Business Services

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve believes the business services sector will remain a compelling investment and acquisition opportunity over the next several years as companies continue to outsource non-critical functions, streamline cost structures and focus on their core competencies.  Our professionals have significant experience in the industry, having executed more than 70 transactions worth over $7 billion in the following sectors:

  • Business Process Outsourcing
  • Financial Services
  • IT Services
  • Marketing Services
  • Value-Added Distribution

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Representative transactions

  • Cranel3

    Cranel, Inc. (Adexis division)

    Western Reserve acted as exclusive financial advisor to Cranel, Inc. in the divestiture of its Adexis division to FusionStorm.

    Founded by James Wallace in 1985 and headquartered in Columbus, Ohio, Cranel is a full-service distributor of computer equipment and related services, serving VARs that supply Fortune 1000 and small and medium-sized businesses in the U.S. and Canada.  The Company’s Adexis division is a leading provider of turnkey data storage solutions, from hardware and software products to professional consulting and support services.

    Western Reserve was engaged by Cranel to explore a divestiture of Adexis, a non-core division, and through a competitive auction process, Western Reserve introduced Adexis to several potential strategic buyers.

    Adexis was acquired by FusionStorm in November 2009.  Based in San Francisco, California, FusionStorm is provider of technology solutions.  The acquisition of Adexis enhanced FusionStorm’s engineering talent and strengthened its Midwest sales teams across all technology business units and provided Adexis’ customers with access to many more technology solutions from FusionStorm’s technology practices

    Cranel Chairman and Chief Executive Officer James Wallace said, “We are very appreciative of Western Reserve’s creativity and dedication to execution.  This transaction will allow our management team to focus on Cranel’s industry leading Imaging business and its complementary Versitec service offering, which we believe will create significant long-term value for our 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.

  • Reese2

    Reese Central Wholesale, Inc.

    Western Reserve acted as exclusive financial advisor to Reese Central Wholesale, Inc. in its recapitalization by Bank of America Business Capital.

    Reese is a leading distributor of roofing, siding and other building products in the state of Indiana.  The company is headquartered in Indianapolis, Indiana and also operates eight other branches throughout the state.  Reese’s products are used in a variety of applications, including new home construction, replacement roofing and large commercial projects.

    Western Reserve worked with Reese’s senior management team and advisors to refinance the company’s existing credit facilities and recapitalize the business.  The new capital structure was comprised of a senior secured revolving facility and term loan and enabled Reese to refinance existing indebtedness and establish access to additional capital to finance continued growth of the company.

    John Reese, Chief Executive Officer and primary owner of Reese, commented, “We were very pleased with both the strategic and technical advice Western Reserve provided us in executing this transaction.  Their expertise and dedication from start to finish resulted in a well-structured and flexible financing for our company.”

    . . .

    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.

  • astrup3

    The Astrup Company

    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.”

    . . .

    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.

  • fire2

    Fire-Dex, Inc.

    Western Reserve acted as exclusive financial advisor to Fire-Dex, LLC in its recapitalization by Brown Brothers Harriman and StoneCreek Capital.

    Headquartered in Medina, Ohio, Fire-Dex is one of the country’s largest fire safety apparel manufacturers.  The company produces custom firefighting turnouts – outer protective clothing worn by firefighters.  In addition, Fire-Dex manufactures EMS, search and rescue, wildlands and proximity apparel, as well as gloves and hoods.

    Fire-Dex’s shareholders engaged Western Reserve to recapitalize the business in order to enable Charlie Grossman, Chairman and majority shareholder, to receive full liquidity and Bill Burke, President, to acquire a majority ownership position.  A recapitalization would also enable the company to facilitate continued growth.  Through a competitive auction process, Western Reserve introduced Fire-Dex to several potential partners.

    Fire-Dex was recapitalized by Brown Brothers Harriman and StoneCreek Capital in January 2007.  JPMorgan Chase Bank provided the senior secured credit facility.

    Mr. Grossman said, “The advice we received from Western Reserve was extremely helpful throughout the transaction.”

    Mr. Burke said, “Western Reserve allowed both Charlie and me to achieve our objectives, resulting in a favorable outcome for the company’s shareholders, as well as a new relationship with two valuable financial partners. We are very pleased with the Western Reserve team and the expertise they provided us in executing this complex 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.

  • essco4

    ESSCO Inc. (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.

  • hanford3

    Hanford Pharmaceuticals (cephalosporin finishing facility)

    Western Reserve acted as exclusive financial advisor to the G.C. Hanford Manufacturing Co. (d/b/a Hanford Pharmaceuticals) in the divestiture of its cephalosporin finishing facility to Steri-Pharma LLC.

    Founded by George C. Hanford in 1846 and based in Syracuse, New York, Hanford Pharmaceuticals is the only U.S.-based independent contract antibiotic finisher, specializing in the sterile filling of injectable antibiotics. The company also fills proprietary veterinary products and provides ancillary product development and support services for its customers.

    Western Reserve was engaged by the Board of Directors to assist them in exploring strategic alternatives that would strengthen Hanford’s financial position and achieve long-term value for the business and shareholders.  After several rounds of preliminary discussions with certain strategic parties, the Company elected to pursue a sale of its cephalosporin finishing facility to Steri-Pharma LLC, a Paramus, New Jersey-based sterile pharmaceutical finisher.  Steri-Pharma is a subsidiary of ACS Dobfar spa, a top five producer and exporter of bulk cephalosporins and penicillins.  Proceeds from the divestiture were used to pay down Hanford’s debt and reinvest in the remaining business.

