About

Customized Solutions. Superior Execution.
Unparalleled Results.

CUSTOMIZED SOLUTIONS.  SUPERIOR EXECUTION.
UNPARALLELED RESULTS.

Western Reserve Partners LLC provides M&A, capital raising and other financial advisory services to middle market companies across a variety of industry verticals, including specific segments in industrial, business services, consumer, healthcare, technology and real estate. Each engagement is tailored to our client’s specific objectives and relevant market dynamics. Thoughtful advice, keen market insight and well-crafted transaction processes have resulted in 85% of our sell-side engagements closing at valuation ranges that meet or exceed expectations.

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Closing Purchase Price vs.
Valuation Expectations


DEDICATED SENIOR ATTENTION

Western Reserve was formed to bring our middle market clients the high levels of quality and service usually reserved for much larger companies. Our senior professionals share an extensive background in large-cap advisory work and have advised on dozens of transactions of $1 billion or more. At Western Reserve, we bring the benefits of this experience to our middle market clientele, and our assignments are all actively managed by senior professionals from kick-off to closing. Western Reserve’s managing directors average nearly 30 years of experience and have collectively executed more than 600 transactions during their careers.

The firm’s professionals are experienced not only in investment banking, but also commercial banking, finance, accounting, engineering and law. All investment banking professionals are FINRA licensed, with Series 79, 24 and 63 designations, as appropriate.

 

INDUSTRY-LEADING CLIENTS

Western Reserve’s reference list is extensive and is comprised of companies that are U.S. or global leaders in their respective industries, including:

Manufacturer of anodized components for the cosmetics industry

“Western Reserve did an outstanding job of identifying the right financial partner for us and helping us through all stages of the transaction. Their experience and dedication to the project resulted in a timely and efficient result. They were great to work with.”

Scott Rusch
Vice President of Anomatic

Distributor of high performance textiles

“The professionals 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.”

John Kirk
Chairman and Chief Executive Officer of Astrup

Designer and manufacturer of in-line mill finishing equipment

“Western Reserve’s keen understanding of the capital equipment business, our business model and the competitive landscape, together with their expertise and perseverance in guiding us through a myriad of issues, as well as their ability to access international opportunities, were essential in delivering superior value to our shareholders.”

Richard Jeschelnig
President and Chief Executive Officer of Bronx

Manufacturer of roof bolts for the mining industry

“The Western Reserve executives did a terrific job in putting us together with SPG and then working through the many details of the transaction.”

Bruce Cassidy
President and Chief Executive Officer of Excel

Provider of products for the professional turfcare industry

“Western Reserve has advised LESCO’s senior management and Board of Directors in our strategic alternatives over the past three years. Their understanding of our business model and knowledge of our industry set the stage for this important milestone in LESCO’s history. The team at Western Reserve was with us every step of the way, contributing significantly to the success of this transaction.”

Jeffrey Rutherford
President and Chief Executive Officer of LESCO

Breeder and propagator of chrysanthemums and other ornamental lines

“The professionals at Western Reserve did an excellent job of advising our board of directors through this complex divestiture and creating significant value for our shareholders, employees and customers going forward.”

William Rasbach
Chief Executive Officer of Yoder


LONG-TERM PERSPECTIVE

As a private partnership, we have the benefit of being able to put the long-term interests of our clients ahead of short-term financial gain. As a result, we always provide our clients with the honest, impartial advice that over the long-term generates high levels of client satisfaction and the strong reputation we enjoy. Many of our client relationships have spanned a decade or longer, and several clients have entrusted us with multiple engagements.

 

GLOBAL REACH

Western Reserve believes that access to international buyers, sellers and investors is fundamental to maximizing value for our clients. This is why we are members of M&A International Inc., the world’s premier international alliance of investment banking firms, as well as World Services Group, a global consortium of middle market focused law firms and other advisors. These networks provide us with direct access to corporate buyers and investors outside the U.S., where culture, language and time zone differences play significant roles in transaction processes and outcomes.

Western Reserve’s professionals have completed more than 35 corporate finance transactions involving non-U.S. companies, primarily from Europe and Asia. Two of our managing directors have worked as expatriate executives, providing them direct understanding of the nuances of international business practices. Furthermore, members of our staff speak French, Italian and Spanish.

