Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • AESCO Electronics, Inc.

    Technology: Services

    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.

  • ComDoc

    Technology: Services

    Sells and services printers, networked copiers and facsimile machines

    Provided advisory services

  • Computational Systems Inc.

    Technology: Services

    Developer and provider of highly engineered predictive maintenance equipment and services

    Sold to: Emerson Electric Company (St. Louis, MO); provided fairness opinion

  • Computational Systems Inc.

    Technology: Services

    Developer and provider of highly engineered predictive maintenance equipment and services

    $22 million initial public offering of common stock

  • Conley Canitano & Associates

    Technology: Services

    Integrator of SAP information technology for middle market companies

    $12 million placement of subordinated notes

  • Conley Canitano & Associates

    Technology: Services

    Integrator of SAP information technology for middle market companies

    Recapitalized by: TA Associates, LP (Boston, MA)

  • Cranel, Inc. (Adexis division)

    Technology: Services

    Provider of turnkey data storage solutions

    Sold to: FusionStorm (San Francisco, CA)

    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.

  • Diebold, Incorporated (Diebold ERAS subsidiary)

    Technology: Services

    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.

  • Divine Inc.

    Technology: Services

    Conglomerate providing various software and related services for enterprise management and internet-based activities ($150+ million indebtedness)

    Financial advisor for the unsecured creditors’ committee in the company’s Chapter 11 case; sales to Saratoga Partners (New York, NY), FatWire Corp. (Mineola, NY), Little Bear Investments, LLC (New York, NY) and Golden Gate Capital (San Francisco, CA)

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

    Technology: Services

    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.

  • Park Place International, Inc.

    Technology: Services

    Provider of IT equipment and post warranty maintenance services

    Recapitalized by: JP Morgan Chase

  • Quantum

    Technology: Services

    Provides backup, recovery, and archive storage solutions worldwide

    Provided fairness opinion in the acquisition of Certance LLC (Costa Mesa, CA)

  • The SpyGlass Group, Inc.

    Technology: Services

    Provider of niche telecommunications expense management services

    Recapitalized by: an investor group led by Crane Investment Company (Columbus, OH)

    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.

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