Industries
Customized Solutions. Superior Execution.
Unparalleled Results.
Western Reserve’s professionals have directly executed more than 600 transactions in a focused set of industry verticals. We leverage this experience in each transaction and have established a proven track record of quickly learning the intricacies and nuances associated with each client’s business. Our professionals are regularly in contact with leading companies (both strategic and financial) across a broad range of industries and as such, are able to provide our clients with timely insight into a variety of markets.
Please visit the industry verticals below to learn more about our experience and observations in each sector.
Recent transactions
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Giltz & Associates
Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in the formation of a commercial real estate joint venture with Harbert Management Corporation. This transaction represented the firm’s second engagement by Giltz, as Western Reserve advised the company in its 2005 operating partnership unit exchange with Cedar Shopping Centers, a public REIT.
Giltz, based in North Canton, Ohio, develops, acquires, leases and manages retail and residential real estate throughout the Eastern U.S. At the time of the transaction, Giltz had developed 3 million square feet of real estate over the previous ten years, the majority of which had been in the form of Discount Drug Mart anchored retail centers throughout Ohio.
Western Reserve was engaged by Giltz to advise in their formation of a joint venture, and Giltz partnered with Harbert in June 2007. Harbert, based in Birmingham, Alabama, manages funds for itself, institutions and high-net-worth individuals in a variety of platforms, including commercial real estate. The joint venture developed approximately 20 shadow-anchored retail shopping centers – centers that draw upon retail traffic from a nearby anchored center – primarily in the Southeastern U.S. The transaction provided Giltz with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to build Giltz’s retail business.
Harry Giltz, Chairman of Giltz, said, “The Western Reserve team delivered on everything we had hoped for in this transaction.”
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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.”
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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.”
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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.”
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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.”
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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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Technical Consumer Products Inc.
Western Reserve acted as exclusive financial advisor to Technical Consumer Products, Inc. (“TCP”) in the arrangement of a $30 million senior secured revolving credit facility provided by PNC Business Credit.
Headquartered in Aurora, Ohio, TCP is the leading provider of energy efficient lighting products in North America. The company is the largest supplier of compact fluorescent light bulbs (“CFLs”) in the U.S. and Canada and offers an extensive product line including cold cathode, linear and high bay systems, exit and emergency lighting, high intensity discharge lamps and LED products. Many of the best lighting brands in the world rely on TCP to provide the most cost-effective and energy efficient lamps and accessories for their name brand and private label offerings.
The company engaged Western Reserve to consummate a refinancing of its existing credit facility with a new financial partner. Western Reserve conducted a highly efficient and comprehensive marketing process while fielding numerous questions about TCP’s complex business. In December 2009, TCP chose PNC as the company’s financial partner, who supplied a $30 million senior secured revolving credit facility.
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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.”
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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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Schwab Industries, Inc.
Western Reserve acted as financial advisor to the Bankruptcy Estate of Schwab Industries, Inc. in the sale of its assets to Oldcastle Materials, Inc., a division of CRH plc (NYSE: CRH), and Resource Land Holdings, LLC (“RLH”).
Schwab was a leading producer, supplier and distributor of ready-mix concrete, concrete block, cement and related supplies to commercial, municipal and residential contractors in Northeast Ohio and Southwest Florida. Schwab’s ready-mix operations consisted of Medina Supply Company, Quality Block & Supply, Inc. and Twin Cities Concrete in Ohio and Schwab Ready-Mix, Inc. in Florida. The company’s assets also included Eastern Cement Corporation (“ECC”), a deep-water port on the gulf coast of Florida, and Schwab Materials, Inc. (“SMI”), an orange grove with significant identified limestone reserves in Fort Myers, Florida.
Schwab commenced a Chapter 11 bankruptcy case and filed a motion to sell the company to Cement Resources LLC, a newly formed holding company jointly owned by two private equity firms, Atlas Holdings LLC and GarMark Partners. Cement Resources emerged as the stalking horse bidder for all of Schwab’s assets and entered into a definitive asset purchase agreement with the company. In accordance with procedures approved by the bankruptcy court, Western Reserve solicited written offers from other prospective purchasers, including Oldcastle and RLH, to “top” the stalking horse bid. A live 363 auction was held and included eight different interested parties.
Over the course of the June 2010 auction, bids were solicited for some or all of the assets, and the leading bid changed hands several times among several different groups (including combinations of groups). Ultimately, Oldcastle emerged as the winning bidder of the Ohio and Florida ready-mix assets as well as ECC, and RLH emerged as the winning bidder of SMI.
Oldcastle is the leading vertically integrated supplier of aggregates, asphalt, ready mixed concrete and paving services with 1,400 locations nationwide. Oldcastle consists of strong, established companies who retain their identity while leveraging the technology, expertise and financial resources of the larger organization. RLH was founded in 1998 to invest in agricultural, timber and mining properties in the U.S. Through partnerships with local brokers, operators and entrepreneurs, RLH invests in properties across a broad range of resource-rich asset classes. To date, RLH has organized and managed two separately funded entities as well as four private equity funds.
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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.”
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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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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.
WESTERN RESERVE PARTNERS LLC , based in Cleveland, Ohio, is a leading investment banking firm dedicated to providing customized solutions and unparalleled results to the premier companies in the middle market. Clients benefit from our focused approach to financial advisory services, particularly in situations involving mergers and acquisitions, capital raising, financial opinions and financial restructuring. Western Reserve's managing directors average nearly 30 years of experience and have collectively executed more than 600 transactions during their careers.
We are a member of M&A International, the world’s largest international alliance of investment banking firms, as well as World Services Group, a global consortium of middle market focused law firms and other professional advisors. Western Reserve is a FINRA-member broker / dealer and a member of SIPC.