Tag Archives: going concern sale

Equity Partners HG brokers sale of Cosmos Granite (Central), LLC to Justh Holdings, LLC

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Equity Partners HG brokers sale of Cosmos Granite (Central), LLC to Justh Holdings, LLC

 

For Immediate Release | October 15, 2019

Cosmos Granite (Central), LLC (“COSMOS”) has completed a going concern sale transaction with Justh Holdings, LLC of Kent, Washington. Justh Holdings operates a similar business to COSMOS’ primarily in the northwest and southeast United States. COSMOS was operating in a receivership and Equity Partners HG, a Maryland-based investment banker, served as intermediary for the Receiver.

COSMOS was founded in 2007 with the aim of providing its customers (primarily natural stone fabricators/installers) with superior quality materials at competitive prices and services. Quality and service have always been its founding principles and with the knowledge and experience of its industry experts, COSMOS become a leading distributor in the upper Mid-West.

COSMOS had seen a reduction in its revenues over the past few years and was no longer profitable. As a result of that, combined with a dispute among some of the owners, COSMOS entered into a Receivership in a North Carolina State Court proceeding in which the Receiver retained Equity Partners HG as its exclusive broker. Equity Partners HG’s charge was to quickly find a buyer for the business. Equity Partners HG ran an exhaustive marketing process, reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners HG narrowed the field of nearly 20 active interested prospects down to the four most logical buyers. Following a lively auction and extensive negotiations with all the buyers, Justh Holdings was ultimately approved as the successful suitor for the business. All full-time employees were retained, and the business continues to operate with plans to grow.

Fred Cross, managing director at Equity Partners HG said, “This was an outstanding result. Justh Holdings, LLC brings countless synergies to COSMOS and the sale brought a far greater recovery to creditors than liquidation would have. Keeping the jobs in Chicago and St. Louis and the assumption of the building leases make this acquisition a great success for Justh Holdings and the Receiver in the case. All of us at Equity Partners HG are happy to see an outcome like this and we look forward to COSMOS providing countertop solutions to both markets long into the future.”

Other professionals who worked on the transaction include:

  • John Northen, Northen Blue LLP, Receiver, N.C.
  • Vicki Parrot, Northen Blue LLP, counsel to the Receiver
  • Clint Morse, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP., counsel to Justh Holdings LLC
  • Charles Coble, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP., counsel to Justh Holdings LLC
  • Luis Lluberas, Moore & Van Allen, PLLC, counsel to Bank of America

Equity Partners HG brokers sale of Fairfield Aluminum Casting Company, Inc. to Alcast Company Midwest Works LLC

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Equity Partners HG brokers sale of Fairfield Aluminum Casting Company, Inc. to Alcast Company Midwest Works LLC

 

For Immediate Release | August 29, 2017

Fairfield Aluminum Casting Company, Inc. (FALCO) has completed a going concern sale transaction with Alcast Company Midwest Works, LLC of Peoria, IL. Alcast’s parent company, Alcast Company, operates a similar business to FALCO’s in Illinois. Equity Partners HG, a Maryland-based investment banker, served as intermediary for the seller.

FALCO started in 1946 in a 5,000-sq. ft. foundry and over the years grew to the 200,000-square foot full-service operation that they are today. Providing aluminum product design and production, the company specializes in sand and permanent mold products with fast turnaround prototypes. FALCO provides its customers with turnkey products, offering pattern making, assembly, machining, coating, inserting, heat treating, pressure testing, impregnating and other value add casting operations.

In late February, FALCO retained Equity Partners HG as its exclusive broker. FALCO had seen a reduction in its revenues over the past several years and was no longer profitable. Equity Partners HG’s charge was to quickly find a buyer for the business before it was forced to shut down. Equity Partners HG ran an exhaustive marketing process, reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners HG narrowed the field of more than 75 active prospects down to the three most logical buyers. After extensive negotiations with all three buyers, Alcast was finally approved as the successful suitor for the business. All 47 full time employees were retained, and the business continues to operate with plans to grow.

Fred Cross, managing director at Equity Partners HG said, “This was an outstanding result. FALCO brings countless synergies to Alcast Company and the sale brought a far greater recovery to creditors than liquidation would have. Keeping the jobs in Fairfield, IA and building on these synergies will make this acquisition a great success for Alcast long into the future. All of us at Equity Partners HG are happy to see an outcome like this and we look forward to FALCO/Alcast Company Midwest Works providing another 70+ years of continued service.”

