New York, December 5, 2006 — Berkery, Noyes & Co., LLC, one of the leading independent investment banks serving the information and technology markets, announces that it represented Psychological Services, Inc. (PSI), in its transaction with ABRY Partners, LLC, a leading private equity group. ABRY invested in PSI to provide capital to accelerate PSI’s impressive growth.
Doug Walner, President and CEO of Psychological Services, Inc, will continue to be a major shareholder of the Company and will continue on in his role as President and CEO to drive future expansion of the Company.
PSI is a market leader in testing and evaluation services, both online and at more than 115 local testing centers in 24 states. Since it pioneered the market more than sixty years ago, PSI has set the industry standard for accurate, science-based pre-employment evaluation and licensure/certification testing.
PSI provides comprehensive solutions to two distinct markets: • Licensure testing and certification services for state regulatory agencies, national certification organizations, and industry trade groups; and • Pre-employment cognitive abilities, skills and work attitudes or personality assessment services, primarily for corporate and public sector employers.
“ABRY is very pleased to have completed its investment in PSI. We have targeted the highly attractive education sector for many years. PSI is an exceptional content and distribution company which not only possesses highly attractive investment characteristics, but wonderful prospects for growth and expansion,” said Peggy Koenig, Managing Partner, of ABRY.
PSI’s current management team will continue to operate the business. ABRY Partners is a leading private equity group with more than $7.0 billion of assets under management.
“PSI is the market leader with outstanding prospects for further growth and development, making it an ideal platform business for a private equity investor,” said Joseph W. Berkery, founder and president of Berkery, Noyes & Co. “PSI’s outstanding reputation and strong market position make it a natural fit with ABRY.”
Berkery, Noyes & Co., LLC initiated the transaction on behalf of PSI, acted as its financial advisor, and represented it in its negotiations with ABRY Partners. The transaction was managed for Berkery, Noyes by Christopher Curran, Managing Director.
For more than sixty years, PSI has led the industry in providing assessment and evaluation programs for businesses, state governments and professional associations. PSI develops a range of assessments for pre-employment selection, evaluation, placement, and licensure and certification to provide workforce assessment solutions that enable its clients to match important individual capabilities with job demands. For more information, visit www.psionline.com
About ABRY Partners
ABRY Partners, based in Boston, is one of the oldest and largest private equity funds in North America investing exclusively in the media, communications and information industries. ABRY has over $7.0 billion of assets under management and since 1989 has completed over $18.0 billion of leveraged transactions in the media, communications and information industries. For more information, visit www.abry.com
Based in New York City, Berkery, Noyes & Co. provides strategic mergers and acquisitions transaction advisory services, financial consulting and strategic research to middle market information and technology companies in the United States and internationally.