What is being labeled as a “significant rebranding initiative” for Ada’s Pre-Paid Legal Services (PPL) has been announced by its new owners, MidOcean Partners.
The initiative will be announced in Dallas at a company leadership summit Sept. 7-10.
Two questions foremost in the minds of Ada residents: Will the firm remain in the community and will jobs be lost? While the future is uncertain, it appears no jobs will be lost within PPL locally and the firm’s Ada presence will remain.
MidOcean Partners, a New York City firm specializing in leveraged buyouts and growth capital investments of middle-market companies, purchased PPL in June.
PPL was once traded publicly on the New York Stock Exchange. MidOcean delisted PPL off the NYSE and it is now a privately owned firm. MidOcean paid a reported $650 million for the Ada-based company whose specialty is providing families, employees and small businesses with affordable access to professional legal services utilizing independent law firms throughout America and much of Canada.
MidOcean is a private equity firm founded in Feb. 2003, according to information contained on the Internet. With its primary business office in New York City, MidOcean also have offices in London and has a larger global footprint in Germany with Deutsche Bank’s private equity investments.
Founded in Ada in 1972 by former Chief Executive Officer Harland Stonecipher, PPL’s initial public offering was in 1984. According to PPL’s Internet website, the Ada business fixture has more than 800 employees. In addition, it was listed as 78th out of 100 “best companies in America” in a Forbes Magazine article in Nov. 2010.
PPL enjoyed financial success for decades which made it more attractive for acquisition. Company officials were unavailable for comment prior to press time concerning what specific announcements will be made next month in Dallas.
“During this first leadership summit under the ownership of MidOcean Partners, we will introduce the rebranding of the company to our associates,” said MidOcean Chief Commercial Officer Alan Fearnley.
Fearnley is scheduled to make the presentation during the morning session on Saturday, Sept. 10 at 10 a.m., according to a company news release.