Capital Raising

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve is highly regarded in the market for our creative approach to capital solutions, having directly executed over 100 capital raising assignments that have raised nearly $5 billion of private capital for our clients. Unique to Western Reserve is our advisory driven, market neutral approach to capital raising. In assisting our clients, we base our advice on an in-depth understanding of the business and the markets in which it operates, the financial objectives of the owners and current capital markets conditions. We focus on our client’s financial and strategic objectives and develop a capital markets solution that best supports their growth and liquidity needs. Western Reserve’s professionals are in regular contact with numerous players across multiple capital markets, enabling us to provide our clients with timely market insight, keen advice and access to the most flexible, cost efficient capital available in the market.

Western Reserve’s capital raising advisory services include:

CAPITAL STRATEGY
  • Refinancing
  • Recapitalization
  • Growth capital
  • Acquisition financing
  • Credit tenant lease (“CTL”) transactions
  • IPO advisory

CAPITAL STRUCTURES

  • Senior Debt
  • Unitranche
  • Mezzanine Capital
  • Private Equity
  • Public Equity
  • Specialty Financing

 

Representative Capital Raising Transactions

  • Superior Production LLC

    Western Reserve acted as exclusive financial advisor to Superior Production, LLC (d/b/a The Superior Die, Tool and Machine Company) in its recapitalization by PNC Bank National Association and KeyBank National Association.

    Founded in 1914 and headquartered in Columbus, Ohio, Superior is a 3rd-generation, family-owned business providing quality-certified stampings, assemblies and tool and die sets to a variety of industrial markets.  The company operates out of two facilities in Columbus that comprise more than 355,000 square feet of manufacturing and warehouse space.  Superior maintains a broad range of presses, mills and lathes, positioning it to manufacture and machine large steel components and tool and die sets for companies such as Honda, General Motors, MTD Products and Whirlpool.

    As a result of the recent economic recession, Superior’s balance sheet restricted the opportunity to grow with its customers and continue its strategy of further end market diversification.  Western Reserve introduced the company to a broad range of financial investors and senior debt providers and assisted Superior in negotiating key structural and financial terms with numerous parties.  In February 2011, the company refinanced its Senior Secured Revolving Credit Facility and Senior Secured Term Loan with its existing bank group, consisting of PNC Bank National Association and KeyBank National Association.

    Dick Holstein, Chief Executive Officer of Superior, said, “We are very pleased to have a long-term financing arrangement in place and are very appreciative of the excellent work by Western Reserve.  This commitment by the banks positions our company to maintain our strong relationships with our existing customers and expand into new markets.”  

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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.

  • Weston, Inc.

    Western Reserve acted as exclusive financial advisor to Weston, Inc. in its formation of a real estate joint venture with Blue Vista Capital Management.

    Weston is a Solon, Ohio based commercial real estate company established by Tony Asher in 1972 that offers acquisition, leasing and management services. At the time of the transaction, Weston’s portfolio had grown to more than 10 million square feet of industrial, office and retail space in more than 75 properties in nine states. The company managed each of its industrial properties and maintained relationships with 450 tenants primarily in the Midwest and Southeast.  Weston was growing quickly and was poised for geographical expansion and diversification.

    Western Reserve was engaged by Weston to advise in their formation of a joint venture, and in May 2008, Weston established the joint venture with Blue Vista.  Founded in 2002 and based in Chicago, Illinois, Blue Vista co-invests with acquirers and developers of all real property types across the U.S. and in select international markets. The joint venture acquired value-added industrial real estate in Spartanburg and Greenville, South Carolina, as well as other parts of the U.S. These properties were well-positioned to capitalize on the dynamics surrounding the transportation, distribution and logistics markets.  The transaction provided Weston with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to execute its “value-add” strategy in Upstate South Carolina.

    Edward Asher, Principal at Weston, said, “The Western Reserve team was with us every step of the way and did a terrific job in 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.

     

  • 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.”

    . . .

    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.

  • 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.

     

     

  • 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 Funds, 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 Funds, 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.

  • 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.

  • Molina Healthcare, Inc.

    Western Reserve served as a co-advisor and placement agent to Molina Healthcare, Inc. (NYSE: MOH) in its sale and lease back of its corporate headquarters in Long Beach, California and satellite office in Columbus, Ohio.  Molina closed the transaction on June 13, 2013, conveying both properties to AG Net Lease Acquisition Corp., the dedicated net lease group of Angelo, Gordon & Co., for $158.6 million in proceeds.  The transaction was led by Managing Director Victor Faris, supported by Associate Matthew Reus and Analyst Andrew Foster.

    Molina Healthcare, Inc., a FORTUNE 500 company, provides quality and cost-effective Medicaid-related solutions to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program. Molina’s licensed health plans in California, Florida, Michigan, New Mexico, Ohio, Texas, Utah, Washington, and Wisconsin currently serve approximately 1.8 million members, and Molina’s subsidiary, Molina Medicaid Solutions, provides business processing and information technology administrative services to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West Virginia, and drug rebate administration services in Florida. More information about Molina Healthcare is available at www.molinahealthcare.com.

