Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • 1-800 CONTACTS Inc.

    Healthcare: Devices & Equipment

    Direct marketer and manufacturer of contact lenses

    $28 million initial public offering of common stock

  • 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.

  • Alternative Living Services

    Healthcare: Providers & Services

    Group of retirement centers

    $86 million initial public offering of common stock

  • American HomePatient Inc.

    Healthcare: Providers & Services

    Nationwide provider of home health care services

    Financial advisor for unsecured creditors’ committee; co-proponent with the company of reorganization plan providing 100% payment on unsecured claims

  • Anthem Inc.

    Healthcare: Other

    Largest provider of private health insurance in the U.S.

    $2 billion initial public offering of common stock

  • 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.

  • Beckman Coulter Inc.

    Healthcare: Devices & Equipment

    Developer and manufacturer of products that simplify, automate and innovate complex biomedical testing

    Sale leaseback of the company's corporate headquarters

  • Bindley Western Industries Inc.

    Healthcare: Devices & Equipment

    Pharmaceutical distribution and services company

    $65 million offering of convertible subordinated debentures

  • Bissel Inc. (AbilityOne division)

    Healthcare: Devices & Equipment

    Manufacturer and marketer of physical rehabilitation products

    Sold to: Banc One Equity Capital

  • Children’s Comprehensive Services

    Healthcare: Providers & Services

    Provider of education, treatment and juvenile justice services for at-risk and troubled youth

    Sold to: Ameris Acquisition, Inc. (Nashville, TN)

  • Choice Care

    Healthcare: Other

    HMO

    $14 million initial public offering of common stock

  • Cole National Corporation

    Healthcare: Devices & Equipment

    Provider of optical products and services and personalized gifts

    $28 million follow-on offering of common stock

  • Cole National Corporation

    Healthcare: Devices & Equipment

    Provider of optical products and services and personalized gifts

    $122 million follow-on offering of common stock

  • Collaborative Clinical Research

    Healthcare: Other

    Clinical research organization

    $41 million initial public offering of common stock

  • Collaborative Clinical Research

    Healthcare: Other

    Clinical research organization

    Sold to: West Company, Inc. (Lionville, PA)

  • 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)

  • Continental Pharmacy Inc.

    Healthcare: Other

    Pharmacy services provider

    Sold to: MIM Corporation (Pearl River, NY)

  • 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.

  • Data Circuit Systems

    Technology: Hardware

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

    Sold to: Merix Corp. (Beaverton, OR)

  • DATATRAK International, Inc.

    Healthcare: Devices & Equipment

    Provides software applications to the clinical trials industry

    Provided valuation services

  • 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.

  • 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)

  • Eagle-Picher Industries Inc.

    Healthcare: Devices & Equipment

    Diversified manufacturer of automotive, aerospace, earth moving telecommunications and pharmaceutical products including diatomaceous earth and perlite

    Financial advisor for the company in its Chapter 11 case; reorganized pursuant to plan; provided appraisal

  • Eli Lilly and Company

    Healthcare: Devices & Equipment

    Pharmaceutical company

    Sale leaseback of a research facility

  • Evergreen Healthcare Ltd. LP

    Healthcare: Providers & Services

    Operator of long-term health care facilities

    $33 million initial public offering of common stock

  • Evergreen Healthcare Ltd. LP

    Healthcare: Providers & Services

    Operator of long-term health care facilities

    Sold to: GranCare, Inc. (Atlanta, GA)

  • Ferro Corporation

    Healthcare: Devices & Equipment

    Diversified manufacturer of pigments, colorants, frit, specialty chemicals and pharmaceutical additives

    $139 million follow-on offering of common stock

  • Hanford Pharmaceuticals (cephalosporin finishing facility)

    Healthcare: Devices & Equipment

    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.

  • Hyland Software, Inc. (portfolio company of Thoma Bravo LLC)

    Technology: Software

    Developer and marketer of Enterprise Content Management ("ECM") software primarily under its flagship brand, OnBase™

    Provided solvency opinion for recapitalization

  • Indianapolis Physical Therapy Corp.

