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Berkery, Noyes & Co. advises ProQuest Company on its acquisition of Voyager Expanded Learning

Tuesday, December 14, 2004

NEW YORK, December 14, 2004 -- Berkery, Noyes & Co., LLC represented ProQuest Company (NYSE: PQE), a leading electronic publisher for the education and automotive markets which has signed a definitive agreement to acquire privately held Voyager Expanded Learning ("Voyager" or "Voyager Learning") announced Joseph W. Berkery, President of Berkery, Noyes. Subject to various closing conditions, the company expects the acquisition to close in early 2005.

Under the terms of the agreement, ProQuest will acquire the stock of Voyager for $340 million in cash and $20 million in ProQuest Company stock. ProQuest may pay up to $20 million in additional consideration based on various factors including Voyager's operating performance. The cash portion of payment will be financed primarily through debt.

Based in Dallas, Texas, Voyager Expanded Learning provides research-based reading and professional development programs for school districts throughout the United States. Voyager currently has 180 employees and has a highly profitable, scalable business model with good visibility and strong growth. Voyager's solutions have resulted in renewal rates in excess of 95 percent among existing customers. For calendar 2004, Voyager is on pace to generate revenue of approximately $85 to $90 million with strong EBITDA margins. Voyager's revenue is expected to grow more than 20% in 2005.

About ProQuest Company

ProQuest Company (NYSE: PQE) is based in Ann Arbor, Mich., and is a leading publisher of information solutions for the education, automotive and power equipment markets

About Berkery, Noyes & Co.

Berkery, Noyes specializes in investment banking for the information, publishing and communications industries. Among the most recent transactions completed by Berkery, Noyes are the acquisition by Delta Education, LLC of Neo/Sci, the acquisition by Discovery Communications of AIMS Multimedia, the acquisition by Hanley Wood, LLC of the Annual Trade Show of the National Roofing Contractors' Association, the sale of the print-assets of Sheshunoff Information Services to AlexInfomation and Shesunoff Insurance Solutions to Highline Data, Weaver Publications to Prospect Partners, LP and the acquisition by Taylor & Francis Group plc of Marcel Dekker, Inc.

Berkery, Noyes & Co.'s clients range from private companies seeking a buyer, to most of the major international information companies who use the firm's expertise in locating, analyzing and negotiating with acquisition candidates and in managing divestitures. The firm operates with a staff of twenty-six professionals serving the information and publishing industry from offices in New York. For more information, visit www.berkerynoyes.com.



 

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    Berkery, Noyes & Co. advises ProQuest Company on its acquisition of Voyager Expanded Learning