Industrial

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Western Reserve’s industrial practice has historically been the firm’s most active, as over half of the firm’s transaction history has been in the industrial sector.  Most recently, Western Reserve has seen an increased level of interest and transaction activity among strategic parties, who leveraged cost cutting initiatives to build considerable cash balances during the downturn and are now eager to grow revenue through acquisition.  The professionals of Western Reserve’s industrial practice bring to bear an extensive and successful track record in the industrial sector, having completed more than 300 transactions worth over $35 billion in the following sectors:

BUILDING PRODUCTS AND MATERIALS

  • Aggregates and Construction Materials
  • Building Products

CAPITAL GOODS

  • Construction and Farm Machinery and Heavy Trucks
  • Industrial Machinery
  • Process and Flow Control Equipment and Components

CHEMICALS, PLASTICS AND RUBBER

  • Coatings and Sealants
  • Commodity and Specialty Chemicals
  • Plastic and Synthetic Resins
  • Specialty Materials

ELECTRIC AND ELECTRONIC COMPONENTS

  • Electrical Components and Equipment
  • Electronic Manufacturing Services
  • Power Generation Equipment

ENERGY, POWER AND INFRASTRUCTURE

  • Construction and Utility Services
  • Energy Equipment and Services

METALS

  • Fabricated Structural Metal Products
  • Iron and Steel Forgings and Foundries
  • Rolling, Drawing and Extruding of Diversified Metals

GENERAL INDUSTRIAL

  • Aerospace and Defense
  • Automotive
  • Containers and Packaging
  • Distribution
  • Environmental Services
  • Transportation and Logistics

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Representative transactions

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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 Analysts Courtney Downs and Matthew Francati.

    “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.

  • CWS Logo - Small

    CWS Industries (Mfg) Corp.

    Western Reserve served as the exclusive investment banker to CWS Industries (Mfg) Corp. (“CWS”) in its sale to International Equipment Solutions, LLC (“IES”), a portfolio company of KPS Capital Partners, LP (“KPS”).

    Headquartered in Surrey, British Columbia, Canada, CWS is a leading manufacturer of top-quality attachments, cabs and conversions for heavy equipment used in various high-growth end markets such as mining, oil and gas, forestry, agriculture and construction.  CWS offers both standard and highly-engineered attachments for excavators, loaders, crawlers and other heavy equipment.  Through its extensive knowledge of its customers’ applications and geological conditions, CWS provides attachments and fully integrated equipment systems tailored to the specific needs of its customers, which are able to withstand some of the world’s harshest environments.

    Formed in September 2011, IES is a global engineered equipment platform serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining and energy markets. IES’s operating units are leading manufacturers of engineered attachment tools and cab enclosures for operator driven equipment as well as locomotive sub-assemblies and electronic enclosures. IES’s customers include major OEMs, national rental fleet companies and hundreds of independent and OEM-aligned dealers. IES employs over 2,800 people and operates 17 manufacturing facilities in the United States, Canada, Germany and Brazil.

    Earl Hirtz, CWS President, will continue to serve in the same capacity along with CWS’s existing management team.  “We are excited about this very strategic partnership with IES and look forward to working together as we continue to expand CWS’s presence globally.  With its unmatched manufacturing and product capabilities, IES is able to provide substantial additional resources and is committed to assisting CWS in expanding its product and service offerings worldwide,” said Mr. Hirtz.

    Leading the transaction for Western Reserve was Managing Director Joseph Carson, supported by Vice President Rebecca White and Analyst Courtney Downs.

    “CWS and IES are a very strategic fit and create a strong global provider of attachments and integrated equipment systems,” said Mr. Carson.  “We enjoyed working with CWS throughout this process and are very pleased with the outcome for its shareholders.  We have worked with the company for several years through the sale of its non-core subsidiary, LANTEC Winch & Gear Inc. and have watched CWS transform from a regional supplier of standard attachments into a global supplier of highly-engineered products.  We look forward to watching CWS take its success to the next level with its new partner.”

    Of working with Western Reserve, Ken Thompson, CWS’s majority shareholder said, “We have truly enjoyed working with Western Reserve over the past several years, through the sales of both LANTEC and CWS.  In addition to their extensive transaction experience, Western Reserve has a keen understanding of the capital equipment industry, which led to highly strategic partnerships for both businesses.  We have highly valued their guidance and support throughout the past several years.”