    Healthcare: Providers & Services

    Provider of out-patient and rehabilitative physical therapy services

    Sold to: RehabClinics, Inc. (Valley Forge, PA)

  • 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.

  • Invacare Corporation

    Healthcare: Devices & Equipment

    Manufacturer of wheelchairs and home medical equipment

    $100 million placement of senior notes

  • Knowledge Center, Inc.

    Technology: Software

    Provider of emergency management software tools

    Recapitalized by: Evolution Capital Partners (Cleveland, OH)

    Knowledge Center, Inc.

    Western Reserve Partners served as the exclusive financial advisor to Knowledge Center, Inc. in its recapitalization by private equity firm Evolution Capital Partners.

    Knowledge Center is the leading provider of emergency management software tools allowing government, healthcare, commercial and non-profit organizations to monitor and respond to incidents of all sizes in real-time.  The daily emergency management operations Knowledge Center supports include incident, resource, critical infrastructure and document management.

    “Knowledge Center has been positioned for major growth and Evolution has the needed experience to help the company achieve its goals.  We are entering into a very exciting phase of the company’s life cycle,” said John Degory, CEO of Knowledge Center.

  • Lakewood Radiology Inc.

    Healthcare: Providers & Services

    Full service radiology practice

    Sold to: Radiology Consulting Associates (Solon, OH)

  • Lucent Technologies

    Technology: Hardware

    Manufacturer of telecommunications equipment

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

  • Molina Healthcare, Inc.

    Healthcare: Other

    Provide Medicaid-related solutions to meet the health care needs of families and individuals and to assist state agencies in their administration of the Medicaid program

    Sale leaseback of the company's corporate headquarters and satellite office

    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.

  • n2y LLC

    Technology: Software

    Developer of special education curriculum and special education materials

    Sold to: The Riverside Company (Cleveland, OH)

    n2y LLC

    Western Reserve Partners announced that it served as financial advisor to n2y LLC in its sale to The Riverside Company. DeSilva+Phillips, Western Reserve’s affiliate member firm of M&A International, co-advised on the transaction.

    Based in Huron, Ohio, n2y is a leading developer of special education curriculum and supplemental materials. n2y’s core products include Unique Learning System, a standards-based special needs curriculum; news-2-you, a weekly current events newspaper; and SymbolStix, a symbol-based language used in all of the Company’s learning materials. The Company’s products, which are delivered to classrooms through an interactive web-based platform, serve the special education community by improving student performance, teacher efficiency, school compliance and parent satisfaction.

    n2y Founder and CEO Jacquie Clark first developed the newspaper that would become news-2-you during her 30-year career as a speech-language pathologist. The homemade newspaper used symbols and current events news stories to engage students in a learning environment and as word-of-mouth of its success spread among teachers, Jacquie recognized a significant opportunity to improve special education practices nationwide. Jacquie then, with her husband Dave, himself a retired U.S. Air Force Colonel, started n2y out of their spare bedroom in 1997. Jacquie’s daughter Chrissy (President), son Michael (CTO) and son-in-law Don (COO) each joined the Company soon thereafter and they together have grown n2y to become the world’s leading developer of innovative special education curriculum and supplemental materials. The Clark family’s decision to partner with Riverside now allows the Company to pursue its significant growth opportunities and bring n2y’s innovative curriculum to more of the United States’ 6.6 million special education students.

    The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies.

    Of working with Western Reserve, Jacquie Clark said, “The Western Reserve team did an excellent job advising us throughout the entire process. Their hard work and dedication resulted in an extremely favorable outcome. We are excited to partner with Riverside and look forward to utilizing the firm’s knowledge and experience in the sector as we continue to enhance and expand our business.”

    Mr. Mayer said, “We could not be happier for n2y, its shareholders and their future partnership with Riverside. Riverside’s education and training industry expertise will be invaluable to n2y’s continued 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.

  • NCS Healthcare Inc.

    Healthcare: Other

    Long-term healthcare pharmacies

    $70 million initial public offering of common stock

  • NCS Healthcare Inc.

    Healthcare: Other

    Long-term healthcare pharmacies

    $121 million follow-on offering of common stock

  • NCS Healthcare Inc.

