Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • AESCO Electronics, Inc.

    Technology: Hardware

    Provider of electronics contract manufacturing and distribution

    Sold to: AirBorn Inc. (Addison, TX)

    AESCO Electronics, Inc.

    Western Reserve served as exclusive investment banker to AESCO Electronics, Inc. in its sale to AirBorn Inc., a leading manufacturer of electronic components and provider of value-added services based in Addison, Texas.

    Headquartered in Akron, Ohio, AESCO is a full service, ISO Certified electronic contract manufacturer and electronic distributor.  The company’s products range from individually populated circuit boards to completely assembled and tested systems.  AESCO serves a diverse group of customers, including electronic manufacturers of medical instrumentation, military electronics, semiconductor instruments, industrial controls and commercial products

    “AESCO is an outstanding company with a long history of providing high quality design and manufacturing services to its customer base,” said Cindy Lewis, CEO of AirBorn. “At a time when U.S. defense budgets are projected to continue declining over the next decade, this acquisition will complement our current business, build new opportunities and significantly advance our vision of providing value added solutions to our customers.”

    By adding 300 employees from AESCO, AirBorn will increase its employee base by 30% to approximately 1,400 employees. The acquisition of AESCO also increases AirBorn’s bottom line. Combined sales for AirBorn are approximately $160 million.

    “With AirBorn’s strong position and history in defense markets, we see an acceleration of our long-term market growth plans. We are very much looking forward to becoming an important part of the AirBorn team,” said Roger Engle, president of AESCO.

    Leading the transaction for Western Reserve were Managing Director Mark Filippell and Director Kevin Mayer, supported by Associate Ante Turcinov and Analyst Jessica Fleck.

    “This sale to Airborn is a great outcome for all AESCO stakeholders,” said AESCO Chief Executive Officer William Feth.  “The team at Western Reserve did an outstanding job in advising our senior management and Board of Directors on the best business and legal structure  to frame an advantageous deal with Airborn.  They were extremely helpful in breaking several negotiation logjams during the extended discussion process.  The combination with Airborn represents the best strategic outcome for all of our stakeholders.  Western Reserve’s keen understanding of our business model and competitive landscape were essential in delivering superior value.”

    . . .

    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.

  • Avtron Manufacturing, Inc.

    Technology: Hardware

    Designer and manufacturer of highly technical electrical control and test equipment for a range of industries

    Sold to: Morgenthaler Partners (Cleveland, OH)

    Avtron Manufacturing, Inc.

    Western Reserve acted as exclusive financial advisor to Avtron Manufacturing, Inc. in its recapitalization by Morgenthaler Partners.

    Avtron, headquartered in Independence, Ohio, designs, engineers and manufactures highly technical electrical control and test equipment for several industries including aerospace, metals, mining, pulp and paper and alternative energy.  The Company operates in three divisions: Aerospace, Industrial Automation and Load Banks.  The Aerospace Division manufactures test equipment for airplane components.  The Industrial Automation Division manufactures encoders and industrial automation systems used in various manufacturing and heavy industrial applications.  The Load Bank Division manufactures equipment to test back-up power generators and alternative energy sources.

    The shareholders of Avtron engaged Western Reserve as its exclusive investment banker to assist in exploring the sale of the company to achieve liquidity and initiate a succession plan for senior management.  Western Reserve introduced Avtron to a select group of buyers, assisted in negotiating the terms and conditions of the deal and helped draft the definitive purchase agreement.

    Avtron was recapitalized by Morgenthaler in November 2007.  Based in Cleveland, Ohio, Morgenthaler is a private equity firm specializing in middle market investments.  Through a complex deal structure, which maximized the value paid to shareholders, Avtron created three separate LLCs that were subsequently acquired by Morgenthaler Partners.  The shareholders of Avtron reinvested, side-by-side, with Morgenthaler to retain a significant ownership interest in the company and share in the economic benefit of the company’s future growth potential.  They continue to manage the business.

    Bob Fritz, President and Chief Executive Officer of Avtron, said, “Western Reserve went beyond my concept of what was included in marketing a company.  During crucial stages in the deal process, Western Reserve not only advised us on what needed to be done, but stepped in and did it.”

    . . .

    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.

  • Data Circuit Systems

    Technology: Hardware

    Quick-turn provider of multilayer printed circuit boards and related engineering solutions

    Sold to: Merix Corp. (Beaverton, OR)

  • Diebold, Incorporated (Diebold ERAS subsidiary)

    Technology: Hardware

    Provider of Check 21-compliant image-based check processing and remittance services

    Sold to: CheckAlt, LLC (Los Angeles, CA)

    Diebold, Incorporated (Diebold ERAS subsidiary)

    Western Reserve Partners served as the exclusive advisor to Diebold, Incorporated (NYSE: DBD) in the divestiture of Diebold ERAS, Inc. (“ERAS”) to CheckAlt, LLC.

    ERAS is a leading provider of Check 21-compliant image-based check processing and remittance services to regional and community-based financial institutions throughout North America. Headquartered in Miami, Florida, with additional locations in Florida and Georgia, the Company’s services capture and transmit check image data from ATMs, branches, remote locations and mobile devices.

    Founded in 1859, Diebold is a global leader in providing innovative self-service technology, security systems and related services.  Diebold has approximately 16,000 employees worldwide and is headquartered in Canton, Ohio.