Representative transactions involving international acquirers include:

. . .

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.


Recent transactions

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    ESSCO Corporation (portfolio company of MCM Capital Partners)

    Western Reserve served as the exclusive investment banker to MCM Capital Partners in the firm’s sale of ESSCO, the leading distributor of floor care products to independent storefront and internet retailers in the United States.  ESSCO was acquired by Cardinal Equity Partners, an Indianapolis-based private equity firm.

    Founded in 1924 and based in Twinsburg, Ohio, ESSCO distributes over 12,000 SKUs of floor care cleaning equipment and consumable parts, including products from Hoover, Kirby, Bissell, Oreck and Panasonic.  ESSCO’s unique nationwide distribution network allows it to provide time sensitive floor care retailers with the fastest lead times and broadest product selection in the industry.  ESSCO is also a leading provider of drop ship services for specialty floor care internet retailers and internet order fulfillment services for mass merchant retailers.

    Leading the transaction for Western Reserve was Managing Director David Dunstan, Vice President Andrew Male and Analyst Jessica Fleck.  Western Reserve also represented ESSCO in its original sale to MCM Capital Partners in 2005.

    “Western Reserve is proud to have represented ESSCO in its sale first to MCM and now to Cardinal,” said Mr. Dunstan.  “ESSCO has built the leading nationwide distribution platform and an exceptional management team under MCM’s guidance.  The company, now the well entrenched market leader, is exceptionally well positioned for future growth.”

    Steve Ross, Managing Director and Partner of MCM Capital Partners, said of Western Reserve’s involvement, “The Western Reserve team executed a highly efficient process that allowed MCM to realize an excellent return for its shareholders and find an ideal partner for ESSCO’s management team and employees going forward.”

    ESSCO Chief Executive Officer Tom Bianco said, “Western Reserve’s assistance was critical for our management team throughout the sale process.  Our team is excited to be partnering with Cardinal Equity Partners as we continue to develop new and innovative ways to best service the floor care industry.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    LESCO Inc.

    Western Reserve acted as financial advisor to LESCO, Inc. (NASDAQ: LSCO) in its sale to Deere & Company (NYSE: DE).  This transaction represented the firm’s second engagement by LESCO, as Western Reserve advised the company in its 2005 divestiture of its manufacturing and distribution operations to Platinum Equity Partners, LLC.

    Headquartered in Cleveland, Ohio, LESCO is a leading provider of products for the professional green and pest control industries. At the time of the transaction, LESCO served customers worldwide through more than 345 LESCO Service Center® locations, 114 LESCO Stores-on-Wheels® vehicles and other direct sales efforts. Its customers included golf courses, athletic fields and professional lawn care companies that maintain landscapes around apartments, office complexes, government buildings, cemeteries and private homes.

    Following the divestiture of its manufacturing and distribution operations, LESCO continued to rely on Western Reserve for periodic counsel regarding the company’s strategic alternatives.  One such alternative was the sale of the company to a strategic buyer, and Western Reserve worked closely with management to drive value for LESCO’s shareholders through a detailed analysis of the synergistic fit and financial impact of combining the company with several of the most likely strategic buyers.

    LESCO was acquired by Deere in May 2007.  Headquartered in Moline, Illinois, Deere is the world’s leading provider of advanced products and services for agriculture and forestry and a major provider of advanced products and services for construction, lawn and turf care, landscaping and irrigation.  LESCO was combined with Deere’s John Deere Landscapes division, significantly increasing the volume of consumable products sold by the division, expanding the customer base for both LESCO and John Deere Landscapes and complementing Deere’s work in the Golf & Turf One Source business, which focuses on bringing total solutions to those who maintain golf course properties.

    LESCO President and Chief Executive Officer Jeffrey Rutherford said, “The Western Reserve team did an outstanding job in advising LESCO’s senior management and Board of Directors in our strategic alternatives over the past three years. Their keen understanding of our business model and knowledge of our industry set the stage for this important milestone in LESCO’s history. The team at Western Reserve was with us every step of the way, contributing significantly to the success of this transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    Excel Mining Systems, Inc.