    Healthcare: Other

    Long-term healthcare pharmacies

    Acquired: Corinthian Health Care (Indianapolis, IN)

  • NTI

    Technology: Hardware

    Quick-turn manufacturer of printed circuit boards

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

  • Organichem Inc.

    Healthcare: Devices & Equipment

    Manufacturer of pharmaceuticals

    Undisclosed placement of private equity

  • Pacific Circuits

    Technology: Hardware

    Provides printed circuit boards and backplane assemblies

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

  • Park Place International, Inc.

    Technology: Services

    Provider of IT equipment and post warranty maintenance services

    Recapitalized by: JP Morgan Chase

  • PDMA Inc.

    Technology: Software

    Provider of software solutions for the insurance industry

    Provided strategic advisory services

  • 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)

  • Quantum

    Technology: Services

    Provides backup, recovery, and archive storage solutions worldwide

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

  • Quatech, Inc.

    Technology: Hardware

    Manufacturer and designer of machine-to-machine connectivity devices

    Provided strategic advisory services

  • Quincy Bioscience, Inc.

    Healthcare: Other

    Developer and commercializer of novel technologies to support good brain health in aging

    Private offering of senior subordinated notes provided by CapitalSouth Growth Fund (Charlotte, NC)

    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.

  • Regional Diagnostics

    Healthcare: Providers & Services

    Operator of outpatient diagnostic imaging centers

    Recapitalized by: Trivest Partners (Coral Gables, FL)

  • Robbins & Meyers Inc.

    Healthcare: Devices & Equipment

    Supplier of equipment and systems to pharmaceutical, energy and industrial markets

    $50 million follow-on offering of common stock

  • 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)

  • Simbionix USA Corporation

    Healthcare: Devices & Equipment

    Provider of virtual reality simulation products for the medical industry

    $7 million of Series C redeemable convertible participating preferred stock; lead investor: River Cities Capital Funds (Cincinnati, OH)

    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.

  • SolmeteX, a division of Layne Christensen Company

    Healthcare: Devices & Equipment

    Provider of dental amalgam separator devices and amalgam recycling services to the dental industry

    Sold to: Gemini Investors (Wellesley, MA) and Riveria Investment Group (New York, NY)

    SolmeteX, a division of Layne Christensen Company

    Western Reserve acted as exclusive investment banker to Layne Christensen Company (NASDAQ:LAYN) in the divestiture of its SolmeteX division to Gemini Investors, Riveria Investment Group and the management team of SolmeteX.

    SolmeteX provides dental amalgam separator devices and amalgam recycling services to the dental industry, which are highly regarded as the best solution for regulatory compliance.  SolmeteX is widely recognized as the single trusted source for comprehensive environmental solutions for dental waste needs.

    Layne Christensen is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. The company offers innovative, sustainable products and services with an enduring commitment to safety, excellence and integrity.

    Founded in 1993, Gemini is a private equity firm that invests in companies between $5 and $50 million in sales, either looking for growth capital or pursing a recapitalization.  Since its inception, the firm has invested approximately $500 million in more than 100 companies throughout the U.S., typically investing $3 – $8 million per transaction in either control or minority positions.

    Founded in 2011, Riveria is a private investment group with offices in Washington D.C and New York. Riveria primarily focuses on growing companies with a history of positive operating cash-flows and seeks transactions that present unique investment opportunities in industries experiencing significant growth. Riveria’s private equity efforts emphasize growth and value-added strategies to generate strong returns. The investment in SolmeteX represents Riveria’s 6th investment since inception.

    Nick Mozzicato, SolmeteX’s President said, “I believe SolmeteX’s potential is significant. We’re approaching a critical phase in the growth of our company, and Gemini and Riveria are the right partners to help us execute on our strategy. Western Reserve did a superb job representing SolmeteX and Layne, and their understanding of the business and industry was critical to a successful 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.

  • SolmeteX, Inc.

    Healthcare: Devices & Equipment

    Developer of water treatment solutions

    Sold to: Layne Christensen Company (Mission Woods, KS)

    SolmeteX, Inc.

    Western Reserve acted as exclusive financial advisor to SolmeteX, Inc. in its sale to Layne Christensen Company.

