Western Reserve acted as exclusive financial advisor to The Astrup Company in its sale to Glen Raven, Inc.
Founded in 1876 and based in Cleveland, Ohio, Astrup is the leading distributor of outdoor, recreational, industrial and technical fabric, hardware and trimmings to the awning, marine and casual furniture industries in the U.S. Over the past 130 years, Astrup has evolved from a single-facility sail manufacturer to the leading national specialty fabric distributor with, at the time of the transaction, 11 sales and distribution centers located throughout the U.S. In addition, Astrup is a significant equity holder in two leading specialty fabric distributors in both Canada and Mexico, making the company a virtual one-stop shop for customers throughout North America.
The shareholders of Astrup elected to explore a potential sale of the company to its largest supplier, Glen Raven, who had enjoyed a business relationship with Astrup for more than a century. Astrup retained Western Reserve as its exclusive investment banker who advised the company throughout the transaction.
Based in Burlington, North Carolina, Glen Raven markets performance fabrics in more than 100 countries worldwide. Concurrent with the Astrup transaction, Glen Raven acquired John Boyle & Co., another leading manufacturer and distributor of specialty fabrics who was also a major customer of Glen Raven’s and who, like Astrup, continued to operate as a wholly-owned subsidiary. Post-transaction, Astrup continued to be led by its President and Chief Operating Officer, Jeffrey W. Kirk. John H. Kirk, Astrup’s Chairman and CEO, retired at the close of the transaction.
John Kirk said, “The team at Western Reserve worked diligently with us through the many details and nuances of the transaction and created significant value for Astrup’s shareholders. I’ve known the firm for many years, and they are truly dedicated to providing superior service to their clients.”
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