ComVest Investment Partners has withdrawn its management buyout of technology solutions provider Pomeroy IT, the second time the Kentucky-based company has seen a potential take-private fail.
In May, Pomeroy disclosed that its board of directors had received an offer from ComVest and company founder David Pomeroy to purchase the company for a price of $6 per share. That represented a four percent premium above Pomeroy IT’s trading price of $5.79 the day before the deal was announced.
Florida-based ComVest was investing from its third fund. The firm, which houses separate debt and equity investment arms, specialises in middle market companies with between $15 million $500 million in revenue.
In April, Charlesbank Capital and Pomeroy attempted to buy the company for $7.05 per share before withdrawing the bid a month later. Boston-based Charlesbank specialises in mid-market buyouts.
Nasdaq-listed Pomeroy IT closed Friday trading at $3.11 per share.