    . . .

    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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    Decanter Machine, Inc.

    Western Reserve served as the exclusive investment banker to Decanter Machine, Inc. (“Decanter”) in its sale to FLSmidth & Co. A/S (“FLSmidth”).  The transaction was led by Managing Director Mark Filippell and Vice President Matthew Mueller of Western Reserve’s Industrial Group, supported by Analyst Gregory Hill. Western Reserve worked closely with Audon Partners A/S, M&A International’s Denmark affiliate, in the completion of this transaction.

    Headquartered in Johnson City, Tennessee, with additional locations in South Carolina and New South Wales, Australia, Decanter is recognized as the global leader in the manufacture and repair of screen bowl, solid bowl and hyperbaric centrifuges for mineral processing applications.   Decanter’s global market leadership is evidenced by its installed base of more than 550 centrifuges across eleven countries.  The company has developed its strong market position as a result of its steadfast dedication to providing customers with the highest levels of service, developing and manufacturing the most technologically advanced equipment in the industry, and providing customers with durable, cost-effective repair solutions. Decanter primarily serves the global coal market, as well as a variety of other end markets that process a high volume of materials, including the ethanol, food processing, industrial chemical, potash, wastewater and white mineral industries.

    “Western Reserve is proud to have worked with Decanter, who over the last 30 years has done a remarkable job of developing the company into a global leader in the mineral processing industry,” said Mr. Filippell.  “We are delighted we could work to form a partnership with Decanter and FLSmidth that will allow the company to continue to strengthen its position in the global market.”

    Wally Schultz, Decanter’s President, will continue to serve in the same capacity along with the company’s existing management team.  “We are excited about the opportunity to join with a strategic partner that has the scale, capabilities and global leadership that FLSmidth provides.  Decanter’s product line of processing equipment is a great complement to FLSmidth’s and the combination will allow FLSmidth to offer customers a complete range of centrifuge product offerings,” said Mr. Schultz.  “Western Reserve did an exceptional job of providing us with insight and quality advice throughout the process.  Their experience, dedication and attention to the details resulted in a very favorable outcome for our company, our employees and our shareholders.  It was a pleasure to work with the Western Reserve team, and we feel fortunate to have worked with them on this transaction.”

    Founded in 1882, FLSmidth is a worldwide supplier of equipment, systems, and services with headquarters in Copenhagen, Demark.  The company supplies everything from single machine units to complete minerals and cement flowsheets including associated services. It serves cement, base metals, precious metals, light metals, industrial mineral, energy, phosphate and potash, pulp and paper, chemical, food and pharmaceutical, steel, and diamond industries. FLSmidth employs over 13,800 people and has operations in over 50 countries.

    . . .

    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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    Avtron Industrial Automation Inc. (portfolio company of Morgenthaler Private Equity)

    Western Reserve served as the exclusive investment banker to Avtron Industrial Automation Inc. (“AIA”), a portfolio company of Morgenthaler Private Equity (“Morgenthaler”), in its sale to Nidec Corporation (“Nidec”).  The transaction closed on September 28, 2012 and was led by Managing Director Joseph Carson and Vice President Matthew Mueller of the Industrial Group, supported by Associate Matthew Reus and Analyst Gregory Hill.

    Headquartered in Independence, Ohio, AIA is a leading provider of highly engineered control and automation solutions for heavy industries where operational uptime and throughput are critical to customers’ profitability.  The company’s encoder products, drive systems solutions and service offerings are key components for the precise control of the motion of heavy industrial equipment.  Applications include: oil and gas drilling rigs, port cranes and hoists, mining shovels and draglines, maritime vessel propulsion systems and continuous mill machinery such as steel rolling mills and paper machines.

    “We were delighted to represent AIA’s shareholders and to work with the management team on this transaction,” said Mr. Carson.  “With Morgenthaler’s backing, AIA has achieved a strong record of growth and developed a market leading position in industrial encoder products and drive system solutions.  The combination with Nidec represents a powerful partnership and is a great outcome for both companies.”

    Dennis Anderson, AIA’s President, stated “Western Reserve’s strategic direction was critical for our management team in navigating the sale process, which resulted in the right strategic partner for us. We are excited to combine our deep engineering expertise and North American market presence with Nidec’s operations and global reach.”