    Western Reserve represented Excel Mining Systems, Inc. in its sale to SPG Partners, LLC.

    Founded in 1991 by Bruce Cassidy, President, Chief Executive Officer and majority owner, Excel is the leading producer and manufacturer of roof bolts and related roof support control products to the U.S. underground coal mining industry.  Headquartered in Bowerston, Ohio, Excel has six manufacturing sites: Bowerston, Cadiz and Proctorville, Ohio; Grundy, Virginia; Marion, Illinois; and Clearfield, Utah.  Roof bolts and related products are essential to the safe and productive underground mining of coal.

    Management decided to explore the sale of the company to allow shareholders to achieve liquidity while ensuring new ownership supportive of Excel’s growth strategy.  Excel retained Western Reserve as its exclusive investment banker to assist in exploring its options, and through a highly confidential but competitive process, Western Reserve introduced Excel to a select group of buyers, assisted in negotiating the transaction price and helped draft the purchase agreement.

    Excel was acquired by SPG in October 2006.  Based in New York, New York, SPG is a private equity firm that leverages the expertise of its exclusive Operating Partners, who are seasoned industry executives.  CitiGroup Private Equity was a significant co-investor in the transaction, along with key members of Excel’s senior management team.

    Mr. Cassidy said, “The team at Western Reserve did a terrific job in putting us together with SPG and then working through the many details of the transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    Island One, Inc.

    Western Reserve acted as financial advisor to Island One, Inc. in its reorganization by Timeshare Acquisitions LLC.

    Island One, based in Orlando, Florida, is one of the largest privately-held timeshare developers in the U.S.  At the time of the transaction, the company had grown from a single site to an organization that had acquired, developed and re-developed nine properties in Florida and the U.S. Virgin Islands.  Island One’s affiliate, Club Navigo, allowed customers to gain access to a larger network of 29 affiliate resorts.

    Initially engaged in 2009, Western Reserve represented Island One in a pre-bankruptcy recapitalization process and eventually a Chapter 11 bankruptcy case.  During bankruptcy, Western Reserve executed both a bankruptcy recapitalization process and a fee for service sale process, producing the chosen reorganization partner, Timeshare Acquisitions LLC.  Timeshare Acquisitions LLC is a holding company owned and formed by a hedge fund to acquire the reorganized equity interest in Island One.  Western Reserve collaborated with the existing creditors and the reorganization partner to develop an innovative solution that was satisfactory to the bankruptcy court.  Island One retained operation of its eight resorts in Florida and divested of certain other inventory and assets, and the company’s executive team remained intact.

    Deborah Linden, Board Co-Chair of Island One, said, “Western Reserve was instrumental in finding and maintaining the interest of a capital partner that understands the industry and can integrate and implement our growth strategy.  For the past 20 months, the team has provided great service and advice, helping our company to arrive at the best possible outcome for all vested parties.  We are now financially and structurally well-positioned to capitalize upon a very deliberate strategy for growth.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

     

     

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    Simbionix USA Corporation

    Western Reserve acted as exclusive financial advisor to Simbionix USA Corporation in its September 2008 $7 million private placement of Series C Convertible Preferred Stock.  The lead investor was River Cities Capital Fund, and co-investors included Early Stage Partners LLC, a current Simbionix shareholder.

    Simbionix, headquartered in Cleveland, Ohio, is the world’s leading provider of innovative and effective virtual reality simulation products and solutions for clinical education and training of medical professionals.  The company’s products, which are protected by 20 global patents and pending and provisional applications, accelerate best-practice medical training, advance clinical performance and improve patient safety.  In addition to its Cleveland operations, Simbionix has a world-class R&D facility in Lod, Israel and e-learning operations in Denver, Colorado.

    River Cities Capital, based in Cincinnati, Ohio, is one of the most active and experienced venture funds investing in the Midwest and Southeastern U.S.  Early Stage Partners, based in Cleveland, Ohio, provides venture capital financing to the Midwest’s most promising early stage technology companies.

    Simbionix Chief Executive Officer Gary Zamler said, “We cannot be more pleased with Western Reserve’s thoughtful advice in structuring the transaction and best approach to the market.  Their effort in arranging this financing in a very difficult market was outstanding.  We look forward to a long relationship with Western Reserve as we execute our strategic plan.”  