    “We were delighted to represent Molina and to work with McKinney Advisory Group and Molina’s management team on this transaction,” said Mr. Faris.  “This partnership allowed Molina to cost-effectively monetize the value of its real estate and is a great outcome for both parties.”

    “We thoroughly enjoyed working with Western Reserve Partners, McKinney Advisory Group and Molina on this sale lease back. We look forward to a long and mutually beneficial relationship with all of the involved parties,” said Fort Parker, a Director at Angelo, Gordon & Co.

    . . .

    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.

  • Fire-Dex, Inc.

    Western Reserve acted as exclusive financial advisor to Fire-Dex, LLC in its recapitalization with Peninsula Capital Partners L.L.C. This transaction represented the firm’s second engagement by Fire-Dex, as Western Reserve assisted the company in its 2007 recapitalization by Brown Brothers Harriman and StoneCreek Capital.

    Headquartered in Medina, Ohio, Fire-Dex, LLC is one of North America’s largest and fastest growing manufacturers of turnouts and related gear for firefighters, consistently recognized for its superior customer service and a high quality, broad product line.  The Company manufactures and supplies custom fire fighting turnouts, EMS, search and rescue, wild lands and proximity apparel, as well as gloves, hoods, boots and accessories throughout the United States, Canada and South America.

    As a result of the transaction, Fire-Dex provided liquidity to its previous junior capital providers and facilitated continued growth of the business with a new financial partner, Peninsula Capital Partners L.L.C. (“Peninsula”) through its Peninsula Fund V L.P., which provided subordinated debt and preferred equity.

    JPMorgan Chase Bank provided the senior secured credit facility.  The recapitalization was structured to allow Bill Burke, Chairman and majority shareholder, to acquire an increased equity ownership position and provide a strong financial partner to facilitate the continued growth of the business.

    Mr. Burke said, “Western Reserve ultimately delivered significant value to Fire-Dex’s shareholders. Their knowledge of our industry and attention to detail at every stage were essential to achieving an outcome much better than I had anticipated at the outset of the process. We are now well-positioned with a strong financial partner to capitalize upon our growth strategy.”

    . . .

    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.

  • Quincy Bioscience, Inc.

    Western Reserve Partners served as the exclusive investment banker to Quincy Bioscience, Inc.  in its successful private offering of senior subordinated notes. Proceeds from the offering will be used to finance Quincy’s rapid growth and refinance existing debt. The sole investor in the transaction is CapitalSouth Growth Fund.

    Headquartered in Madison, Wisconsin, Quincy is a leading biotechnology company focused on the discovery, development and commercialization of novel technologies to address brain health and other age-related health challenges, including memory loss.  The Company utilizes an innovative protein to manufacture its flagship product, Prevagen®, which is sold directly to consumers through direct response marketing campaigns and major drug store chains in the United States.

    Mike Beaman, CEO of Quincy, said, “We are very pleased to be partnering with CapitalSouth and very appreciative of Western Reserve’s dedication to structuring a creative financing solution.  Western Reserve delivered a successful outcome to Quincy’s shareholders, as we are now well-positioned with a strong financial partner to capitalize on our growth strategy.”

    . . .

    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.

  • Verisma Systems, Inc.

    Western Reserve Partners announced that it served as the exclusive investment banker to Verisma Systems, Inc. in the healthcare technology company’s first institutional capital raise. The growth equity financing was led by Radnor, PA-based NewSpring Capital and Richmond, VA-based Blue Heron Capital, among other investors, including Jim Crook, former President of IDX Systems Corporation, and Jim Riley, former President of Capario. The growth capital will be used to fund the Verisma’s marketing, technology and management expansion initiatives.

    Verisma is a leading provider of technology-enabled Release of Information (ROI) services to healthcare organizations across the country. The company’s patented, cloud-based software platform allows healthcare systems to securely manage the release of medical records, improve workflow efficiency, decrease error rates and lower administrative costs. Verisma is a recognized innovator in the ROI market, known for developing next generation functionalities related to HIPAA compliance, audit reporting and dashboard analytics.

    Verisma’s executive chair, Ken Thompson, said, “We are greatly appreciative to Western Reserve Partners for advising us through this transaction process, which resulted in our partnering with two excellent healthcare investment firms in NewSpring and Blue Heron. This is the third transaction I have engaged Western Reserve Partners on and greatly value our longstanding relationship.”

    “We are very pleased to have assisted Verisma in this transformative financing. With NewSpring and Blue Heron’s strategic and financial backing, Verisma can accelerate the inflection-point growth it is experiencing and meet providers’ increasing demand for highly compliant, secure and efficient patient health information,” said Mr. Male.

    . . .

    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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