    Of working with Western Reserve, Peter Taft, Partner at Morgenthaler Private Equity said, “We are very pleased with the guidance Western Reserve provided us in executing this transaction.  Their expertise and dedication to consummating the transaction resulted in a very favorable outcome.”

    Morgenthaler is a leading private equity and venture capital firm with nearly $3 billion under management.  For over 40 years, the firm has dedicated to helping build value in more than 300 companies. With private equity locations in Cleveland, OH, and Boston, MA, Morgenthaler focuses on the lower-middle market with transaction values between $25 – $150 million and EBITDA in excess of $5 million. The private equity firm makes investments in profitable, family and entrepreneur businesses and corporate divestitures in two sectors: highly-engineered manufacturing and business services.

    Founded in 1973, Nidec is a manufacturer and distributor of electric motors and related components and equipment with headquarters in Kyoto, Japan.  The company provides discrete and variable speed motors and pumps, electronic motor controls and other electronic components. Nidec comprises over 160 consolidated and affiliated subsidiaries, with over 100 manufacturing and sales locations in 24 countries with more than 105,000 employees.

    . . .

    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.

  • Grammer Industries Inc.

    Grammer Industries, Inc.

    Western Reserve Partners served as the exclusive investment banker to Grammer Industries, Inc. in its recapitalization by Linx Partners, LLC.  The transaction was led by Managing Director Joseph Carson and Director Kevin White of Western Reserve’s Industrial Group, supported by Vice President Matthew Mueller and Associate Thomas Creegan.

    Grammer is a leading hauler of bulk hazardous and non-hazardous materials, known for its expertise in transporting anhydrous ammonia.  Headquartered in its namesake town of Grammer, Indiana, the company is regarded for its industry-leading safety record, top-quality fleet and superior customer service.  Grammer serves customers operating in industries such as agriculture, chemical manufacturing, energy production and fertilizer production.

    Mr. Carson said, “We are proud to represent Grammer’s shareholders and delighted that we were able bring the Linx and Grammer teams together in this transaction.”  Mr. White added, “With significant experience in the transportation and hauling industry, Linx will be a great partner for Grammer.  The partnership will undoubtedly allow Grammer to bolster its position of leadership in the industry.”

    Charles “Shorty” Whittington, Founder and CEO of Grammer, will continue to serve as the company’s CEO.  Mr. Whittington stated, “I am impressed with Linx’s knowledge of the industry and commitment to growing this business.  This company has a very bright future.”  Mr. Whittington remarked, “The leadership and advocacy of Western Reserve resulted in an optimal outcome for Grammer’s shareholders and management team.”

    Peter Hicks, Managing Director and Founder of Linx Partners, commented, “Linx Partners looks forward to building on the Company’s success and establishing Grammer as the leader in the domestic hauling of anhydrous ammonia and other bulk hazardous liquids.  We appreciate Western Reserve’s professionalism and dedication to executing 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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    Tenere Inc. (portfolio company of Stonehenge Partners Inc.)

    Western Reserve Partners served as the exclusive investment banker to Tenere Inc., a portfolio company of Stonehenge Partners, Inc., in the sale of the business to The Watermill Group, a strategy-driven private investment firm based in Lexington, Massachusetts.  The transaction was led by Managing Director Joseph Carson and Vice President Rebecca White of the Industrial Group, supported by Analyst Christopher Santagate.

    Headquartered in Dresser, Wisconsin, Tenere is a full-service designer and fabricator of complex metal and plastic components and assemblies.  Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services for original equipment manufacturers (OEMs) in the network communications, enterprise software, agriculture, medical and aerospace industries.

    “We enjoyed representing Tenere’s shareholders and working with the management team through this process,” said Ms. White.  “As a result of Stonehenge’s longstanding partnership, Tenere was well-positioned with strong leadership, state-of-the-art facilities and excellent customer relationships.  Watermill’s strategic insight and management expertise will make for a very valuable partnership going forward.”

    “I believe Tenere’s potential is limitless,” said Jon Fisk, Tenere’s chief operations officer. “We’re approaching a critical phase in the growth of our company, and Watermill is the right partner to help us expand and scale to the needs of our customers.”

