Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • American Consumer Products Inc.

    Distribution; Consumer

    Distributor of keys, knives, gloves and house numbers to hardware retailers

    Sold to: Vista 2000, Inc. (Roswell, GA)

  • American Consumer Products Inc. (Sharon Fastener Company division)

    Distribution; Consumer

    Distributor of fasteners to hardware retailers

    Sold to: Pawtucket Fasteners, LP (Pawtucket, RI)

  • ATA Inc.

    Distribution; Transportation & Logistics

    Charter airline

    $50 million initial public offering of common stock

  • Bindley Western Industries Inc.

    Distribution; Healthcare & Technology

    Pharmaceutical distribution and services company

    $65 million offering of convertible subordinated debentures

  • Brightpoint Inc.

    Distribution; Consumer

    Wireless communications distributor

    $40 million follow-on offering of common stock

  • Budget Group Inc.

    Distribution; Transportation & Logistics

    Car and truck rental company

    $176 million follow-on offering of common stock

  • Budget Group Inc.

    Distribution; Transportation & Logistics

    Car and truck rental company

    $60 million follow-on offering of common stock

  • Capstone Logistics, LLC (portfolio company of HIG Capital & MSouth Equity Partners)

    Distribution; Transportation & Logistics

    Provides pay-for-performance workforce solutions to warehouse, distribution and manufacturing industries

    Provided financial opinion for dividend recapitalization

  • Carlisle Construction Company Inc.

    Distribution; Industrial

    Provider of excavation equipment and crane rental services

    Sold to: Anthony Crane Rental Holdings, L.P. (Pittsburgh, PA)

  • Chemitrol Chemical Co. (Cory Orchard & Turf subsidiary)

    Distribution; Consumer

    Distributor of fertilizers and other agricultural and turf products

    Sold to: Terra International Inc. (Louisville, KY)

  • Environmental Quality Company

    Distribution; Transportation & Logistics

    Solid waste management company

    Sold to: Allied Waste Industries, Inc. (Scottsdale, AZ)

  • ESSCO Inc.

    Distribution; Consumer

    Distributor of vacuum cleaners and repair parts to independent vacuum dealers

    Sold to: MCM Capital Partners (Beachwood, OH)

    ESSCO Inc.

    Western Reserve acted as exclusive financial advisor to Merc Acquisitions, Inc. (d/b/a Electric Sweeper Service Company) (“ESSCO”) in its sale to MCM Capital Partners.

    ESSCO, an 81 year old business headquartered in Valley View, Ohio, is the leading wholesaler of vacuum cleaner parts and a leading distributor of vacuum cleaners to more than 3,200 of the 10,000 independent vacuum dealers in the U.S.

    As the market leader in a unique niche, ESSCO was faced with significant growth opportunities, including exclusive distribution arrangements, new brands and product lines and potential acquisitions.  Western Reserve was engaged by ESSCO to assist in identifying a suitable equity partner to help execute the company’s growth plan, and through a competitive auction process, Western Reserve introduced ESSCO to several potential financial and strategic partners, 18 of which submitted first round offers.

    ESSCO was acquired by MCM in August 2005.  Based in Cleveland, Ohio, MCM is a well-regarded financial sponsor with a recognized track record of successful investments in small growth companies.  The MCM transaction provided ESSCO’s shareholders with partial liquidity, an ongoing equity ownership in the business and a sophisticated equity partner to help execute its growth plan, all while retaining operational control.

    ESSCO President Bob Merckle said, “The entire Western Reserve team was very helpful from beginning to end and was the right group to guide us through this very important 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.

  • ESSCO Inc. (portfolio company of MCM Capital Partners)

    Distribution; Consumer

    Distributor of vacuum cleaners and repair parts to independent vacuum dealers

    Sold to: Cardinal Equity Partners (Indianapolis, IN)

    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.

  • Exxel Outdoors, LLC

    Distribution; Consumer

    Manufacturer and distributor of outdoor gear and camping equipment

    Acquired: American Recreation Products (Boulder, CO) from Kellwood Company, LLC (Chesterfield, MO), a portfolio company of Sun Capital Partners (Boca Raton, FL)

    Exxel Outdoors, LLC

    Western Reserve advised Exxel Outdoors in its acquisition of American Recreation Products (“ARP”) from the Kellwood Company, a portfolio company of Sun Capital Partners, Inc.  Western Reserve also advised Exxel on financing the transaction:  senior debt from Wells Fargo Bank and mezzanine debt from Pathlight Capital.