Other professionals who worked on the transaction include:
• Joe Pieffer, Peiffer Law Office, P.C., counsel to FALCO
• Autumn Noble, McGrath North, P.C., counsel to FALCO
• Mark Walton, Miller, Hall & Triggs, LLC, counsel to Alcast Company Midwest Works LLC
• John Eichelberger, Eichelberger Law Office, P.C., counsel to Alcast Company Midwest Works LLC
• Lynn Hartman, Simmons, Perrine, Moyer Bergman, PLC, counsel to First American Bank

Equity Partners HG brokers sale of Accubuilt, Inc. to SPV Coach Company, Inc. d/b/a Armbruster Stageway

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Equity Partners HG brokers sale of Accubuilt, Inc. to SPV Coach Company, Inc. d/b/a Armbruster Stageway

 

For Immediate Release | August 8, 2017

Accubuilt, Inc. completed a going concern sale, including its two preeminent brands, The S&S Coach Company and Superior Coaches, to Kansas City, KS-based SPV Coach Company d/b/a Armbruster Stageway. Equity Partners HG, a Maryland-based investment banker, served as intermediary for the seller.

Accubuilt, Inc. (“Accubuilt” or the “Company”) is a leading manufacturer of funeral vehicles, including coaches and limousines, utilizing Cadillac and Lincoln chassis. The Company has the most diverse product portfolio in the industry and is one of the industry’s largest producers, completing more than 425 vehicles in 2016. Accubuilt operates out of a leased 180,000 square foot facility in Lima, Ohio and employs over 90 people. Employees have been notified operations will continue in place following the acquisition.

Armbruster Stageway has a rich tradition in the funeral car industry that dates back for over one hundred years and has the distinction of building the first combustion engine limousine. According to Sean Myers, President of Armbruster Stageway, “I am pleased we were able to acquire Accubuilt and its two iconic brands, S&S and Superior. We look forward to working with the employees in Lima to continue manufacturing premier vehicles and serve the customer base they have successfully built over the years. We believe our collective team is the best in the industry and we are excited to carry on the long, rich history of the Accubuilt brands.”
With the acquisition, it is believed Armbruster Stageway now controls over 50% of the funeral vehicle market.

Rob Hubbard, Chairman of the Board and Chief Restructuring Officer for Accubuilt, commented, “This was a great fit all around. Sean’s vision and Accubuilt’s manufacturing capabilities make the combined company the benchmark for all other industry players. Armbruster is getting a tremendous operation with great people, and I know they will have continued success with it.”

In mid-November 2016, Accubuilt retained Equity Partners HG as the exclusive broker for the company. Under Hubbard’s leadership, the Company had completed a successful three year restructuring process to review operational practices and institute cost saving measures to the manufacturing process. Seeing significant improvement from those efforts, ownership felt it was the appropriate time to pursue a sale of the Company.

Matt LoCascio, managing director for Equity Partners HG, said, “Our task was to maximize value and find the right buyer for Accubuilt. As we explored the market and considered the options available, it was clear Armbruster Stageway presented the best fit for the long term success of Accubuilt, its employees, customers, and vendors. We are very pleased with the outcome.”

Other professionals who worked on the transaction include:
• Rob Hubbard, Hub Management Group, chief restructuring officer to Accubuilt, Inc.
• Chris Bordoni, Adam Calisoff, and Robert Stefancin, Ice Miller, counsel to Accubuilt, Inc.
• Pete Palladino and Doug Gooding, Choate Hall & Stewart, counsel to secured creditor

Equity Partners HG brokers sale of Sailing Specialties, Inc. to SSI Custom Plastics Partners, LLC

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Equity Partners HG brokers sale of Sailing Specialties, Inc. to SSI Custom Plastics Partners, LLC

 

For Immediate Release | June 7, 2017

Sailing Specialties, Inc. (“the Company”) has completed a going concern sale transaction with SSI Custom Plastics Partners, LLC. Maryland based Equity Partners HG served as investment banker for the seller.

Founded in 1974 and located in southern Maryland, Sailing Specialties, Inc. has become a premier plastic thermoforming company, manufacturing the largest selection of custom and proprietary thermoformed plastic products in the marine industry. The Company retained Equity Partners HG in early February to find a buyer that would allow the owner, Greig Parks, to retire after operating the company for over 40 years. The ideal outcome sought by Greig was to locate a buyer that would continue operations in southern Maryland and continue to provide the quality and service his longtime customer base has come to expect. Equity Partners HG ran an exhaustive marketing process, reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners HG narrowed the field down to the two most logical buyers. After extensive negotiations with both groups, the owner chose to move forward with SSI Custom Plastics Partners, LLC, the principals of which are Maryland based investors that have successfully owned and operated various manufacturing facilities across the country.