    Of working with Western Reserve, Stephen Kimpel, Principal at Stonehenge, said, “We appreciate the expertise and dedication that the Western Reserve team put into this process to ensure a successful outcome for our shareholder group and provide an ideal partner for Tenere’s management team and employees.”

    Stonehenge Partners, based in Columbus, Ohio, manages $700 million in committed mezzanine debt and equity capital and is currently investing from a $250 million fund.  Stonehenge targets investments of $5 million to $25 million with a focus on companies with strong market positions in Niche Manufacturing, Value-Add Distribution, Business Services, and Healthcare.

    The Watermill Group is a strategy-driven private investment firm that revitalizes companies to reach their full potential. For more than three decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses at a crossroads and applies a unique combination of strategic insight and management expertise to re- imagine their future and drive 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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    La’szeray Technology Inc.

    Western Reserve Partners served as the exclusive investment banker to La’szeray Technology, Inc. in its recapitalization by management and an undisclosed investor.  The transaction was led by Western Reserve’s Managing Partner Ralph Della Ratta and Vice President Matthew Mueller of the firm’s Industrial Group, supported by Analysts Matthew Francati and James Petersen.

    La’szeray is an integrated manufacturer of quality, custom injection molded components and highly engineered tooling.  Headquartered in North Royalton, Ohio, La’szeray offers a full suite of value-added services, working with customers from initial product concept through completion.  La’szeray serves customers operating in a diverse range of industries, including consumer, aerospace, military and healthcare.

    “La’szeray is a true entrepreneurial success story.  The company’s technological leadership, exceptional customer relationships and remarkable track record of growth since its founding in 1998 are a testament to Ray Seuffert’s leadership, the strength of the management team and the dedication of the company’s employees,” said Mr. Della Ratta.  “It has been a pleasure working with La’szeray, and we are excited to introduce a new partner that will allow the company to continue building upon its success.”

    “I am thrilled that our recapitalization will provide us with greater opportunities to continue to grow and provide our customers with the high-quality products and exceptional customer service they have come to expect from La’szeray,” said Raymond Seuffert, La’szeray’s founder and CEO.  “I am grateful for the guidance and insight Western Reserve provided in working with us to find an excellent business partner who will allow La’szeray the opportunity to achieve its long term goals.”

    . . .

    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.

  • R. Thompson Trucking, Inc.

    R. Thompson Trucking, Inc. (portfolio company of Linx Partners LLC)

    Western Reserve Partners served as the exclusive financial advisor to R. Thompson Trucking, Inc., a portfolio company of Linx Partners, LLC, in its sale to RLJ Equity Partners, LLC. The transaction closed on December 31, 2012 and was led by Managing Partner Ralph Della Ratta, Director Kevin White and Vice President Matthew Mueller of Western Reserve’s Industrial Group, who were supported by Associate Thomas Creegan and Analyst Gregory Hill.

    Thompson Trucking is a top provider of industrial logistics solutions, serving both commercial and governmental customers in the Mid-Atlantic region. With its market-leading fleet, the Company hauls a wide range of commodities, including aggregates, scrap metal and non-hazardous waste for customers in industries such as construction, industrial recycling and waste collection and disposal.

    “We are proud to have represented Thompson’s shareholders in this transaction. With its familiarity with the Mid-Atlantic market and track record of operating successful businesses, RLJ Equity Partners is an excellent partner for the company,” Mr. Della Ratta stated.

    Mr. White, who leads Western Reserve’s transportation and logistics practice, remarked, “Thompson’s diverse, flexible fleet and outstanding customer service are unrivaled by those in its peer group. Western Reserve welcomed the opportunity to represent such a market leader.”

    The company’s existing management team, including President and CEO Richard Thompson, all will continue to serve in their current capacities. Mr. Thompson reflected, “I appreciate Linx’s stewardship in helping to grow this company, and I am excited to team with RLJ to expand our presence in the Mid-Atlantic region and along the East Coast. I am grateful for Western Reserve’s leadership and role in executing this transaction.”

    Edward Leinss, Managing Director and Founder of Linx Partners, stated, “Linx Partners is pleased to realize another successful investment for the firm. Linx greatly values its relationship with Western Reserve and is particularly satisfied with the results achieved in 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.