Pre-Paid Legal Services Inc. said it agreed to be acquired by units of the New York-based private- equity firm MidOcean Partners for $66.50 a share, or $650 million.
“We were drawn to Pre-Paid because of the company’s strong and unique value proposition to its members, associates and provider network,” Frank Schiff, a managing director at MidOcean Partners, said in a statement.
Pre-Paid Legal Services designs, underwrites and markets legal expense plans that offer a variety of legal services in a manner similar to medical reimbursement plans or HMOs. The company’s plans provide for legal service benefits provided through a network of independent law firms across the US and Canada, and include unlimited attorney consultation, will preparation, traffic violation defense, automobile-related criminal charges defense, letter writing, document preparation and review and a general trial defense benefit. The company currently provides legal services to over 1.5 million families across the US and Canada. Pre-Paid Legal Services is based in Ada, OK
MidOcean Partners is a private equity firm focused on the middle market. MidOcean seeks companies with stable market positions and multiple opportunities for growth. Industries of interest include business and financial services, consumer and leisure, media and communications and niche manufacturing. The firm has offices in New York, NY and London, UK
MidOcean Partners has a track record of bringing mid sized company's into national prominence. Their portfolio includes Freshpet, Bushnell, Hunter Fan Co., LA Fitness, and Jenny Craig.
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