    Founded in 1994 and based in Northborough, Massachusetts, SolmeteX has emerged as an innovator and developer of specialized chemistries, technologies and processes that cost-effectively remove toxins from drinking water and wastewater. Its impressive technology portfolio positions it as a market leader in one of the fastest-growing industries today. SolmeteX’s products include its Hg5® Series of Amalgam Separators used for dental mercury removal and its npXtra™ series of products used for arsenic and uranium removal.

    SolmeteX’s shareholders decided to explore the sale of the company to gain liquidity while ensuring a buyer would support the company’s growth strategy.  SolmeteX retained Western Reserve to assist in the sale of the business, and after a competitive process, Layne Christensen Company successfully acquired the company in November 2007.

    Based in Mission Woods, Kansas, Layne Christensen’s Water Resources Division provides a full line of water-related services and products, including hydrological studies, site selection, well design, drilling and well development, pump installation, and repair and maintenance. SolmeteX operates as a wholly owned subsidiary of Layne Christensen, led by SolmeteX’s Chief Executive Officer, Owen Boyd, and President, Nick Mozzicato.

    Jeffrey Fehn, a former Director of SolmeteX, said, “The Western Reserve team did a superb job advising our board of directors and working closely with the management team to structure a transaction that we are all very pleased with.  They were very ‘hands-on’ throughout the transaction, and we benefited from their creativity and attention to detail in leading the deal team and structuring 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.

  • Steris Corporation

    Healthcare: Devices & Equipment

    Manufacturer of sterile processing systems

    Acquired: American Sterilizer Company (Pittsburgh, PA)

  • Steris Corporation

    Healthcare: Devices & Equipment

    Manufacturer of sterile processing systems

    $13 million initial public offering of common stock

  • 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.

  • Tyco International Ltd.

    Healthcare: Devices & Equipment

    Multi-national group of companies active in healthcare, flow control, security, telecommunications and electronics

    $31 million bond lease financing; issuance of secondary notes to IWW Property, LLC

  • Vari-Care Inc.

    Healthcare: Providers & Services

    Operator of long-term health care facilities

    Sold to: Living Centers of America (Houston, TX)

  • Verisma Systems, Inc.

    Healthcare: Other

    Provider of technology-enabled Release of Information (ROI) services to healthcare organizations

    Received: growth equity capital from NewSpring Capital (Radnor, PA) and Blue Heron Capital (Richmond, VA)

    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.

  • Vikimatic Sales, Inc.

    Technology: Hardware

    Full service distributor of communications products

    Recapitalized by: Primus Venture Partners (Cleveland, OH)

  • Vision Care Holdings (Eyeglass World LLC subsidiary) (portfolio company of Summit Partners)

    Healthcare: Other

    Chain of eyewear retail stores

    Sold to: National Vision, Inc. (Lawrenceville, GA), a portfolio company of Berkshire Partners, LLC (Boston, MA)

    Vision Care Holdings (Eyeglass World LLC subsidiary) (portfolio company of Summit Partners)

    Western Reserve acted as exclusive financial advisor to Vision Care Holdings, a portfolio company of Summit Partners, in the sale of its Eyeglass World, LLC subsidiary to National Vision, a portfolio company of Berkshire Partners.

    Headquartered in Lake Worth, Florida, Eyeglass World provides retail optical products and services through 62 vision superstores in 24 states.  According to Vision Monday Magazine, Eyeglass World is the 14th largest optical retail chain in the U.S.  Eyeglass World’s strategy is to offer value-conscious customers a large selection of high-quality, brand name eyewear and superior customer service at discount prices.

    Vision Care was in need of additional capital to execute its strategic plan in a difficult economic environment and engaged Western Reserve to assist in the sale of the business.  Western Reserve leveraged its expertise in specialty retail, and the optical sector in particular, to orchestrate a sale process that included conversations with the leading domestic and international strategic buyers as well as private equity groups with related interests.

    In January 2009, Eyeglass World was acquired by National Vision, the fifth largest optical retail chain in the U.S.  Western Reserve’s delivery of an effective and timely solution maximized the outcome for Summit and Vision Care’s other stakeholders despite a challenging economic environment.

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