PRT Growing Services Ltd. and Mill Road Capital announce the closing of the acquisition of PRT

Dec 14, 2012. /Lesprom Network/. PRT Growing Services Ltd. and Mill Road Capital Management LLC announced the successful completion of the acquisition of all of the issued and outstanding common shares of PRT by 8242275 Canada Inc., an entity controlled by Mill Road Capital. PRT Chairman, Robert Withers, commented: "We are pleased that shareholders have provided a strong endorsement of Mill Road Capital's offer to acquire PRT, which we believe provides compelling value for investors and benefits for the Corporation. As a board, we believe our customers, employees and business partners will be well served by this new partnership going forward." Scott Scharfman, Managing Director of Mill Road Capital, added, "PRT is the leader in its field, with a consistent track record of providing top quality seedlings and excellent service to forest products companies, government and individuals in North America. Mill Road Capital is delighted to have the opportunity to participate in the growth of this great business, and to work with Rob Miller and the talented team at PRT in executing their strategic plan and building an even greater PRT as a private company. The closing of this acquisition is the culmination of a long-term process for Mill Road Capital, and I am pleased to be working again with William H. Ketcham of Serafin Investments." The acquisition took place pursuant to a statutory plan of arrangement under the Canada Business Corporations Act following the approval of over 88 percent of PRT shareholders voting in person or represented by proxy at a special meeting held on December 12, 2012. The arrangement was approved by the Supreme Court of British Columbia on December 13, 2012. In accordance with the arrangement, 8242275 Canada Inc., an entity controlled by Mill Road Capital, acquired all the issued and outstanding common shares of PRT for consideration of $4.45 per common share. As a result of the acquisition, PRT's common shares are expected to be delisted from the Toronto Stock Exchange within three business days. PRT Growing Services Ltd. is a seedling propagator and the largest producer of container grown forest seedlings in North America, currently operating 13 nursery locations expected to produce over 160 million seedlings in 2012.