AutoInfo sold; law firm investigates deal

   Third party logistics services provider AutoInfo has been acquired by a subsidiary of Comvest Investment Partners for a 7 percent premium on the company’s Feb. 28 share price.
   AutoInfo’s board has approved the merger and is awaiting approval of its shareholders. The agreement is expected to close in the second quarter.
   “Comvest’s growth strategy is to acquire well managed companies that are leaders in their market and effectively oversee their performance,” Harry Wachtel, AutoInfo’s chief executive officer, said in a statement. “The merger will allow for greater stability, focus, and flexibility for AutoInfo to achieve its strategic goals and growth.  I believe that the transaction will yield benefits to each of our customers, employees and agents.”
   Dallas-based law firm Powers Taylor, LLP, is currently investigating the deal, trying to determine if AutoInfo’s stock was undervalued in the sale.
   “Due to the nature of the proposed sale and other factors, we believe this transaction may undervalue AutoInfo’s stock,” Patrick Powers said in a statement. “Our proposed lawsuit will seek to obtain the highest share price for all shareholders.” – Jon Ross