    Headquartered in Los Angeles, California, Exxel manufactures and markets family-style sleeping bags, tents, children’s camp sets and apparel, among other equipment. Their product portfolio includes four company brands (Suisse Sport, X20, American Trails, Master Sportsman), licensed brands (Disney, Marvel, DC Comics, Hello Kitty, Realtree) and private label products. Exxel’s Haleyville, Alabama plant is the leading manufacturer of U.S.-made sleeping bags.

    ARP, headquartered in Boulder, Colorado, is home to a collection of the most well-known and innovative outdoor industry brands, offering a wide variety of technical and lifestyle equipment, apparel, and accessories to compliment any outdoor pursuit. American Rec’s family of brands includes Kelty, Sierra Designs, Slumberjack, Wenzel, Ultimate Direction, Mountain Trails, and Instabed.  Its products are sold through sporting goods stores and outdoor specialty stores, as well as through mail order and the internet.

    Harry Kazazian, Chief Executive Officer at Exxel said, “The team at Western Reserve Partners worked hand-in-hand with us during every stage of this deal: approaching the seller, negotiating the purchase, securing the bank debt, securing the mezzanine debt, structuring the equity, and refining the legal documents.  They committed themselves 100% to our success.”

    . . .

    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.

  • FinishMaster Inc.

    Distribution; Consumer

    Distributor of automotive paints to the automotive collision repair industry

    Provided fairness opinion for the repurchase of common stock

  • FinishMaster Inc.

    Distribution; Consumer

    Distributor of automotive paints to the automotive collision repair industry

    Acquired: LDI Autopaints, Inc. (Indianapolis, IN)

  • Fire-Dex, Inc.

    Distribution; Consumer

    Manufacturer and distributor of fire protection apparel

    Recapitalized by: Peninsula Capital Partners (Detroit, MI) and management

    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.

  • Fire-Dex, Inc.

    Distribution; Consumer

    Manufacturer and distributor of fire protection apparel

    Recapitalized by: JP Morgan Chase, Brown Brothers Harriman and StoneCreek Capital

    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.

  • Gorges Quik-To-Fix Foods Inc.

    Distribution; Consumer

    Supplier of meat to retail grocers and food service industries

    Financial advisor for the company in its Chapter 11 case; sold to Smithfield Foods, Inc. (Smithfield, VA)

  • Grammer Industries, Inc.

    Distribution; Transportation & Logistics

    Provider of transportation services for bulk hazardous and non-hazardous materials; known for its expertise in transporting anhydrous ammonia

    Recapitalized by: Linx Partners, LLC (Scarsdale, NY)

    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.

  • Hanford Pharmaceuticals (cephalosporin finishing facility)

    Distribution; Healthcare & Technology

    Contract finisher of sterile injectible antibiotics and proprietary veterinary products

    Sold to: Steri-Pharma LLC (Paramus, NJ), a subsidiary of ACS Dobfar spa (Milan, Italy)

    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.

  • I&K Distributors Inc.

    Distribution; Consumer

    Manufacturer, wholesaler and distributor of branded and private label potato salads and other foods

    Sold to: Chef Solutions, Inc. (Schaumburg, IL) a subsidiary of LSG Lufthansa Service Holding AG (Neu-Isenburg, Germany)

  • Kennametal Corporation (ATS Industrial Supply subsidiary)

    Distribution; Industrial

    Independently managed distributor of branded metalworking consumables and related products to industrial manufacturers

    Sold to: Leveraged Buyout Investing Management (Salt Lake City, UT)

  • Kennametal Corporation (Strong Tool Co. subsidiary)

    Distribution; Industrial

    Independently managed distributor of branded metalworking consumables and related products to industrial manufacturers

    Sold to: Mr. Cedric Beckett (Detroit, MI)

  • KNG Energy Inc.

    Distribution; Industrial

    Distributor of natural gas across five Northwest Ohio counties

    Provided fairness opinion for the repurchase of shares using company proceeds

  • LDI Ltd. (Major Video Concepts Inc. subsidiary)

    Distribution; Consumer

    Distributor of video tapes and video games to independent and chain video rental stores

    Sold to: Ingram Entertainment, Inc. (La Vergne, TN)

  • LESCO, Inc. (manufacturing and distribution operations)

    Distribution; Industrial

    Manufacturing and distribution operations of provider of products for professional turf care segment of green industry

    Sold to: Platinum Equity Partners, LLC (Beverly Hills, CA)

    LESCO, Inc. (manufacturing and distribution operations)

    Western Reserve acted as financial advisor to LESCO, Inc. (NASDAQ: LSCO) in the sale of its manufacturing and distribution operations to Platinum Equity Partners, LLC.

