Tag Archives: Investment Banking

Longtime Ashland manufacturer avoids shutdown and loss of jobs

Longtime Ashland manufacturer avoids shutdown and loss of jobs

November 22, 2019

ASHLAND — Rochester Shoe Tree, Inc., has sold the assets of its 97-year-old cedar shoe tree and shoe care product manufacturing operation, preserving jobs that would have been lost had the company shut down.

The company retained Equity Partners HG in late April to seek a buyer for the company. Equity Partners conducted an exhaustive marketing process that resulted in 32 groups executing confidentiality agreements and proceeding to conduct due diligence. Ultimately, three groups submitted acquisition structures for the owner and secured creditors to consider.

Eventually, they negotiated with one of the company’s suppliers that agreed to allow the operations to continue at the Ashland facility, saving as many as 90 jobs. While the offer paid only 80-90% of what the company’s secured creditors, Northway Bank and TD Bank, were owed, both banks agreed to allow the transaction to move forward, rather than proceed with foreclosing on the assets in the hopes of possibly making up the shortfall. That allows for the preservation of jobs in the community.

Hank Waida, a managing director at Equity Partners HG, said in a statement: “We are extremely pleased that all constituents agreed to work together and allow this transaction to move forward. Without the cooperation of both Northway Bank and TD Bank, this long-standing business would have had to close its doors and all employees would have lost their jobs.”

Founded in 1922, Rochester Shoe Tree is one of the largest providers of aromatic red cedar shoe trees in the world and has been a fixture in Ashland, employing both hourly and salaried employees. Other red cedar products manufactured there include coat hangers, gift boxes, shoeshine kits, shoe racks, cedar blocks, and hardwood display trees. The company also manufactures a variety of shoe cleaners, lotions, creams, polishes, and leather protectors, and it distributes shoe brushes, shoehorns, shoelaces, polishing cloths, and backroom supplies, providing retailing clients with all their shoe care needs.

Shawnee Tubing Taps Equity Partners HG to Advise in Sale of Business

 

Shawnee Tubing Taps Equity Partners HG to Advise in Sale of Business

November 11, 2019

Shawnee Tubing Industries, LLC, a manufacturer of smooth and finned copper tubing, has retained Equity Partners HG to seek a buyer for the business. Originally started in 1974 as Wolverine Tube Shawnee in Shawnee, OK, the Company has been producing copper tubing for industrial and construction use for 45 years. The business was acquired by a member of management in April 2017, and was then restructured and acquired by AIAC in July 2018.

Shawnee Tubing Industries manufactures industrial tube in a wide range of wall thickness, diameter and hardness, and currently produces over 200 SKUs. The plant was designed to produce high-quality wall and grain/temper capabilities and its annual capacity is 65 million lbs. per year. STI’s manufacturing facility totals 342,450 sq. ft. on a 49-acre parcel with ample space for expansion. The plant includes 252,550 sq. ft. of manufacturing space, 33,000 sq. ft. of warehouse space, and 39,600 sq. ft. of offices. Equipment includes tube forming and winding equipment, extrusion presses, continuous casting lines, annealing and melt furnaces, fin machines, and general material handling and support equipment.

Keith Keeling, a Managing Director at Equity Partners HG, stated “STI is a great opportunity to acquire significant production capacity with an experienced workforce. Initiatives to establish the Company as the premier source for specialized products, along with developing a major copper recycling operation, are well underway and we are excited to work with STI to explore options as they transition the Company for sustained growth.”

Equity Partners HG, based outside Baltimore, MD, provides investment banking services in special situations and has completed in excess of 550 engagements throughout the United States since 1988.

Heritage Equity Partners Returns to its Legal Name, Equity Partners HG

Heritage Equity Partners Returns to its Legal Name, Equity Partners HG

December 29, 2016
With a new logo and the same commitment to our clients, we’ve changed our name to our legal name, Equity Partners HG, which is closer to how people knew us from 1988 – 2011, Equity Partners, Inc. We are still a Heritage Global company and our website’s URL will remain the same, but we are excited about our new corporate branding provided by WJSalz.
Equity Partners HG Logo