March 21, 2011 at 13:37 PM EDT
National Investment Managers Inc. Completes Sale of the Company to Stonehenge Unit

DUBLIN, OH -- (Marketwire) -- 03/21/11 -- National Investment Managers (OTCBB: NIVM), a nationally-based and regionally-operated retirement plan administration and investment management company, with over $11 billion of assets under administration, today announced that it has completed the previously announced sale of the Company to an entity owned and controlled by Stonehenge Opportunity Fund III, LP, an entity managed by Stonehenge Partners, Inc., for approximately $42.5 million in cash. Stonehenge Partners, Inc., based in Columbus, Ohio, manages more than $700 million of private capital and focuses on investing in middle-market businesses.

The sale was approved by Company shareholders at a special meeting held on Friday, March 18, 2011. After payment of NIVM's outstanding debt and other liabilities, $8 million of the purchase price proceeds will be distributed to shareholders, as follows:

  • Series A Preferred Stock -- $0.50 per share
  • Series B Preferred Stock -- $0.43 per share
  • Series C Preferred Stock -- $2.41 per share
  • Series D Preferred Stock -- $3.96 per share
  • Series E Preferred Stock -- $38.64 per share
  • Common Stock -- $0.02 per share

BNY Mellon Shareholder Services, as paying agent, will send information to shareholders regarding the procedures for obtaining payment for their shares.

The investment banking group of Carl Marks Securities LLC acted as financial advisor to the Company.

National Investment Managers Inc. is a holding company and a consolidator of pension plan administration, investment management and insurance businesses. Its strategy includes a custom-tailored acquisition formula for each acquired business, which allows local and regional entities to retain their autonomy while benefiting from the reach that a national presence offers. In addition, the Company's approach offers entrepreneurs in these businesses an exit strategy suited to their specific needs.

National Investment Managers targets businesses with stable cash flows and high operating margins to ensure successful integration of operations once a sale is concluded. Acquired companies continue to operate under their own brands, usually with minimal staff turnover to ensure that relationships of many years' standing are not disrupted. At the same time, these formerly small businesses can cross-sell related financial services under the National Investment Managers umbrella and enjoy administrative and other support from around the country.

The member firms of National Investment Managers provide pension administration services, retirement planning, defined benefit services, asset preservation, general insurance and asset management services. Wholly-owned subsidiaries of National Investment Managers are based in Anchorage, AK; Laguna Hills, CA; Marina Del Rey, CA; Denver, CO; Southington, CT; Lake Mary, FL; Pikesville, MD; North Attleboro, MA; Haddonfield, NJ; New York City, NY; Yorktown Heights, NY; Beaverton, OR; Harrisburg, PA; Horsham, PA; Wayne, PA; Warwick, RI; Houston, TX; and Seattle, WA. NIVM's corporate headquarters are located in Dublin, OH.

National Investment Managers
John M. Davis
614-923-8824
JDavis@nivm.com


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