    LESCO, headquartered in Cleveland, Ohio, is the largest provider of products for the professional turf care segment of the green industry.  The company’s consumable turf care manufacturing and distribution operations represented nearly 80% of LESCO’s annual net sales.

    In an effort to improve shareholder value, LESCO’s Board of Directors engaged Western Reserve to divest the company’s manufacturing and distribution operations.  This would enable LESCO to harvest its working capital and utilize the proceeds to invest in its retail operations, pay down debt and return cash to shareholders.  Management could then execute on a focused, highly profitable professional retail strategy that should be well received by Wall Street.

    LESCO’s manufacturing and distribution operations were acquired by Platinum in October 2005.  Platinum, a Los Angeles, California private equity firm, was selected based on its recognized track record of success in corporate carve-outs, shared vision for the business and unique expertise in creating supply chain efficiencies.  In conjunction with the transaction, LESCO secured a long-term supply arrangement with Platinum for the manufacturing and distribution of its turf care products on favorable terms.

    LESCO President and Chief Executive Officer Jeffrey Rutherford said, “The entire Western Reserve team did a terrific job in a very complex transaction. We greatly valued their creativity, strategic advice and execution capabilities.”

    In May 2007, Western Reserve acted as financial advisor to LESCO in its sale to Deere & Company (NYSE: DE).

    . . .

    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.

  • Myers Industries Inc.

    Distribution; Industrial

    Manufacturer of polymer products for various markets and leading distributor of tools and supplies for the undervehicle repair industry

    $100 million placement of senior notes

  • North Star and A. City Van Co. (Bankruptcy Estate of Grabill Corporation)

    Distribution; Transportation & Logistics

    Companies involved in residential and commercial moving and storage

    Financial advisor for the company in its parent's Chapter 11 case; sold to: Barrett Moving & Storage Co. (Milwaukee, WI)

  • Park-Ohio Holdings Corp.

    Distribution; Industrial

    Diversified manufacturer and distributor

    Provided financial advisory services

  • Pioneer-Standard Electronics

    Distribution; Healthcare & Technology

    Distributor of computer systems and electronic components

    $45 million follow-on offering of common stock

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

    Distribution; Transportation & Logistics

    Provider of industrial logistics solutions in the Mid-Atlantic region

    Sold to: RLJ Equity Partners, LLC (Bethesda, MD)

    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.

  • Reese Central Wholesale, Inc.

    Distribution; Industrial

    Wholesaler of roofing products and other building materials

    $14 million refinancing of senior debt with Bank of America

    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.

  • Spartan Stores Inc.

    Distribution; Consumer

    Retailer and distributor of groceries

    Merged with: Seaway Food Town, Inc. (Maumee, OH); provided fairness opinion

  • Spartan Stores Inc. (L.L./Jiroch and J.F. Walker subsidiaries)

    Distribution; Consumer

    Distributor of products to convenience stores

    Sold to: The H.T. Hackney Co. (Knoxville, TN)

  • Spring Arbor Distributors

    Distribution; Consumer

    Distributor of Christian books

    Sold to: Ingram Industries, Inc. (Nashville, TN)

  • Team Rental Group Inc.

    Distribution; Transportation & Logistics

    Car and truck rental company

    $52 million follow-on offering of common stock

  • The Astrup Company

    Distribution; Industrial

    Distributor of fabric, hardware and trimmings to the awning, marine and casual furniture industries in the U.S.

    Sold to: Glen Raven, Inc. (Burlington, NC)

    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.

  • TIC United Corp.

    Distribution; Transportation & Logistics

    National trucking and transportation company

    Sale of the company's divisions to maximize value for the company's bankruptcy estate

  • United Magazine Company

    Distribution; Consumer

    Regional distributor of books and magazines

    $38 million arrangement of senior secured bank facilities

  • Veteran Supply Company Inc. (Bankruptcy Estate of Grabill Corporation)

    Distribution; Consumer

    Wholesaler and retailer of restaurant supplies

    Financial advisor for the company in its parent's Chapter 11 case; sold to: Mr. Leslie Barnard (Chicago, IL)

  • Vikimatic Sales, Inc.

    Distribution; Healthcare & Technology

    Full service distributor of communications products

    Recapitalized by: Primus Venture Partners (Cleveland, OH)

  • Wilmar

    Distribution; Industrial

    Distributor of repair and maintenance products to multi-family housing, lodging, and institutional facilities

    Acquired: Barnett Inc.

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