Hank Waida, managing director at Equity Partners HG stated, “Greig Parks built an outstanding company servicing many of the largest boat manufacturers in the country. I am pleased we were able to find a buyer with a similar passion for the marine industry, and the experience and financial wherewithal to take Sailing Specialties, Inc. to the next level.”

 

Other professionals who worked on the transaction include:

  • Bill D. McKissick, Jr., Esq. Dugan, McKissick & Longmore, LLC, counsel to SSI.
  • Gabriel J. Kurab, Katz Teller, counsel to SSI Custom Plastics Partners, LLC

Equity Partners HG brokers sale of Peters Machine, Inc. to BMC Global, LLC

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Equity Partners HG brokers sale of Peters Machine, Inc. to
BMC Global, LLC

 

For Immediate Release | May 8, 2017

Peters Machine, Inc. (“Peters Machine”) has completed a going concern sale transaction with Ventoux Capital’s subsidiary, BMC Global, LLC (“BMC Global”) of Blissfield, MI. Ventoux Capital specializes in acquiring smaller distressed manufacturing operations with strong management teams in place, and provides guidance and working capital allowing the company to continue operations. Maryland based Equity Partners HG served as investment banker for the seller.

In late 2016, Peters Machine retained Equity Partners HG as the exclusive broker to sell their 36 year old company specializing in machining and drilling tube sheets and baffles. The company had borrowed to expand its capacity during a period of sharp increase in demand for its service and subsequently experienced a reduction in its revenues due to the financial crisis and a slowdown of corn ethanol production. Equity Partners’ charge was to quickly find a buyer for the business before it was forced to shut down, and the firm ran an exhaustive marketing process reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners narrowed the field down to the three most logical buyers. After extensive negotiations with all three prospective buyers, a competitive, court approved auction was held for the Peters Machine personal propery, along with the real esate the business operated in, and several pieces of equipment either owned by the Peters Machine shareholders or controlled by a bankruptcy trustee. BMC was the winning bidder for all of these assets, allowing for the continued operation of the business.

Hank Waida, managing director at Equity Partners HG stated, “Peter’s Machine will add unique capabilities to BMC Global’s manufacturing operatations. Building on those synergies and keeping jobs in Decatur, IL will make this acquisition a great success for them. The sale also brought a far greater recovery to creditors than a liquidation of the assets would have.”

 

Other professionals who worked on the transaction include:

  • Jonathan Backman, Law Office of Jonathan A. Backman, counsel to Peters Machine Inc.
  • Chris Mehring, Goldstein McClintock, counsel to BMC Global, LLC.
  • Mark Wenzel, Smith Amundson, counsel to Regions Bank
  • Marianne Pogge, chapter 7 trustee

Equity Partners HG brokers sale and Financing for Leading Lumber Manufacturer

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Equity Partners HG brokers sale and Financing for Leading Lumber Manufacturer

 

For Immediate Release | March 2, 2017

Equity Partners HG served as the investment banker for a leading lumber manufacturing business with revenue of approximately $85 million annually (the “Company”). In early March, two transactions in excess of $30 million closed: 1.) A sale of the saw mill and lumber manufacturing division (about $30 million revenue) for 5 times proforma EBITDA, and (2.) a refinancing of the two remaining divisions at very attractive rates.

Up until the sale, the Company operated three related businesses: A sawmill/lumber manufacturing business, lumber concentration yards, and wood flooring manufacturing business. In mid-October 2016, the Company retained Equity Partners HG; having recently added significant capacity, the Company wanted to explore its options to find working capital to further grow those businesses.

Ken Mann, senior managing director for Equity Partners HG, said, “As we explored the market and considered the options and our client’s long term succession plan, it became clear that the saw mill was a highly attractive target. The sale, combined with a refinancing of the remaining operations, was the ideal path forward.”

According to the Company’s CEO, “This sale will allow us to put some growth capital into our remaining concentration yard, and to continue to grow our flooring business.”

 

Other professionals who worked on the transaction include:

  • Richard Nichol, Evans Petree PC, counsel to Seller
  • Michael Coury, Glanker Brown, counsel to Seller
  • David Bradley, Hodgson Russ LLP, counsel to Buyer