All Star Bleachers Manufacturing, Inc.
Tampa, Florida based manufacturer of aluminum bleachers, including those in NASCAR racetracks around the U.S.
The company got involved in two 60,000-seat projects simultaneously and was spread financially thin. Then, a design flaw caused the bonding surety to take over one of the two projects and despite All-Star having already spent considerable money, they were not paid. Without the ability to obtain bonding, sales plummeted. The owner needed to sell the company, or find a partner with the ability to get bonded. In addition, he owned the land and building and needed a continued tenant in order to be able to make his mortgage payments.
Equity Partners conducted many visits with qualified prospective investors, both strategic and financial, and quickly generated four offers for the owner to consider.
With multiple favorable offers to chose from, the owner selected The Vesper Group, because they offered to retain him as President and kept his family members employed (as well as offering paid non-competes). Vesper also had the financial wherewithal and contacts to obtain a very high level of bonding. The company continues operations in the facility owned by the shareholder, thereby providing him with continued lease payments.