ABI American Businessphones, the successful Irvine company founded 8 years ago by industry veteran Frank Feitz, officially became part of Pacific Telesis Group on Monday.
“To me, this is a dream come true,” Feitz said Monday after stockholders of Pacific Telesis approved the acquisition.
“I now have the capital to continue to grow the company and offer more opportunities to our employees and long-term stability to our customers,” said Feitz, who will remain with the firm.
Pacific Telesis agreed to acquire American Businessphones last August in a stock swap deal valued at $20 million.
American Businessphones, one of the nation’s most successful business telephone suppliers, accepted the Pacific Telesis offer after rejecting an unfriendly takeover bid by former ABI director Jean Stiegemeier.
Through the merger, Pacific Telesis, the parent company of Pacific Bell, acquires ABI’s approximately 12,000 customers and 15 sales, installation and maintenance centers. ABI becomes part of PacTel Communications Cos., a Pacific Telesis unit.
Feitz said the company will be known as PacTel/ABI American Businessphones. He said he anticipates no other immediate changes.
ABI has been ranked as one of the nation’s fastest-growing small companies. The firm’s revenue increased 11% to $30.1 million for its fiscal year ended June 30.