Western Reserve served as the exclusive financial advisor to the Board of Directors of MISCOR Group Ltd. (OTCPK: MIGL) in its sale to Integrated Electrical Services, Inc. (NASDAQ: IESC). Western Reserve also rendered a fairness opinion to MISCOR’s Board in connection with the transaction.
MISCOR, based in Massillon, Ohio, provides electrical and mechanical solutions to customers throughout the United States and abroad through its two operating segments, Industrial Services and Rail Services. The Industrial Services segment provides maintenance and repair services for AC and DC electric motors and generators, as well as power generating and distribution equipment; manufactures, remanufactures and repairs industrial lifting magnets; and provides maintenance and repair services for railroad main and auxiliary generators, main alternators and traction motors. The Rail Services segment manufactures and remanufactures EMD style power assemblies for the 567, 645 and 710 engine families.
William Schmuhl, Chairman of the Special Committee of MISCOR’s Board of Directors, commented, “The special committee valued the advice and counsel provided by Western Reserve Partners throughout this process. Their knowledge of the industry and dedication to a successful outcome were critical to this transaction.”
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