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    Group Dekko International (comprises Pent Technologies, Inc. and Dekko Technologies, Inc.)

    Western Reserve acted as exclusive financial advisor to Pent Technologies, Inc. and Dekko Technologies, Inc., together comprising Group Dekko International, in their sale to Centre Partners Management LLC. Western Reserve also provided a fairness opinion to the Board of Directors in this transaction.

    Group Dekko, headquartered in Kendallville, Indiana, is a leading provider of highly engineered electrical, wire, plastic and metal subcomponents; finished products; and fixtures and related assemblies for the office furniture, transportation, lighting, appliance, medical device and consumer product end markets. Utilizing more than 190 active, pending and provisional patents, Group Dekko has a broad range of manufacturing and assembly capabilities, including metal forming, stamping, powder coating, plastic molding and extrusion, product assembly and built-to-order, highly customized products. The company employs more than 1,500 people in 30 modern facilities located in Indiana, Iowa, Alabama, Texas and Mexico.

    The Group Dekko constituent boards decided to explore a sale of the company to allow the shareholders to achieve liquidity while ensuring new ownership supportive of obligations to employees and constituents.  Through a competitive process, Western Reserve introduced Group Dekko to numerous financial and strategic buyers.  Western Reserve also assisted in negotiating the transaction price and the purchase agreements.

    Group Dekko was acquired by Centre in August 2006.  Centre is a leading middle-market private equity firm with offices in New York, Los Angeles and Dallas. Key members of Group Dekko’s senior management team partnered with Centre in its investment through a newly formed entity, Group Dekko Holdings, Inc.

    Group Dekko Chief Executive Officer Steven Hankins said, “Our senior management and employees are excited to have Centre Partners as our business and financial partner. We never would have connected with them or worked out a deal without Western Reserve’s help. They were with us every step of the way and did a terrific job.”

    Group Dekko Chief Financial Officer Charles Schrimper said, “The Western Reserve team worked hard to achieve the best possible result for Group Dekko’s shareholders and employees. They gave us extraordinary client service.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Claymont3

    Claymont Steel Holdings, Inc.

    Western Reserve provided a fairness opinion to the Board of Directors of Claymont Steel Holdings, Inc. in the company’s sale to Evraz Group S.A.

    Claymont Steel Holdings, Inc., based in Claymont, Delaware, is the only mini-mill in North America specializing in the manufacture and sale of high quality custom discrete steel plate.  The company serves all major plate markets, including service centers, bridge fabricators, railcar manufacturers, material handling equipment, heavy construction machinery, mining equipment, storage tanks, pressure vessels and shipbuilding.

    Evraz approached Claymont Steel with a series of proposals for a possible transaction.  Headquartered in Luxembourg, Evraz is a large vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA, Canada and South Africa.

    Western Reserve was selected to provide Claymont Steel’s Board of Directors with an independent valuation of the company and to serve as a resource in the Company’s ongoing negotiations with Evraz.  The written opinion and a summary of Western Reserve’s analysis were included in Claymont Steel’s solicitation statement filed with the SEC, and the transaction was consummated in January 2008.

    Claymont Steel’s Chief Executive Officer Jeff Bradley commented, “Western Reserve provided outstanding service as our company undertook the single most important transaction in its history, delivering high-quality and timely analysis and advice to the Board of Directors during the process.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Fairmount3

    Fairmount Minerals

    Western Reserve provided the fairness opinion to the Board of Directors of FML Holdings, Inc. (d/b/a Fairmount Minerals) in its sale to American Securities.

    Headquartered in Chardon, Ohio, Fairmount is one of the largest producers of industrial sand in the U.S. At the time of the transaction, approximately 80% of the company’s sales were tied to the oil and natural gas production markets, with the remainder going to commercial and industrial uses, including foundries, construction, golf courses, artificial turfs, etc.

    To provide liquidity to certain of Fairmount’s shareholders, the company entered into an agreement to sell a 51% common equity stake to American Securities. Western Reserve was engaged to provide Fairmount’s Board of Directors with a fairness opinion, and the transaction was consummated in August 2010.

