Salt Lake City-based Sorenson, a global communications provider for people who are deaf and hard-of-hearing, has announced that private investment firm Ariel Alternatives LLC has completed an acquisition of 52.5 percent of the company’s common equity from existing shareholders, including Blackstone Credit, a fund managed by Franklin Mutual Advisers, and private credit accounts managed by KKR. The deal sets Sorenson’s enterprise valuation at $1.3 billion.{mprestriction ids="1,3"}
According to a Sorenson release, the selling shareholders will continue to own a minority interest in the company.
Ariel Alternatives is the private equity subsidiary of global asset manager Ariel Investments LLC.
Sorenson has been in business for over 20 years delivering accessible communications, technology and services to the deaf and hard-of-hearing communities in the U.S. and, more recently, in the United Kingdom. Sorenson’s Internet Protocol Captioned Telephone Service (IP CTS) for people with hearing loss, video, in-person American Sign Language and British Sign Language interpreting, has modernized the way people who are deaf and hard-of-hearing communicate, the company said.
The acquisition by Ariel Alternatives will not affect Sorenson’s current operations. The company said Ariel Alternatives’ investment is expected to enable Sorenson to connect even more people worldwide by expanding services to additional communications platforms. Sorenson’s existing presence in Europe includes a flagship customer in France and its United Kingdom affiliate, Sign Language Interactions.
Senior managing director of Blackstone Credit and Sorenson board member David Posnick said, “Sorenson has done a phenomenal job of serving the deaf and hard-of-hearing communities. I am confident the Ariel Alternatives partnership will extend Sorenson’s service reach, providing communication language access to broader populations.”{/mprestriction}
