JLL Partners Completes Acquisition of ACE Cash Express, Inc.
05 Ottobre 2006 - 7:07PM
PR Newswire (US)
DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- ACE Cash Express, Inc.
(NASDAQ:AACE) announced today that entities affiliated with JLL
Partners completed the acquisition of ACE. The aggregate
consideration paid to ACE shareholders is approximately $455
million. In the merger, each share of ACE common stock was
converted into the right to receive $30.00 in cash, without
interest. ACE will continue to operate under the name ACE Cash
Express, Inc., as a wholly owned subsidiary of Ace Holdings I, LLC,
a newly formed affiliate of JLL Partners. Jay B. Shipowitz will
continue in his role as ACE's President and Chief Executive
Officer. Frank Rodriguez, a Managing Director of JLL Partners,
stated, "We are excited to partner with Jay Shipowitz and his
outstanding management team. The acquisition of ACE presents a
wonderful opportunity for us to work with the Company in continuing
its development as a market leader in the retail financial services
industry." Jay B. Shipowitz, ACE's President and Chief Executive
Officer, commented, "We are excited about our new partnership with
JLL Partners. All of us at ACE are proud of the value we have been
able to create for our shareholders and we thank them for their
support. At the same time, we eagerly look forward to this next
chapter in ACE's history." ACE stock will cease to trade on The
NASDAQ Global Market at the close of the market on October 5, 2006
and will be delisted. Mellon Investor Services, LLC has been
appointed disbursing agent in connection with the merger and will
be mailing a letter of transmittal to all ACE shareholders of
record. The letter of transmittal will direct shareholders on how
to surrender shares of ACE stock in exchange for the merger
consideration. About ACE ACE Cash Express, Inc. is a leading
retailer of financial services, including check cashing, short-term
consumer loans, bill payment and prepaid debit card services, and
the largest owner, operator and franchisor of check cashing stores
in the United States. As of June 30, 2006, ACE had a network of
1,573 stores in 38 states and the District of Columbia, consisting
of 1,353 company-owned stores and 220 franchised stores. ACE
focuses on serving consumers, many of whom seek alternatives to
traditional banking relationships in order to gain convenient and
immediate access to financial services. ACE's website is found at
http://www.acecashexpress.com/ . About JLL Partners Founded in
1988, JLL Partners is a leading private equity investment firm with
$3.2 billion in capital. JLL's investment philosophy is to partner
with outstanding management teams and invest with them in companies
or situations that they can continue to grow into market leaders.
JLL has invested in the following industries: financial services,
building products, healthcare services, medical products, consumer
products, business services, chemicals, broadcasting,
transportation and automotive. The firm has significant financial
expertise combined with a philosophy of building effective
partnerships with company management. For more information, please
visit http://www.jllpartners.com/ . DATASOURCE: ACE Cash Express,
Inc. CONTACT: Jay B. Shipowitz, President & CEO,
+1-972-550-5030, or , or William S. McCalmont, Executive Vice
President & CFO, +1-972-753-2314, or , both of ACE Cash
Express, Inc.; or Steven Lipin, or Melissa Daly, both of Brunswick
Group, +1-212-333-3810, for JLL Partners Web site:
http://www.acecashexpress.com/ http://www.jllpartners.com/
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