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    Galaxy Associates, Inc. (portfolio company of River Cities Capital Funds)

    Western Reserve acted as exclusive financial advisor to River Cities Capital Funds in the sale of its portfolio company, Galaxy Associates, Inc., to DuBois Chemicals, Inc., a portfolio company of The Riverside Company.

    Founded in 2002, Cincinnati, Ohio-based Galaxy Associates is a leading provider of specialty and performance-driven chemicals used in critical processes in the industrial, transportation and pulp and paper industries.  Products and services include coolants, lubricants and pretreatment chemicals used in metalworking and metal finishing; truck wash chemicals and truck washing systems; and deposit control and felt cleaning chemicals used in paper manufacturing.  River Cities Capital Funds, also based in Cincinnati, is one of the most active and experienced venture funds investing in the Midwest and Southeastern United States, with more than $400 million under management and over 75 investments over the past fourteen years.

    Leading the transaction for Western Reserve were Managing Director Joseph Carson and Director Charles Aquino, supported by Associate David Helsel and Analyst Alex Trouten.  On merging the entities, Mr. Aquino said, “Galaxy’s combination with DuBois represents a unique, synergistic fit that provides an outstanding result for Galaxy’s shareholders and a compelling growth platform for the company and its employees.  We are very excited for their combined futures.”

    Glen Mayfield, Managing Director and Co-Founder of River Cities Capital Funds, said of Western Reserve’s involvement, “Western Reserve provided excellent service and delivered significant value to Galaxy’s shareholders.  Their knowledge of our industry and attention to detail at every turn were essential to the success of this process.”

    Galaxy President Bill Oeters added, “I cannot thank Western Reserve enough for their help and support.  The entire team played a pivotal role in each phase of the process and worked diligently to ensure the best outcome for our various stakeholders.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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    Osmose Holdings, Inc.

    Western Reserve served as the exclusive investment banker to Osmose Holdings, Inc. in its sale to funds managed by Oaktree Capital Management, L.P. Western Reserve also rendered a fairness opinion to the Board of Directors of Osmose in connection with the transaction.

    Founded in 1934 and based in Buffalo, New York, Osmose operates in three business segments:

    Wood Preservation — Manufacturer and marketer of wood preservation and treatment technology

    Utilities Services — Provider of pole maintenance, pole restoration, field survey services, engineering services and storm response

    Railroad Services — Provider of bridge services including construction, engineering, inspection, maintenance and repair

    Oaktree, headquartered in Los Angeles, California, is a leading global investment management firm focused on alternative markets, with $77.9 billion in assets under management as of March 31, 2012.

    James Spengler, President and Chief Executive Officer of Osmose, will continue to serve in the same capacity along with Osmose’s existing management team.  “Osmose has built very strong brand recognition and a solid reputation for innovative products and services, excellent customer service, best in class safety performance and good growth prospects across all its business segments which attracted Oaktree to seek a partnership with management to pursue strategic growth plans.  Oaktree can provide substantial additional resources and is committed to investing in Osmose to help us expand our product and service offerings and to better meet and exceed our customers’ expectations,” said Mr. Spengler.

    Ian Schapiro, Oaktree Managing Director, said, “We are delighted to have the opportunity to invest in Osmose and to provide the Company with additional resources and capabilities to expand its product and service offerings, invest in additional research and development, and deliver superior customer service. We look forward to working with Osmose’s world-class management team to continue to build on the Company’s success.”

    Leading the transaction for Western Reserve were Managing Directors Ralph Della Ratta and Joseph Carson, supported by Vice President Rebecca White, Associate David Helsel and Analyst Courtney Downs.

    “Osmose and Oaktree are leaders in their respective fields, and we are honored to have worked with such fine organizations,” said Mr. Della Ratta.  “We look forward to watching Osmose take its success to the next level with the help of a financial partner.”

    Of working with Western Reserve, Mr. Spengler said, “Western Reserve provided tremendous support and guidance throughout the transaction.  They had a nuanced understanding of the deal’s complexities and impartially advised Osmose’s Board each step of the way.  Our shareholders recognize the value that Western Reserve added and thank them for their unwavering dedication.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.