Fortune Industries board enters management buyout transaction with CEP

theflyonthewall.com

The board of Fortune Industries announced that it had entered into a management buyout transaction with CEP, a holding company owned by a management-led group including Fortune Industries' CEO Tena Mayberry and CFO Randy Butler. The post-merger company will continue to be known as Fortune Industries and all of its subsidiaries and divisions across the United States will continue their regular business before and after the transaction. Under the terms of the transaction approved by the board, the majority shareholder and chairman of Fortune Industries, Carter Fortune, will sell to CEP all of his Series C Preferred shares, which will be converted to common stock and contributed to CEP immediately prior to the merger. Upon completion of this conversion, total outstanding common stock of the company is expected to exceed 50,000,000 shares.

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