  • Industrial Data Technologies Corporation

    Technology: Hardware

    Manufacturer of graphics-based, man-machine interface hardware and software to automate industrial processes

    Sold to: Eaton Corporation (Cleveland, OH)

  • Inservco, Inc. (portfolio company of MCM Capital Partners)

    Technology: Hardware

    Provider of electronics manufacturing services

    Provided valuation services

    Inservco, Inc. (portfolio company of MCM Capital Partners)

    Founded in 1968 in LaGrange, Ohio, Inservco, Inc. is a leading provider of technology, design and manufacturing services to small and mid-sized original equipment manufacturers (“OEMs”).  The company offers extensive technology, design and electronic manufacturing services to customers such as medical equipment manufacturers, industrial OEMs and telecommunications equipment producers.  Inservco’s product offering includes product prototyping, production design, PCB assembly, box build and final product assembly, testing services, inventory management and repair depot services.

    Western Reserve was engaged by the Board of Directors to render a valuation as to the enterprise value of the company.

  • Lucent Technologies

    Technology: Hardware

    Manufacturer of telecommunications equipment

    $106 million bond lease financing; issuance of secondary notes to Plaza Drive Properties, LLC

  • NTI

    Technology: Hardware

    Quick-turn manufacturer of printed circuit boards

    Sold to: Dynamic Details, Inc. (Anaheim, CA)

  • Pacific Circuits

    Technology: Hardware

    Provides printed circuit boards and backplane assemblies

    Sold to: TTM Technologies, Inc. (Santa Ana, CA)

  • PECO II, Inc.

    Technology: Hardware

    Full-service provider of telecommunications power systems

    Sold to: Lineage Power Holdings, Inc. (Plano, TX), a portfolio company of the Gores Group (Los Angeles, CA); provided fairness opinion

    PECO II, Inc.

    Western Reserve acted as exclusive financial advisor to PECO II, Inc. (NASDAQ: PIII) in its sale to Lineage Power Holdings, Inc., a portfolio company of The Gores Group. Western Reserve also rendered a fairness opinion to PECO II’s Board of Directors in connection with the transaction.

    PECO II, headquartered in Galion, Ohio, provides engineering and on-site installation services and designs, manufactures and markets communications power systems and power distribution equipment. As the largest independent full-service provider of telecommunications power systems, PECO II provides total power quality and reliability solutions and supports the power infrastructure needs of communications service providers in the local exchange, long-distance, wireless, broadband and Internet markets.

    PECO II’s senior management and Board of Directors engaged Western Reserve to advise the company on strategic alternatives aimed at maximizing shareholder value. Western Reserve introduced PECO II to numerous financial and strategic buyers (including Lineage), facilitated a competitive bidding process, negotiated the transaction and rendered a fairness opinion to PECO II’s Board of Directors. The transaction represented a 51% premium over the company’s closing share price the day before announcement.

    PECO II was acquired by Lineage in April 2010. Headquartered in Plano, Texas, Lineage, traces its heritage of patented innovation to AT&T, Bell Labs, Lucent Technologies and Western Electric. Lineage delivers reliable and intelligent power conversion solutions with energy-efficient AC-DC power supplies, DC-DC board-mounted power modules, telecom energy systems and custom power products backed by local field expertise in more than 25 locations worldwide. The Gores Group, headquartered in Los Angeles, California, is a leading private equity firm focused on acquiring controlling interests in mature and growing businesses that can benefit from the firm’s operating experience and flexible capital base.

    John Heindel, Chief Executive Officer of PECO II, said, “The team at Western Reserve did an outstanding job in advising PECO’s senior management and Board of Directors as to our strategic alternatives. The combination with Lineage represents the best strategic outcome for all of our stakeholders. Western Reserve’s keen understanding of our business model and competitive landscape, together with their expertise and perseverance in maintaining a competitive process in a very difficult M&A environment, were essential in delivering superior 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.

  • Pioneer-Standard Electronics

    Technology: Hardware

    Distributor of computer systems and electronic components

    $45 million follow-on offering of common stock

  • Plantronics Inc.

    Technology: Hardware

    Designer, manufacturer and marketer of communication headsets

    $89 million follow-on offering of common stock

  • Plantronics Inc.

    Technology: Hardware

    Designer, manufacturer and marketer of communication headsets

    $104 million follow-on offering of common stock

  • Power Circuits

    Technology: Hardware

    Manufacturer of time-critical printed circuit boards primarily for the communications and networking industries

    Sold to: TTM Technologies, Inc. (Santa Ana, CA)

  • Praegitzer Industries Inc.

    Technology: Hardware

    Designer and manufacturer of circuit boards for both quick-turn and high volume requirements

    Sold to: TYCO International Ltd. (Boca Raton, FL)

  • Quatech, Inc.

    Technology: Hardware

    Manufacturer and designer of machine-to-machine connectivity devices

    Provided strategic advisory services

  • Rockford Corporation

    Technology: Hardware

    Designer, manufacturer and marketer of high-performance mobile, professional and home audio systems

    $46 million initial public offering of common stock

  • Royal Appliance Mfg. Co. (TeleZapper product line)

    Technology: Hardware

    Anti-telemarketing product line

    Sold to: VTech Holdings Ltd. (Hong Kong, China)

  • Vikimatic Sales, Inc.

    Technology: Hardware

    Full service distributor of communications products

    Recapitalized by: Primus Venture Partners (Cleveland, OH)

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