Sagard Capital Increases Ownership in GP Strategies by 350,000 Shares in a Private Transaction with Bedford Oak Partners, L.P.
ELKRIDGE, Md., Jan. 3, 2012 /PRNewswire/ – GP Strategies Corporation (NYSE: GPX), a global performance improvement solutions provider of sales and technical training, e-Learning solutions, management consulting and engineering services, today announced that Sagard Capital Partners, L.P. (“Sagard Capital”) has agreed to purchase 350,000 shares in a private transaction from Bedford Oak Partners, L.P. The closing of the transaction is subject to customary conditions and is expected to occur within the next week (but in any event prior to January 13th). This purchase increases Sagard Capital’s ownership to 3,333,621 shares or 17.8% of GP Strategies’ outstanding common stock. GP Strategies is not a participant in the transaction.
“We are extremely pleased that an investor like Sagard Capital continues to share our vision on the two-year anniversary of their original private placement. We view their increased investment as a tangible sign of continued confidence in the direction of GP Strategies,” commented Scott N. Greenberg, Chief Executive Officer of GP Strategies.
“We remain enthusiastic about our investment in GP Strategies. GP Strategies has truly become a leading provider of custom training, consulting and technical services by building a foundation of strong global relationships with their clients,” said Dan Friedberg, Managing Partner of Sagard Capital Partners, L.P. Dan Friedberg is on the Board of Directors and Executive Committee of GP Strategies.
Bedford Oak Partners, L.P., for reasons of its own internal liquidity, decided to sell its shares in GP Strategies before the 2011 calendar year end. Harvey P. Eisen, Chairman of the Board of GP Strategies since April 2005, is also the Chairman and Managing Member of Bedford Oak Advisors, LLC, the investment manager of Bedford Oak Partners, L.P.
About Sagard Capital Partners, L.P.
Sagard Capital is a long-term impact investor in public and private small and mid-sized companies. Sagard is an evergreen fund with an indefinite holding period for its investments. Sagard specializes in flexible transaction structures, making minority investments with equity or debt to best address a company’s needs. Sagard partners with management teams committed to driving long-term shareholder value, through a combination of capital, a global network of relationships, and a team built to deliver value-add support. Additional information may be found at www.sagardcapital.com.
About GP Strategies
GP Strategies, a NYSE-listed company (GPX), is a global performance improvement solutions provider of sales and technical training, e-Learning solutions, management consulting and engineering services. GP Strategies’ solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpstrategies.com.
Forward Looking Statements
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE GP Strategies Corporation