowes Inc.
Bill Hughes, 203-351-6785
Chief
Communications Officer
william.hughes@pb.com
or
Rubenstein
Associates, Inc. for Apollo Global Management, LLC
Charles Zehren,
212-843-8590
czehren@rubenstein.com
or
Investor
Relations:
Pitney Bowes Inc.
Charles McBride, 203-351-6349
Vice
President, Investor Relations
charles.mcbride@pb.com
or
Apollo
Global Management, LLC
Gary M. Stein, 212-822-0467
Head of
Corporate Communications
gstein@apollolp.com
