SAN ANTONIO--(EON: Enhanced Online News)--Harland Clarke Holdings Corp. has announced that earlier today it completed the sale of its wholly-owned business process outsourcing subsidiary, Faneuil, Inc., to ALJ Regional Holdings, Inc. (ALJ) for consideration consisting of (x) $50 million, comprised of $25 million in cash and a $25 million two year note to Harland Clarke Holdings, and (y) 3,000,000 shares of ALJ’s common stock.
“I appreciate the successful value creation by Faneuil’s Management Team, led by CEO Anna Van Buren.”
“For Harland Clarke Holdings, the funds from the sale of Faneuil will support our efforts to more strategically refine our offerings in areas of greatest opportunity for our businesses,” said Chuck Dawson, CEO of Harland Clarke Holdings. “I appreciate the successful value creation by Faneuil’s Management Team, led by CEO Anna Van Buren.”
The majority of Harland Clarke Holdings’ revenue comes primarily from providing multiple offerings to a client base of approximately 12,500 financial and commercial institutions through multiple channels. Through its businesses, Harland Clarke Holdings delivers best-in-class integrated payment solutions, security and transactional printing, marketing services, security and identity protection solutions, retail products, data management and assessment, technology hardware, and network service and support.
Houlihan Lokey is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates is acting as legal counsel for Harland Clarke Holdings in the transaction.
About Harland Clarke Holdings Corp.
Harland Clarke Holdings Corp. provides valued products and services to industries that include financial services, education, government, commercial, healthcare, insurance, telecommunications and big-box retail. Reinforcing its position as a leading provider of security printing, digital and print marketing services, high-value and highly-customized transactional printing, business intelligence, security solutions, and retail products, is a customer base that ranges from major corporate brands to individual consumers. Its skills in capturing, managing and delivering data measurement and assessment information, through both print and digital channels, supports decision making and improved outcomes for organizations worldwide. Harland Clarke Holdings Corp. is a wholly owned subsidiary of MacAndrews & Forbes Holdings Inc.
Statements in this press release that are not historical facts are forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond Harland Clarke Holdings' control. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained at its website at http://www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.