    George W. Hanford, Chief Executive Officer of Hanford, said, “Western Reserve did an outstanding job of evaluating our alternatives and advising us through all stages 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.

  • BC small

    BC Investment Partners LLC

    Western Reserve acted as exclusive financial advisor to BC Investment Partners LLC (“BC”) in its acquisition and merger with McCormack Advisors International, LLC (“MAI”).

    BC was a Cleveland, Ohio-based registered investment adviser offering alternative wealth management services.  MAI was a full-service wealth management firm based in Cleveland, Ohio, providing financial planning, tax, investment, insurance and bill paying services.  MAI was originally established in 1973 as an affiliate of International Management Group (“IMG”), the world’s premier sports and lifestyle management and marketing firm.

    Formed in late 2005, BC lacked a critical mass and a marketable brand name, which it recognized in MAI.  BC engaged Western Reserve to analyze the acquisition and raise financing for a merger that would dramatically increase assets under management, add a significant number of highly-skilled asset management professionals and  incent management to achieve outstanding performance through ownership grants.  In January 2007, BC completed the acquisition of and merger with MAI; the new entity is known as MAI Wealth Advisors LLC.

    Rick Buoncore, BC’s managing partner, said, “The Western Reserve team provided an outstanding level of service to our firm through the many details of this acquisition and financing 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.

  • Gallo2

    Gallo Displays, Inc.

    Western Reserve acted as exclusive financial advisor to Gallo Displays, Inc. in its sale to CapitalWorks LLC.

    Gallo, founded in 1929 by the Gallo family and based in Cuyahoga Heights, Ohio, is a leading provider of customized tradeshow solutions, including the design, production, installation and servicing of 3-dimensional tradeshow exhibits.  With a distinguished track record of delivering innovative designs, exceptional project management and best-in-class customer service, Gallo has become the exhibit producer of choice in the healthcare industry.  In 1996, the Gallo family converted the company into an Employee Share Option Plan (“ESOP”).

    Gallo’s Board of Directors elected to explore strategic alternatives as the company’s senior management team was entering a transition phase.  Given Gallo’s ESOP status, Western Reserve thoroughly cleared the financial and strategic buyer markets and worked closely with the company’s outside ESOP Trustee to ensure that Gallo employees received fair market value for their equity ownership.

    Gallo was acquired by CapitalWorks in August 2008.  CapitalWorks is a Cleveland, Ohio based private equity firm focused on acquiring small middle-market companies where their industry experience and professional network provide strategic advantages.

     Gallo Chief Executive Officer Cathy André said, “The Western Reserve team did an excellent job of advising our board of directors through this complex transaction and ensuring that we delivered significant value to our shareholders.”

    . . .

    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.

     

  • ios2

    International Outsourcing Services LLC

    Western Reserve acted as exclusive financial advisor to International Outsourcing Services, Inc. (“IOS”) in the sale of its coupon redemption operations to ProLogic Redemption Solutions, a portfolio company of Marlin Equity Partners.

    IOS was one of the world’s largest coupon processing companies and remains a provider of outsourced data services to a variety of end markets.  The company’s coupon division regularly processed more than one billion coupons annually for customers such as Food Lion, Kroger, SUPERVALU and Winn Dixie.  IOS’ data services division provides data entry, forms processing, mail resolution and other back-office functions.

    In March of 2007, a federal grand jury indicted IOS and 11 of its executives on 25 counts and $250 million worth of coupon fraud; subsequently, 23 of the largest consumer product companies, including Kellogg Co., Kraft Foods, General Mills, Johnson & Johnson and PepsiCo., filed a civil lawsuit against IOS for $150 million in damages.  Western Reserve was hired by IOS’ board-appointed interim management company, FTI Palladium Partners, to sell the company’s coupon redemption operations.

    Western Reserve worked in conjunction with FTI, IOS’ board of directors, the company’s five-member bank group and its indicted founding family to facilitate a complex multiparty transaction.  ProLogic acquired IOS’ coupon redemption operations in June 2008.  ProLogic was a newly-formed portfolio company of Marlin Equity, a private investment firm based in El Segundo, California focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs.

  • The SpyGlass Group

    The SpyGlass Group, Inc.

    Western Reserve Partners served as the exclusive investment banker to The SpyGlass Group, Inc. in its recapitalization by an investor group led by Crane Investment Company.  The transaction was led by Managing Director David Dunstan, Director Charles Aquino and Vice President Andrew Male of the firm’s Business Services and Consumer group, who were supported by Analyst Courtney Downs.

    SpyGlass is a leading provider of niche telecommunications expense management services.  Headquartered in Westlake, Ohio, the Company’s services include audit and implementation of telecom expense savings opportunities such as recovery of funds paid in error, elimination of unnecessary services and improvement of provider cost structures.  SpyGlass serves a diverse range of customers, including private sector businesses of all sizes, government agencies, educational institutions and healthcare facilities.

    Co-Chief Executive Officers Bradley Clark and Edward DeAngelo will remain significant shareholders in the company and continue to serve in the same capacity along with the existing management team.  “Our team is thrilled to be partnering with Crane Investment Company as we continue to invest in the business and execute our long term growth strategy,” said Mr. DeAngelo.

    “It was a pleasure to represent SpyGlass on this transaction,” said Mr. Dunstan.  “SpyGlass is well positioned for continued growth given its unique sales model, compelling value proposition and proven ability to penetrate new markets.”

    Mr. Clark said, “Western Reserve’s assistance and advice were critical in finding the right partner and navigating through the process.  Their team’s expertise, responsiveness, perseverance and creativity allowed us to achieve a very favorable outcome for the company, our employees and our customers.”

    . . .

    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.