Press release, November 21, 2005
Berkshire Partners Announces Agreement to Sell WordWave, Inc. to Merrill Corporation
Boston, MA, November 21, 2005 -- Boston-based private equity firm Berkshire Partners LLC ("Berkshire") today announced the signing of a definitive agreement to sell WordWave, Inc. ("the Company") to Merrill Corporation. Terms were not disclosed.
WordWave, headquartered in Boston, Massachusetts, is a leading provider of court reporting, transcription, captioning, and videography services for law firms and corporate litigation clients, broadcast networks and web-based content providers. The Company serves major markets domestically and abroad including New York, Chicago, Los Angeles, San Francisco, London and Sydney.
Minnesota-based Merrill Corporation is a leading global provider of technology-enabled services for the legal, financial, real estate and other corporate markets.
WordWave was initially formed in January 1997 by Berkshire in order to consolidate the highly fragmented court reporting industry. Over the years its strategic purview broadened to include other services. Today WordWave is considered a leading international provider of transcription and captioning services to the legal and entertainment markets.
"We've been building WordWave organically as well as through numerous acquisitions, and are delighted with this successful outcome for the business," said Kevin T. Callaghan, Managing Director of Berkshire. "WordWave CEO Perry Solomon and his team have done a terrific job of developing the Company internally, integrating strategic acquisitions, and extending the Company' litigation support services to multiple end markets and countries."
"We have enjoyed our partnership with Berkshire Partners," said Mr. Solomon. "Joining Merrill will allow us to pursue new opportunities, capitalize on market trends, and provide our customers the best in litigation support."
Harris Williams & Co. acted as advisor to WordWave in the sale. Weil, Gotshal & Manges LLP serves as legal advisor.
About Berkshire Partners LLC
Berkshire Partners has invested in mid-sized private companies for the past twenty years through six investment funds with aggregate capital commitments of approximately $3.5 billion. The firm's investment strategy is to seek companies that have strong growth prospects and to partner with talented management teams who are interested in being owners of the companies they operate. Berkshire has developed specific industry experience in several areas including consumer products, industrial manufacturing, transportation, communications, business services, and retailing and related services. Berkshire has been an investor in over 80 operating companies with more than $13.0 billion of acquisition value and combined revenues in excess of $17 billion. Additional information may be found at www.berkshirepartners.com.
About WordWave, Inc.
WordWave (www.wordwave.com) is a privately-held, international provider of litigation support, captioning and subtitling, and court reporting and transcription services. Services include simplifying and expediting information capture and creating an effective asset for law firms, media and entertainment companies, businesses, and public sector organizations around the world. WordWave is comprised of three business units, LegaLink, VITAC, and WordWave International, that leverage similar technologies, resources, and skill sets to capture, transcribe, and disseminate the spoken word across a range of industries.
WordWave's litigation support division, LegaLink, (www.legalink.com) is the global leader in court reporting, legal videography, and trial services. LegaLink is the number one choice for clients involved in complex, high-stakes litigation, providing one-stop convenience, the best reporters in the business, and cutting-edge technology. With 30 offices and over 400 affiliates worldwide, LegaLink supports law firms and corporations wherever litigation takes them-all with the convenience of one call scheduling with their local office.
About Merrill Corporation
Founded in 1968, Merrill Corporation (www.merrillcorp.com) is a leading global provider of technology-enabled service solutions for the financial, legal, real estate and other corporate markets. Merrill combines deep industry expertise with superior service and infrastructure to deliver world-class document, brand marketing, print, fulfillment, language and e-business solutions. With more than 4,400 people in 60 locations, Merrill empowers the communications of the world's leading companies.
Merrill Corporation's Document Management Services business (www.merrillcorp.com/law) is a leading provider of single-source document and information management solutions for legal and other professional services firms. Merrill's litigation support services, including electronic discovery and Web-based data repositories, delivers sophisticated technology solutions to enhance speed, efficiency and accuracy of the litigation process. Large-scale litigation copying and document imaging and coding are provided on a transactional basis. Professionally staffed and equipped Document Service Centers provide clients with comprehensive, on-site services tailored to their specifications, from basic copying, mailroom management and equipment leasing to complex, technology-based document services such as desktop publishing and electronic scanning.