NEW YORK " November 29, 2006 " Diamond Castle Holdings, LLC, a New York-based private equity firm, announced today that an entity it controls has successfully completed the acquisition of PRC, LLC, a leader in customer relationship management services, from IAC/InterActiveCorp (NASDAQ: IACI).
The acquiring entity is owned by Diamond Castle, certain members of PRC management and Malaysia-based Usaha Tegas Group, a company affiliated with Paxys, Inc. (PAX.PM), PRC's primary offshore strategic partner. Usaha Tegas Group is a holding company with telecom, pay TV and power operations in the Asia Pacific area.
PRC provides the strategic execution of sales and customer management services to many of the world's premier brand-focused corporations through a global network of 32 contact centers, supporting clients through the processes of targeting, acquiring, growing, and retaining customers. Under the new ownership structure, PRC's management team will remain in place, with John G. Hall continuing in his role as Chief Executive Officer and Joseph Livingston serving as President and Chief Operating Officer. Lori Sprague will continue to report to Mr. Hall as the Executive Vice President of PRC's Business-to-Business division.
PRC is a market leader in managing and building customer relationships and is well positioned to benefit from the attractive fundamentals in the outsourced customer care and sales and marketing sectors of the business process outsourcing (BPO) industry.
"We are very pleased to partner with Paxys on this transaction as we believe they are leaders in offshore services, an area of particular interest to several PRC clients," said Gene Lockhart, Partner, Diamond Castle Holdings and Chairman, PRC.
"The investment in PRC is an important strategic event for both Paxys and PRC. Both companies have benefited immensely from a close working relationship over the past several years. This investment will further strengthen ties between the companies and provide increased stability and new growth opportunities for both businesses," said Tarcisio Medalla, Chairman of Paxys, Inc.
About Diamond Castle Holdings, LLC
Diamond Castle Holdings, LLC is a private equity investment firm founded in 2004 by Larry Schloss, the former Global Head of CSFB Private Equity and Chairman of DLJ Merchant Banking Partners, and four former managing directors of DLJ Merchant Banking. Diamond Castle has 22 employees located in New York and focuses on investments in the power, financial services, media and telecom, healthcare, and industrial sectors. For more information on Diamond Castle Holdings, please visit our website at http://www.diamondcastleholdings.com.
About Paxys
Paxys, Inc. (PAX.PM) is a Philippine-listed company that provides business process outsourcing services. Paxys has been providing offshore outsourcing to companies, including PRC, for over 5 years and is PRC's primary offshore strategic partner. For more information on Paxys, please visit our website at http://www.paxys.com.
About Usaha Tegas Group
The Usaha Tegas Group is a leading conglomerate in Malaysia with significant interests in a diverse range of industries, including telecommunications (Maxis Communications Bhd), broadcast & media (Astro All Asia Networks Plc), power generation (Tanjong Energy Holdings Sdn Bhd), oil & gas marine services (Bumi Armada Bhd), gaming (Tanjong Plc), Hotel & property (Overseas Union Enterprise Ltd, Four Seasons Hotel des Bergues Geneva, London International Exhibition Centre Holdings Plc), etc. The Usaha Tegas Group is beneficially owned by a trust, the beneficiaries of which are the family members of Ananda Krishnan Tatparanandam, and foundations.
About PRC
PRC manages customer relationships for some of the world's most brand focused corporations. With over 20 years of experience, PRC delivers solutions that support communications to target, acquire, grow, retain and develop customer relationships that deliver a positive return on their clients' investment. The Company is organized into two groups: the Business-to-Consumer solutions team is focused directly on consumers and the Business-to-Business solutions team is focused directly on enhancing sales and marketing efforts. PRC clients include British Airways, DIRECTV, US Airways, Wells Fargo, and Sprint. For more information please visit our website at http://www.prcnet.com.
Contacts
Diamond Castle Holdings: Andrew Rush, (212) 300-1910
Usaha Tegas Group/Paxys, Inc: Lim Ghee Keong, +(603) 23806688
PRC: Alicia Miyares, (954) 693-4461
IAC Investor Relations: James Hart / Eoin Ryan, (212) 314-7400
IAC Corporate Communications: Andrea Riggs / Stacy Simpson, (212) 314-7280 / 7470 |
