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Kronos Finalizes Recapitalization [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Kronos Inc. announced that it has completed its agreement to effect a recapitalization of the company through a $750 million equity investment by funds managed by Blackstone and GIC. According to a release, Blackstone and GIC have invested in Kronos alongside the original investors Hellman & Friedman and JMI Equity. Hellman & Friedman remains the majority investor in the company. Among the highlights: -As previously announced on Feb. 20, the addition of Blackstone and GIC as investors in Kronos brings further global expertise, resources, and insight to the company, and will enable Kronos to accelerate the pace of innovation that has fueled its growth in recent years. -Aron Ain, chief executive officer of Kronos, continues to lead the organization. -Kronos, previously publicly traded on NASDAQ, was taken private by Hellman & Freidman and JMI Equity in 2007, in a transaction valued at approximately $1.8 billion. Kronos is now valued at $4.5 billion. -Simpson Thacher & Bartlett served as legal counsel for Kronos and Hellman & Friedman. Morgan Stanley and Jefferies served as financial advisors to Kronos. Kirkland & Ellis and Blackstone Advisory Partners served as advisors to Blackstone. Dechert served as legal counsel for GIC. Aron Ain, chief executive officer, Kronos, "These investments validate our company's growth potential. We are thrilled with our stellar team of investors and excited to continue our quest to help organizations around the world control labor costs, minimize compliance risk, and improve workforce productivity." Kronos is a company focusing in delivering workforce management solutions in the cloud. More Information: http://www.kronos.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |