American Compressed Steel, Inc.

Western Reserve acted as exclusive financial advisor to American Compressed Steel Inc. (“ACS”) in its sale to The David J. Joseph Company (“DJJ”), a wholly owned subsidiary of Nucor Corporation (NYSE:NUE).

Founded in the 1930s and based in Kansas City, Missouri, ACS was purchased in 1974 by Maurice Warshawsky and his sons. It has since grown to become a leading Midwest scrap metal processor. With three strategically located Missouri-based facilities, ACS processes both ferrous and nonferrous scrap, with a focus on industrial accounts.

ACS’ shareholders elected to explore a potential sale of the company and identify a partner with the resources to support the management team’s growth plans. ACS retained Western Reserve as its exclusive investment banker who advised the company through a highly confidential, but competitive, process.

ACS was acquired by DJJ in August 2008. Headquartered in Cincinnati, Ohio, DJJ is a world leader in scrap processing and trading. The company provides a full line of metal-related services, including procurement services for scrap consumers, ferrous and nonferrous scrap trading and processing and international scrap and substitutes marketing. Immediately preceding its acquisition of ACS, DJJ acquired and renamed ACS’ primary competitor, Galamba Metal Group, LLC to Advantage Metals Recycling, LLC. Post-transaction DJJ combined the operations of ACS and Advantage Metals and is expected to benefit from the synergies of the two companies, including significant cross-selling opportunities and the ability to provide an expanded variety of services to its customers. Arnold Warshawsky, Jeffrey Ross, Anthony Ross and Allan Ross, who helped acquire ACS with their father/step-father, continue to play an active role in the company and oversee its daily operations.

Anthony Ross, Vice President of ACS, said, “We are pleased with Western Reserve and their commitment to obtaining the highest value for ACS’ shareholders. As advisors, they successfully helped us in evaluating and selecting a great strategic partner whose corporate culture fits well with our values. Western Reserve’s dedication to providing quality and timely client service pervades within the entire firm, and we are fortunate to be represented by advisors of such high caliber.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Anomatic Corporation

Western Reserve acted as exclusive financial advisor to Anomatic Corporation in its recapitalization by Brookstone Partners.

Anomatic, headquartered in Newark, Ohio, is the leading provider of high-volume anodized aluminum packaging components and custom decorative assemblies to global cosmetics packaging companies.  The company has the ability to stamp, clean, buff, anodize, decorate and assemble a wide variety of aluminum components, including lipstick cases, mascara shells and collars, caps and threaded closures for lotions and fragrances.

In an effort to improve shareholder value through domestic and international growth, Anomatic’s shareholders engaged Western Reserve to identify a financial partner that would enable the company to execute its growth plan domestically, as well as pursue international expansion.  Through a competitive auction process, Western Reserve introduced Anomatic to several potential financial partners.

Anomatic was recapitalized by Brookstone in November 2005.  Brookstone, headquartered in New York, New York, is a private equity firm that seeks to acquire companies or invest in growth equity situations in the middle market.  Brookstone was selected based on its shared vision for the business and its recognized track record of success in international expansion and unique expertise in creating manufacturing efficiencies.  The transaction provided Anomatic’s shareholders with partial liquidity, an ongoing equity ownership in the business and a sophisticated financial partner to help execute its growth plan, all while retaining operational control.

Scott Rusch, Vice President of Anomatic, said, “Western Reserve did an outstanding job of identifying the right financial partner for us and helping us through all stages of the transaction. Their experience and dedication to the project resulted in a timely and efficient result.  They were great to work with.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

ARNCO Corporation

Western Reserve acted as exclusive financial advisor to ARNCO Corporation in its sale to Audax Group.

Founded in 1974 as ARNCO Equipment Sales Inc., ARNCO is the North American leader in developing and manufacturing high-quality, high-density polyethylene (“HDPE”) conduit used primarily by the telecommunication and energy industries.  Headquartered in Elyria, Ohio, ARNCO also manufactures and markets a fully integrated, cost-effective “system” of materials and placing equipment designed to make the entire cable installation process faster and easier.  ARNCO sells its customized products and system solutions to the power utility, electrical, telecommunication, cable TV, data communication and pressure pipe industries.

The shareholders of ARNCO elected to explore a potential sale of the company for estate-planning purposes and to identify a partner with the financial resources to support the company’s growth strategy.  ARNCO retained Western Reserve as its exclusive investment banker who advised the company through a highly confidential, but competitive, process.

ARNCO was recapitalized by Audax in March 2007.  Robert F. Smith, ARNCO’s Chairman, invested alongside Audax in the transaction.  Headquartered in Boston, Massachusetts, Audax is a leading investor in lower-middle market companies.  At the time of the transaction, Audax simultaneously acquired a chief competitor of ARNCO’s, Dura-Line Corporation, and ARNCO was expected to benefit from the combined synergies of the two companies, including significant cross-selling opportunities and access to international markets.

Mr. Smith said, “The Western Reserve team worked hard to achieve the best possible result for ARNCO’s shareholders and employees.  They gave us extraordinary customer service and were with us every step of the way.  They did a terrific job in working through the many details of the transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Astor & Black Custom Clothiers, Ltd.

Western Reserve served as the exclusive financial advisor to Astor & Black Custom Clothiers, Ltd. in its recapitalization by Castanea Partners.

Founded in 2004 by CEO David Schottenstein, Astor & Black is a leading purveyor of finely tailored custom clothes, including fully-canvassed, handmade suits, shirts and casual apparel.  The company, based in Columbus, Ohio, utilizes its network of professional clothiers and cutting-edge internet technologies to offer unparalleled product quality, customer service and price points relative to those offered by conventional department store brands and shop-owner tailors.  Astor & Black counts high profile business executives, professional athletes and celebrities among its customers and is the official clothier of Bentley Motors.

Mr. Schottenstein sought to bring on a private equity investor to both achieve partial liquidity and partner with an experienced operator of luxury apparel companies to help develop and execute the company’s growth plans.  Through a competitive, yet highly confidential process, Western Reserve introduced Astor & Black to a range of financial partners and managed the marketing and transaction negotiation processes.

Astor & Black was recapitalized by Castanea in March 2011. Castanea Partners, headquartered in Boston, Massachusetts, is a private equity firm that owns branded consumer product companies such as Betsey Johnson, Ippolita, Urban Decay and Donald Pliner, among others.

Mr. Schottenstein said, “Western Reserve’s team provided an incredible amount of insight and assistance throughout this process.  Their team members were helpful, responsive and ensured that we achieved the desired result.  Matching us with a sterling firm like Castanea will enable us to continue our rapid growth.  I could not have been more pleased.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Avtron Industrial Automation Inc. (portfolio company of Morgenthaler Private Equity)

Western Reserve served as the exclusive investment banker to Avtron Industrial Automation Inc. (“AIA”), a portfolio company of Morgenthaler Private Equity (“Morgenthaler”), in its sale to Nidec Corporation (“Nidec”).  The transaction closed on September 28, 2012 and was led by Managing Director Joseph Carson and Vice President Matthew Mueller of the Industrial Group, supported by Associate Matthew Reus and Analyst Gregory Hill.

Headquartered in Independence, Ohio, AIA is a leading provider of highly engineered control and automation solutions for heavy industries where operational uptime and throughput are critical to customers’ profitability.  The company’s encoder products, drive systems solutions and service offerings are key components for the precise control of the motion of heavy industrial equipment.  Applications include: oil and gas drilling rigs, port cranes and hoists, mining shovels and draglines, maritime vessel propulsion systems and continuous mill machinery such as steel rolling mills and paper machines.

“We were delighted to represent AIA’s shareholders and to work with the management team on this transaction,” said Mr. Carson.  “With Morgenthaler’s backing, AIA has achieved a strong record of growth and developed a market leading position in industrial encoder products and drive system solutions.  The combination with Nidec represents a powerful partnership and is a great outcome for both companies.”

Dennis Anderson, AIA’s President, stated “Western Reserve’s strategic direction was critical for our management team in navigating the sale process, which resulted in the right strategic partner for us. We are excited to combine our deep engineering expertise and North American market presence with Nidec’s operations and global reach.”

Of working with Western Reserve, Peter Taft, Partner at Morgenthaler Private Equity said, “We are very pleased with the guidance Western Reserve provided us in executing this transaction.  Their expertise and dedication to consummating the transaction resulted in a very favorable outcome.”

Morgenthaler is a leading private equity and venture capital firm with nearly $3 billion under management.  For over 40 years, the firm has dedicated to helping build value in more than 300 companies. With private equity locations in Cleveland, OH, and Boston, MA, Morgenthaler focuses on the lower-middle market with transaction values between $25 – $150 million and EBITDA in excess of $5 million. The private equity firm makes investments in profitable, family and entrepreneur businesses and corporate divestitures in two sectors: highly-engineered manufacturing and business services.

Founded in 1973, Nidec is a manufacturer and distributor of electric motors and related components and equipment with headquarters in Kyoto, Japan.  The company provides discrete and variable speed motors and pumps, electronic motor controls and other electronic components. Nidec comprises over 160 consolidated and affiliated subsidiaries, with over 100 manufacturing and sales locations in 24 countries with more than 105,000 employees.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

BC Investment Partners LLC

Western Reserve acted as exclusive financial advisor to BC Investment Partners LLC (“BC”) in its acquisition and merger with McCormack Advisors International, LLC (“MAI”).

BC was a Cleveland, Ohio-based registered investment adviser offering alternative wealth management services.  MAI was a full-service wealth management firm based in Cleveland, Ohio, providing financial planning, tax, investment, insurance and bill paying services.  MAI was originally established in 1973 as an affiliate of International Management Group (“IMG”), the world’s premier sports and lifestyle management and marketing firm.

Formed in late 2005, BC lacked a critical mass and a marketable brand name, which it recognized in MAI.  BC engaged Western Reserve to analyze the acquisition and raise financing for a merger that would dramatically increase assets under management, add a significant number of highly-skilled asset management professionals and  incent management to achieve outstanding performance through ownership grants.  In January 2007, BC completed the acquisition of and merger with MAI; the new entity is known as MAI Wealth Advisors LLC.

Rick Buoncore, BC’s managing partner, said, “The Western Reserve team provided an outstanding level of service to our firm through the many details of this acquisition and financing process.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Bronx International Inc.

Western Reserve acted as exclusive financial advisor to Bronx International Inc. in its sale to the Fives Group.

Headquartered in North Canton, Ohio, Bronx is comprised of two distinct businesses: 1) Bronx / Bronx Taylor Wilson, which produces equipment that straightens, finishes or tests pipes, bars and tubes (notably seamless tubes) and 2) Abbey, which produces Electrical Welding (ERW) tube and pipe mills that are used to produce tubular welded products.

Widely recognized for its unmatched experience and technologies, the company offers its customers state-of-the-art design and engineering, project management, global procurement, field service, installation and turnkey solutions.  Bronx’s direct customers are steel and non-ferrous bar, pipe and tube producers within the steel sector, which include large blue-chip industrial groups. End-users of the company’s products belong to a large base of various industries, including oil and gas, high speed rail and energy transportation.  Bronx boasts a consistent record of product innovation, engineering leadership, reliable quality and the largest base of installations for its products in the industry.

Bronx’s shareholders elected to explore a sale of the company to achieve liquidity and retained Western Reserve as its exclusive investment banker to assist in the process.  Western Reserve confidentially introduced Bronx to a range of financial and strategic buyers and assisted the company in navigating a series of issues and negotiating key transaction terms.

Bronx was acquired by Fives in November 2010.  Headquartered in Paris, France, Fives is an industrial engineering group that designs and supplies process equipment, production lines and turnkey plants for the world’s largest industrial groups in the aluminum, steel, glass, automotive & logistics, cement, energy and sugar sectors. With over EU1.0 billion in sales, more than 5,500 employees on six continents and located in nearly thirty countries, Fives is known for its technological expertise and competence in executing large-scale international projects. The cross-border transaction was completed on an accelerated time frame, resulting in a successful outcome for the Company’s shareholders, and the expansion of Five’s metal finishing offerings and end-markets.

Richard Jeschelnig, President and Chief Executive Officer of Bronx said, “The team at Western Reserve did an outstanding job in advising us throughout all phases of this process.  Western Reserve’s keen understanding of the capital equipment business, our business model and the competitive landscape, together with their expertise and perseverance in guiding us through myriad issues, as well as ability to access international opportunities, were essential in delivering superior value to our shareholders. This combination with Fives represents the best strategic outcome for our company and its owners.” 

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Burger Iron Company, The

Western Reserve acted as exclusive financial advisor to The Burger Iron Company (“BICO”) in the repurchase of common shares and recapitalization of the company.

BICO, founded in 1896 and headquartered in Mogadore, Ohio, is a leading processor and fabricator of heavy gauge steel plate to its customers in a variety of industries including automotive and truck, consumer products, building products and capital equipment.  The company specializes in steel plate greater than 2” thick and has processing capabilities include annealing, flame cutting, surface grinding, heat treating, milling and welding, which are available from its Michigan, Ohio and South Carolina locations.  BICO’s customers operate in a variety of industries including automotive and truck, consumer products, building products and capital equipment.

Western Reserve worked with BICO’s Board of Directors to identify a financial solution that best suited the company’s long term objective, and BICO was recapitalized in August 2006.  The transaction enabled the company to provide liquidity to its shareholders as well as facilitate continued growth of the business.

Tom Fiocca, President and Chief Executive Officer of BICO, commented, “The team at Western Reserve did an outstanding job of identifying an innovative financial solution for us and helping us through all stages of the transaction. Their expertise and dedication to executing the transaction resulted in a very favorable outcome for our company and shareholders.  They were a pleasure to work with.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Caldwell Group

Western Reserve acted as financial advisor to Caldwell Group LLC in its recapitalization by Fifth Third Bank.

Caldwell is a preeminent designer and manufacturer of elevated and ground-level potable water storage tanks, industrial storage and processing tanks and power augmentation systems.  The company provides engineering, manufacturing, field construction and project management services in each segment of its operations and is one of just a few companies to offer full turnkey capabilities.  Caldwell also provides ancillary services such as maintenance programs, painting and civil (concrete) construction.  The company operates both as a manufacturer, fabricating the tanks’ parts at its facilities (located in Louisville, Kentucky and Newnan, Georgia) and a contractor, erecting and supporting the tank structures and power systems in the field.  Caldwell has operated for more than 120 years, evolving from a wooden tank manufacturer for railroad stops into the nation’s leading innovator of welded steel storage tanks.

Western Reserve was retained by the shareholders of Caldwell to find a financial partner that would provide partial liquidity and help accelerate the growth of the business.  Caldwell was recapitalized by Fifth Third Bank in February 2010.  The transaction allowed the company’s founders to achieve partial liquidity, retain control and establish an incentive equity and option plan for key managers.

CHT Nuclear, LLC

Western Reserve Partners served as the exclusive investment banker to CHT Nuclear, LLC in the sale of the business to Transnuclear, Inc., an indirect  subsidiary of AREVA North America, which itself is a subsidiary of Paris, France-based AREVA SA. The transaction was led by Managing Director Mark Filippell and Vice President Rebecca White of the firm’s Industrial group.

Headquartered in Greensboro, North Carolina, CHT is a world leader in the manufacture of nuclear fuel cycle products serving the transportation and storage markets, including fresh unirradiated fuel, spent irradiated fuel, research reactor and medical isotopes. CHT is a holder of numerous Certificate of Compliance  and Quality Assurance approvals, as issued by world regulators.

“CHT has created a unique niche in the nuclear storage and transport industry,” said Mr. Filippell. “We are pleased to have assisted CHT in solidifying a highly strategic sale to Areva.”

Thomas Dougherty, CHT’s Chief Executive Officer said, “We truly appreciated Western Reserve’s advice and support as we explored strategic alternatives for CHT. Mr. Filippell and Ms. White’s dedication to the process helped ensure a great outcome for the company.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Cimarron Central LLC

Western Reserve acted as exclusive financial advisor to Cimarron Central LLC in its formation and capitalization as a result of the merger of Cimarron Gas Processing Equipment Company, Inc. and Central Tank of Oklahoma, Inc.

Cimarron Gas and Central Tank had worked together for more than ten years, Cimarron Gas as the designer and marketer of separation and dehydration equipment to oil and gas customers and Central Tank as the manufacturer.  The merger of the two companies formalized the historic relationship and created a unified management organization and consistent ownership structure.

Western Reserve worked with the leadership of Cimarron Central to find the best financing package to refinance existing debt, provide liquidity for the selling Central Tank shareholders and finance ongoing general corporate financing requirements.  Western Reserve helped Cimarron Central develop a capital raising strategy, identify potential lenders and negotiate the structure and terms of the financing.  Cimarron Central closed a transaction with National City Bank, a leading middle market lender located in Cleveland, Ohio, in October 2005.  The combined company was well positioned and fully capitalized to dominate the oil and gas separation and dehydration equipment market in the Rocky Mountain region.

In August 2007, Western Reserve acted as exclusive financial advisor to Cimarron Central in its sale to Linx Partners.  Cimarron Central’s Chief Executive Officer John Moore said, “Western Reserve has been a very special partner of Cimarron as we’ve executed our financial and operating strategy. They have been and will continue to be a trusted financial advisor to us as we look to grow our business over the next few years.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Cimarron Central LLC

Western Reserve acted as exclusive financial advisor to Cimarron Central LLC in its sale to Linx Partners.  This transaction represented the firm’s second engagement by Cimarron, as Western Reserve assisted the company its 2005 formation and capitalization.

Headquartered in Guymon, Oklahoma, Cimarron designs, engineers and manufactures a line of mission critical, highly engineered equipment, systems and services used in the production and processing of natural gas.  The company’s product lines include production and process separators, natural gas dehydrators, combination separator/dehydrator units and specialty items.  Cimarron’s equipment is specifically designed and manufactured to work within the extreme conditions and requirements of the Rocky Mountain Region.

Cimarron’s shareholders decided to explore a sale of the company to achieve partial liquidity and identify a financial partner supportive of their growth strategy.  Cimarron retained Western Reserve as its exclusive investment banker to assist in the process, and through a highly competitive process, Western Reserve marketed the company to a select group of financial and strategic buyers, facilitated the negotiation of the transaction price and helped draft the purchase agreement.

Cimarron was acquired by Linx in August 2007.  Based in Scarsdale, New York, LINX is a private equity investment firm that partners with management to acquire and grow middle-market industrial companies.  Key members of Cimarron’s senior management team partnered with Linx in its investment and remain significant shareholders of the company.

John Moore, Cimarron’s Chief Executive Officer, said, “Western Reserve has been a very special partner of Cimarron as we’ve executed our financial and operating strategy. They have been and will continue to be a trusted financial advisor to us as we look to grow our business over the next few years.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Claymont Steel Holdings, Inc.

Western Reserve provided a fairness opinion to the Board of Directors of Claymont Steel Holdings, Inc. in the company’s sale to Evraz Group S.A.

Claymont Steel Holdings, Inc., based in Claymont, Delaware, is the only mini-mill in North America specializing in the manufacture and sale of high quality custom discrete steel plate.  The company serves all major plate markets, including service centers, bridge fabricators, railcar manufacturers, material handling equipment, heavy construction machinery, mining equipment, storage tanks, pressure vessels and shipbuilding.

Evraz approached Claymont Steel with a series of proposals for a possible transaction.  Headquartered in Luxembourg, Evraz is a large vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA, Canada and South Africa.

Western Reserve was selected to provide Claymont Steel’s Board of Directors with an independent valuation of the company and to serve as a resource in the Company’s ongoing negotiations with Evraz.  The written opinion and a summary of Western Reserve’s analysis were included in Claymont Steel’s solicitation statement filed with the SEC, and the transaction was consummated in January 2008.

Claymont Steel’s Chief Executive Officer Jeff Bradley commented, “Western Reserve provided outstanding service as our company undertook the single most important transaction in its history, delivering high-quality and timely analysis and advice to the Board of Directors during the process.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Cohesant Inc.

Western Reserve Partners provided the fairness opinion to the Board of Directors of Cohesant Inc. in connection with the company’s 1-for-50,000 reverse stock split, which was announced on December 5, 2011 and approved by the Board on December 19, 2011.  Cohesant, based in Beachwood, Ohio, is engaged in the protection and renewal of drinking water distribution and wastewater collection systems for municipal and industrial infrastructure.  The company also designs, develops and manufactures specialty coatings and equipment used to apply such coatings.  Cohesant markets its products under numerous trade names, including Raven and AquataPoxy.

Morris H. Wheeler, Cohesant’s Chairman and Chief Executive Officer, previously indicated that there was a lack of liquidity in the market for the company’s common stock.  Trading had diminished significantly since Cohesant ceased to be an SEC-reporting company in July 2008, and the reverse stock split transaction allows stockholders owning less than 50,000 shares the opportunity to receive fair value for their shares in a simple and cost-effective manner.

Western Reserve, a FINRA-regulated broker / dealer, was engaged by the Board of Directors to provide an independent opinion as to the fairness, from a financial point of view, of the consideration received in connection with the reverse stock split.  Leading the assignment for Western Reserve were Managing Director Mark Filippell and Director Charles Aquino.

“We were pleased to be of service to Cohesant’s Board of Directors in their efforts to move the company forward,” said Mr. Filippell.

Regarding Western Reserve’s role, Cohesant President and Chief Executive Officer, Morris H. Wheeler, commented, “The team at Western Reserve provided the Board with excellent service during this critical phase of the process.”  He added, “Their understanding of the market and valuation guidance greatly assisted the Board in determining the metrics of the deal, and their ability to render the opinion in a timely, independent manner allowed us to deliver real value to the shareholders.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.

Cohesant Technologies, Inc. (GlasCraft subsidiary)

Western Reserve provided a fairness opinion to the Board of Directors of Cohesant Technologies, Inc. in the divestiture of its GlasCraft subsidiary to Graco Inc.

Cohesant Technologies, Inc. (AMEX: COHT), through its subsidiaries, engages in the protection and renewal of drinking water distribution systems and wastewater collection systems for municipal, industrial, commercial and residential infrastructure.  Cohesant’s GlasCraft subsidiary manufactures and distributes equipment for applying materials such as fiberglass, polyurethane foam and industrial protective coatings.

The Board of Directors of Cohesant reached a definitive agreement for the sale of its GlasCraft subsidiary to Graco Inc. (NYSE: GGG), a leading provider of fluid handling systems and components.  Western Reserve was engaged to provide Cohesant’s Board of Directors with a fairness opinion regarding the sale, along with a valuation for tax purposes, of the remaining subsidiaries of Cohesant that were spun-out to the shareholders.  The transaction was consummated in February 2008.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Creative Cabinet Systems, Inc.

Western Reserve Partners served as financial advisor to Creative Cabinet Systems, Inc. in the sale of certain assets to idX Corporation.  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 Alexander Trouten.

Founded in 1968, Dayton, Ohio-based Creative Cabinet Systems is a leading manufacturer of custom store fixtures and woodworking projects for national retailers.  Products and services include fixtures composed of hardwood, veneer, laminate, metal and glass and a full suite of engineering capabilities including prototyping and national rollout programs.

Incorporated in 1999 and headquartered in St. Louis, Missouri, idX Corporation manufactures wood, metal, glass, laminate, veneer and acrylic store display fixtures.  Products include kiosks, loose fixtures, retail counters, retail display fixtures and signage for the banking, financial, hospitality and point-of-purchase industries.  idX operates through thirteen locations globally and is a portfolio company of Acon Investments.

CWS Industries (Mfg) Corp.

Western Reserve served as the exclusive investment banker to CWS Industries (Mfg) Corp. (“CWS”) in its sale to International Equipment Solutions, LLC (“IES”), a portfolio company of KPS Capital Partners, LP (“KPS”).

Headquartered in Surrey, British Columbia, Canada, CWS is a leading manufacturer of top-quality attachments, cabs and conversions for heavy equipment used in various high-growth end markets such as mining, oil and gas, forestry, agriculture and construction.  CWS offers both standard and highly-engineered attachments for excavators, loaders, crawlers and other heavy equipment.  Through its extensive knowledge of its customers’ applications and geological conditions, CWS provides attachments and fully integrated equipment systems tailored to the specific needs of its customers, which are able to withstand some of the world’s harshest environments.

Formed in September 2011, IES is a global engineered equipment platform serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining and energy markets. IES’s operating units are leading manufacturers of engineered attachment tools and cab enclosures for operator driven equipment as well as locomotive sub-assemblies and electronic enclosures. IES’s customers include major OEMs, national rental fleet companies and hundreds of independent and OEM-aligned dealers. IES employs over 2,800 people and operates 17 manufacturing facilities in the United States, Canada, Germany and Brazil.

Earl Hirtz, CWS President, will continue to serve in the same capacity along with CWS’s existing management team.  “We are excited about this very strategic partnership with IES and look forward to working together as we continue to expand CWS’s presence globally.  With its unmatched manufacturing and product capabilities, IES is able to provide substantial additional resources and is committed to assisting CWS in expanding its product and service offerings worldwide,” said Mr. Hirtz.

Leading the transaction for Western Reserve was Managing Director Joseph Carson, supported by Vice President Rebecca White and Analyst Courtney Downs.

“CWS and IES are a very strategic fit and create a strong global provider of attachments and integrated equipment systems,” said Mr. Carson.  “We enjoyed working with CWS throughout this process and are very pleased with the outcome for its shareholders.  We have worked with the company for several years through the sale of its non-core subsidiary, LANTEC Winch & Gear Inc. and have watched CWS transform from a regional supplier of standard attachments into a global supplier of highly-engineered products.  We look forward to watching CWS take its success to the next level with its new partner.”

Of working with Western Reserve, Ken Thompson, CWS’s majority shareholder said, “We have truly enjoyed working with Western Reserve over the past several years, through the sales of both LANTEC and CWS.  In addition to their extensive transaction experience, Western Reserve has a keen understanding of the capital equipment industry, which led to highly strategic partnerships for both businesses.  We have highly valued their guidance and support throughout the past several years.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

CWS Industries (Mfg) Corp. (LANTEC Winch & Gear subsidiary)

Western Reserve acted as exclusive financial advisor to CWS Industries (Mfg) Corp. in its divestiture of its LANTEC Winch & Gear Inc. subsidiary to Tulsa Winch Group, an operating company within the Material Handling platform of Dover Corporation’s (NYSE: DOV) Industrial Products segment.

LANTEC designs and manufactures specialized winches, hoists, planetary gear drives, brakes and clutches for the offshore drilling, oil and natural gas, construction and marine industries.  Founded in 1965 and based in Langley, British Columbia, the company competes in the markets it serves by offering superior service and design and application knowledge.

LANTEC’s shareholders sought to divest the company from its parent company to focus on its core operations and engaged Western Reserve to assist in identifying a strategic partner for the business.

LANTEC was acquired by Tulsa Winch Group in February 2008.  Based in Jenks, OK , Tulsa Winch Group is a worldwide leader in the manufacture of winch, gearbox and load monitoring systems serving the infrastructure, onshore oil and gas, utility, towing and recovery and marine markets. It is comprised of five companies that produce industry-specific geared and electronic solutions: Tulsa Winch Inc., dp Manufacturing Inc., Greer Company, Vancouver, B.C.-based Pullmaster Winch Corporation, and now LANTEC.

Dan T. Moore Company, Inc.

Western Reserve acted as exclusive financial advisor to Dan T. Moore Company, Inc. in its acquisition of Delaware Machinery and Tool Company, Inc.

Dan T. Moore Company, Inc., founded in 1969 and based in Cleveland, Ohio, is an R&D and acquisition entity and business incubator focused on the industrial sector.

Delaware Machinery and Tool Company, Inc., founded in 1938 and based in Muncie, Indiana, is a leader in the full service design, engineering, manufacturing, testing and sampling of highly complex tools utilized to manufacture die cast components for the automotive, defense, medical and other industrial markets.

Delaware was placed into receivership by the Delaware County Circuit Court after defaulting with its senior lender.  Western Reserve assisted Dan T. Moore Company in rapidly preparing a bid model and developing a bid strategy.  Through numerous discussions with Delaware’s receiver, senior creditors and legal parties, Dan T. Moore Company was able to develop and present a detailed model to receive pre-approved financing  and credibly bid on Delaware’s assets.  At the December 2010 auction, Dan T. Moore Company topped the stalking horse bid and was declared the new owner of Delaware Machinery and Tool Company.

Decanter Machine, Inc.

Western Reserve served as the exclusive investment banker to Decanter Machine, Inc. (“Decanter”) in its sale to FLSmidth & Co. A/S (“FLSmidth”).  The transaction was led by Managing Director Mark Filippell and Vice President Matthew Mueller of Western Reserve’s Industrial Group, supported by Analyst Gregory Hill. Western Reserve worked closely with Audon Partners A/S, M&A International’s Denmark affiliate, in the completion of this transaction.

Headquartered in Johnson City, Tennessee, with additional locations in South Carolina and New South Wales, Australia, Decanter is recognized as the global leader in the manufacture and repair of screen bowl, solid bowl and hyperbaric centrifuges for mineral processing applications.   Decanter’s global market leadership is evidenced by its installed base of more than 550 centrifuges across eleven countries.  The company has developed its strong market position as a result of its steadfast dedication to providing customers with the highest levels of service, developing and manufacturing the most technologically advanced equipment in the industry, and providing customers with durable, cost-effective repair solutions. Decanter primarily serves the global coal market, as well as a variety of other end markets that process a high volume of materials, including the ethanol, food processing, industrial chemical, potash, wastewater and white mineral industries.

“Western Reserve is proud to have worked with Decanter, who over the last 30 years has done a remarkable job of developing the company into a global leader in the mineral processing industry,” said Mr. Filippell.  “We are delighted we could work to form a partnership with Decanter and FLSmidth that will allow the company to continue to strengthen its position in the global market.”

Wally Schultz, Decanter’s President, will continue to serve in the same capacity along with the company’s existing management team.  “We are excited about the opportunity to join with a strategic partner that has the scale, capabilities and global leadership that FLSmidth provides.  Decanter’s product line of processing equipment is a great complement to FLSmidth’s and the combination will allow FLSmidth to offer customers a complete range of centrifuge product offerings,” said Mr. Schultz.  “Western Reserve did an exceptional job of providing us with insight and quality advice throughout the process.  Their experience, dedication and attention to the details resulted in a very favorable outcome for our company, our employees and our shareholders.  It was a pleasure to work with the Western Reserve team, and we feel fortunate to have worked with them on this transaction.”

Founded in 1882, FLSmidth is a worldwide supplier of equipment, systems, and services with headquarters in Copenhagen, Demark.  The company supplies everything from single machine units to complete minerals and cement flowsheets including associated services. It serves cement, base metals, precious metals, light metals, industrial mineral, energy, phosphate and potash, pulp and paper, chemical, food and pharmaceutical, steel, and diamond industries. FLSmidth employs over 13,800 people and has operations in over 50 countries.

. . .

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.

Driggs Farms of Indiana, Inc.

Western Reserve acted as exclusive financial advisor to the Bankruptcy Estate of Driggs Farms of Indiana, Inc. in its sale to Land-O-Sun Dairies LLC, a subsidiary of Dean Foods Company (NYSE: DF).

Founded in 1911 and based in Decatur, Indiana, Driggs was a leading private label manufacturer of ice cream and frozen novelties.  The company manufactured its own Delicious®, El Premio® and Driggs Farms® labels, as well as private labels for national grocery retailers and distributors.

Western Reserve was retained as the company’s exclusive investment banker.  After seeking numerous liquidity alternatives through a traditional sale process, Driggs Farms filed a motion to sell the business through a Section 363 asset sale to a stalking horse bidder, Fieldbrook Foods Corporation, which had entered into a definitive asset purchase agreement after negotiations led by Western Reserve.

In accordance with procedures approved by the bankruptcy court, Western Reserve solicited written offers from other prospective purchasers to “top” the stalking horse bid.  Among the more than 60 potential buyers contacted, Dean Foods entered the auction process with Fieldbrook, and over the course of the September 2008 auction, the bid changed hands 35 times before Dean Foods emerged as the highest bidder.  As a result, the primary secured creditor was paid in full, and other creditors of Driggs realized a significantly higher recovery than was originally expected.  

Dean Foods is one of the nation’s leading food and beverage companies, producing a full line of dairy and soy products.  At the time of the transaction, it operated more than 100 U.S. plants employing over 26,000 people.

Elyria Foundry Company

Western Reserve acted as exclusive financial advisor to Elyria Foundry Company in its recapitalization by Silverhawk Capital Partners LLC and key members of Elyria’s senior management team.

Founded in 1905 and headquartered in Elyria, Ohio, Elyria Foundry is the industry leader in providing medium and large-sized complex gray and ductile iron castings for critical applications in vital, domestic-sourced industries.  Elyria’s castings are primarily used in energy applications, including natural gas compression equipment and coal pulverizers for electric power generation.  Other applications include refrigeration, chillers, air conditioners, process machinery, air compressors and power and transmission equipment.

Elyria’s shareholders decided to explore a recapitalization of the company to achieve partial liquidity and to identify a financial partner supportive of Elyria’s growth strategy.  Western Reserve was retained as the company’s exclusive investment banker to assist in the process.  Through a highly confidential but competitive process, Western Reserve introduced Elyria to a select group of financial sponsors, assisted in negotiating the transaction price and helped draft the purchase agreement.

Elyria was recapitalized by Silverhawk and key members of Elyria’s senior management team in January 2007.  Based in Greenwich, Connecticut, Silverhawk is an independent investment group that invests in management buyouts and other private equity transactions in the industrial, energy, natural resources and business service sectors.  Post-transaction, Elyria’s senior management team continued to be involved with the company and remained significant shareholders.

Sam Knezevic, Elyria’s Chief Operating Officer, said, “The Western Reserve team worked hard to achieve the best possible result for Elyria’s shareholders and employees.  They gave us extraordinary customer service.”

. . .

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.

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)

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.

Excel Mining Systems, Inc.

Western Reserve represented Excel Mining Systems, Inc. in its sale to SPG Partners, LLC.

Founded in 1991 by Bruce Cassidy, President, Chief Executive Officer and majority owner, Excel is the leading producer and manufacturer of roof bolts and related roof support control products to the U.S. underground coal mining industry.  Headquartered in Bowerston, Ohio, Excel has six manufacturing sites: Bowerston, Cadiz and Proctorville, Ohio; Grundy, Virginia; Marion, Illinois; and Clearfield, Utah.  Roof bolts and related products are essential to the safe and productive underground mining of coal.

Management decided to explore the sale of the company to allow shareholders to achieve liquidity while ensuring new ownership supportive of Excel’s growth strategy.  Excel retained Western Reserve as its exclusive investment banker to assist in exploring its options, and through a highly confidential but competitive process, Western Reserve introduced Excel to a select group of buyers, assisted in negotiating the transaction price and helped draft the purchase agreement.

Excel was acquired by SPG in October 2006.  Based in New York, New York, SPG is a private equity firm that leverages the expertise of its exclusive Operating Partners, who are seasoned industry executives.  CitiGroup Private Equity was a significant co-investor in the transaction, along with key members of Excel’s senior management team.

Mr. Cassidy said, “The team at Western Reserve did a terrific job in putting us together with SPG and then working through the many details of the transaction.”

. . .

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Fairmount Minerals

Western Reserve provided the fairness opinion to the Board of Directors of FML Holdings, Inc. (d/b/a Fairmount Minerals) in its sale to American Securities.

Headquartered in Chardon, Ohio, Fairmount is one of the largest producers of industrial sand in the U.S. At the time of the transaction, approximately 80% of the company’s sales were tied to the oil and natural gas production markets, with the remainder going to commercial and industrial uses, including foundries, construction, golf courses, artificial turfs, etc.

To provide liquidity to certain of Fairmount’s shareholders, the company entered into an agreement to sell a 51% common equity stake to American Securities. Western Reserve was engaged to provide Fairmount’s Board of Directors with a fairness opinion, and the transaction was consummated in August 2010.

Ferchill Group

Western Reserve acted as exclusive financial advisor to The Ferchill Group in its sale of its Bridgeside Point property to The Inland Group.

Headquartered in Cleveland, Ohio, The Ferchill Group is a real estate development and management firm, acquiring, developing or redeveloping real estate assets, including office buildings, full-service and limited-service hotels and residential projects, in Cleveland, Akron, Buffalo, Detroit, New York and Pittsburgh.

At the time of the transaction, Bridgeside Point, valued at $31.5 million, contained the premier wet lab space in the Midwest.  It was anchored by Cellomics, who occupied the facility on a 15-year, triple net lease basis, but enlisted the University of Pittsburgh Medical Center and the Pittsburgh Lifesciences Greenhouse as interim subtenants for its unutilized space.  Bridgeside Point is located in close proximity to Carnegie-Mellon University and the University of Pittsburgh and represented one of the shining examples of the emergence of Pittsburgh in the medical and technology fields.

Bridgeside Point was acquired by The Inland Group in November 2005.  Inland, headquartered in Oak Brook, Illinois, is one of the nation’s largest commercial real estate and finance groups, specializing in creating, developing and operating companies that provide real estate services, as well as developing and operating real estate-related investment funds to support those efforts.  The transaction provided The Ferchill Group with valuable capital for deployment in its numerous other development projects.

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.

Galaxy Associates, Inc. (portfolio company of River Cities Capital Funds)

Western Reserve acted as exclusive financial advisor to River Cities Capital Funds in the sale of its portfolio company, Galaxy Associates, Inc., to DuBois Chemicals, Inc., a portfolio company of The Riverside Company.

Founded in 2002, Cincinnati, Ohio-based Galaxy Associates is a leading provider of specialty and performance-driven chemicals used in critical processes in the industrial, transportation and pulp and paper industries.  Products and services include coolants, lubricants and pretreatment chemicals used in metalworking and metal finishing; truck wash chemicals and truck washing systems; and deposit control and felt cleaning chemicals used in paper manufacturing.  River Cities Capital Funds, also based in Cincinnati, is one of the most active and experienced venture funds investing in the Midwest and Southeastern United States, with more than $400 million under management and over 75 investments over the past fourteen years.

Leading the transaction for Western Reserve were Managing Director Joseph Carson and Director Charles Aquino, supported by Associate David Helsel and Analyst Alex Trouten.  On merging the entities, Mr. Aquino said, “Galaxy’s combination with DuBois represents a unique, synergistic fit that provides an outstanding result for Galaxy’s shareholders and a compelling growth platform for the company and its employees.  We are very excited for their combined futures.”

Glen Mayfield, Managing Director and Co-Founder of River Cities Capital Funds, said of Western Reserve’s involvement, “Western Reserve provided excellent service and delivered significant value to Galaxy’s shareholders.  Their knowledge of our industry and attention to detail at every turn were essential to the success of this process.”

Galaxy President Bill Oeters added, “I cannot thank Western Reserve enough for their help and support.  The entire team played a pivotal role in each phase of the process and worked diligently to ensure the best outcome for our various 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.

Gallo Displays, Inc.

Western Reserve acted as exclusive financial advisor to Gallo Displays, Inc. in its sale to CapitalWorks LLC.

Gallo, founded in 1929 by the Gallo family and based in Cuyahoga Heights, Ohio, is a leading provider of customized tradeshow solutions, including the design, production, installation and servicing of 3-dimensional tradeshow exhibits.  With a distinguished track record of delivering innovative designs, exceptional project management and best-in-class customer service, Gallo has become the exhibit producer of choice in the healthcare industry.  In 1996, the Gallo family converted the company into an Employee Share Option Plan (“ESOP”).

Gallo’s Board of Directors elected to explore strategic alternatives as the company’s senior management team was entering a transition phase.  Given Gallo’s ESOP status, Western Reserve thoroughly cleared the financial and strategic buyer markets and worked closely with the company’s outside ESOP Trustee to ensure that Gallo employees received fair market value for their equity ownership.

Gallo was acquired by CapitalWorks in August 2008.  CapitalWorks is a Cleveland, Ohio based private equity firm focused on acquiring small middle-market companies where their industry experience and professional network provide strategic advantages.

 Gallo Chief Executive Officer Cathy André said, “The Western Reserve team did an excellent job of advising our board of directors through this complex transaction and ensuring that we delivered significant 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.

Giltz & Associates

Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in an Operating Partner (“O.P.”) Unit Exchange with Cedar Shopping Centers, Inc. (NYSE:CDR).

Giltz & Associates

Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in the formation of a commercial real estate joint venture with Harbert Management Corporation.  This transaction represented the firm’s second engagement by Giltz, as Western Reserve advised the company in its 2005 operating partnership unit exchange with Cedar Shopping Centers, a public REIT.

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.

Group Dekko International (comprises Pent Technologies, Inc. and Dekko Technologies, Inc.)

Western Reserve acted as exclusive financial advisor to Pent Technologies, Inc. and Dekko Technologies, Inc., together comprising Group Dekko International, in their sale to Centre Partners Management LLC. Western Reserve also provided a fairness opinion to the Board of Directors in this transaction.

Group Dekko, headquartered in Kendallville, Indiana, is a leading provider of highly engineered electrical, wire, plastic and metal subcomponents; finished products; and fixtures and related assemblies for the office furniture, transportation, lighting, appliance, medical device and consumer product end markets. Utilizing more than 190 active, pending and provisional patents, Group Dekko has a broad range of manufacturing and assembly capabilities, including metal forming, stamping, powder coating, plastic molding and extrusion, product assembly and built-to-order, highly customized products. The company employs more than 1,500 people in 30 modern facilities located in Indiana, Iowa, Alabama, Texas and Mexico.

The Group Dekko constituent boards decided to explore a sale of the company to allow the shareholders to achieve liquidity while ensuring new ownership supportive of obligations to employees and constituents.  Through a competitive process, Western Reserve introduced Group Dekko to numerous financial and strategic buyers.  Western Reserve also assisted in negotiating the transaction price and the purchase agreements.

Group Dekko was acquired by Centre in August 2006.  Centre is a leading middle-market private equity firm with offices in New York, Los Angeles and Dallas. Key members of Group Dekko’s senior management team partnered with Centre in its investment through a newly formed entity, Group Dekko Holdings, Inc.

Group Dekko Chief Executive Officer Steven Hankins said, “Our senior management and employees are excited to have Centre Partners as our business and financial partner. We never would have connected with them or worked out a deal without Western Reserve’s help. They were with us every step of the way and did a terrific job.”

Group Dekko Chief Financial Officer Charles Schrimper said, “The Western Reserve team worked hard to achieve the best possible result for Group Dekko’s shareholders and employees. They gave us extraordinary client service.”

. . .

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)

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.

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.

International Outsourcing Services LLC

Western Reserve acted as exclusive financial advisor to International Outsourcing Services, Inc. (“IOS”) in the sale of its coupon redemption operations to ProLogic Redemption Solutions, a portfolio company of Marlin Equity Partners.

Island One, Inc.

Western Reserve acted as financial advisor to Island One, Inc. in its reorganization by Timeshare Acquisitions LLC.

Island One, based in Orlando, Florida, is one of the largest privately-held timeshare developers in the U.S.  At the time of the transaction, the company had grown from a single site to an organization that had acquired, developed and re-developed nine properties in Florida and the U.S. Virgin Islands.  Island One’s affiliate, Club Navigo, allowed customers to gain access to a larger network of 29 affiliate resorts.

Initially engaged in 2009, Western Reserve represented Island One in a pre-bankruptcy recapitalization process and eventually a Chapter 11 bankruptcy case.  During bankruptcy, Western Reserve executed both a bankruptcy recapitalization process and a fee for service sale process, producing the chosen reorganization partner, Timeshare Acquisitions LLC.  Timeshare Acquisitions LLC is a holding company owned and formed by a hedge fund to acquire the reorganized equity interest in Island One.  Western Reserve collaborated with the existing creditors and the reorganization partner to develop an innovative solution that was satisfactory to the bankruptcy court.  Island One retained operation of its eight resorts in Florida and divested of certain other inventory and assets, and the company’s executive team remained intact.

Deborah Linden, Board Co-Chair of Island One, said, “Western Reserve was instrumental in finding and maintaining the interest of a capital partner that understands the industry and can integrate and implement our growth strategy.  For the past 20 months, the team has provided great service and advice, helping our company to arrive at the best possible outcome for all vested parties.  We are now financially and structurally well-positioned to capitalize upon a very deliberate strategy for growth.”

. . .

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.

La’szeray Technology Inc.

Western Reserve Partners served as the exclusive investment banker to La’szeray Technology, Inc. in its recapitalization by management and an undisclosed investor.  The transaction was led by Western Reserve’s Managing Partner Ralph Della Ratta and Vice President Matthew Mueller of the firm’s Industrial Group, supported by Analysts Matthew Francati and James Petersen.

La’szeray is an integrated manufacturer of quality, custom injection molded components and highly engineered tooling.  Headquartered in North Royalton, Ohio, La’szeray offers a full suite of value-added services, working with customers from initial product concept through completion.  La’szeray serves customers operating in a diverse range of industries, including consumer, aerospace, military and healthcare.

“La’szeray is a true entrepreneurial success story.  The company’s technological leadership, exceptional customer relationships and remarkable track record of growth since its founding in 1998 are a testament to Ray Seuffert’s leadership, the strength of the management team and the dedication of the company’s employees,” said Mr. Della Ratta.  “It has been a pleasure working with La’szeray, and we are excited to introduce a new partner that will allow the company to continue building upon its success.”

“I am thrilled that our recapitalization will provide us with greater opportunities to continue to grow and provide our customers with the high-quality products and exceptional customer service they have come to expect from La’szeray,” said Raymond Seuffert, La’szeray’s founder and CEO.  “I am grateful for the guidance and insight Western Reserve provided in working with us to find an excellent business partner who will allow La’szeray the opportunity to achieve its long term goals.”

. . .

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.

LESCO Inc.

Western Reserve acted as financial advisor to LESCO, Inc. (NASDAQ: LSCO) in its sale to Deere & Company (NYSE: DE).  This transaction represented the firm’s second engagement by LESCO, as Western Reserve advised the company in its 2005 divestiture of its manufacturing and distribution operations to Platinum Equity Partners, LLC.

Headquartered in Cleveland, Ohio, LESCO is a leading provider of products for the professional green and pest control industries. At the time of the transaction, LESCO served customers worldwide through more than 345 LESCO Service Center® locations, 114 LESCO Stores-on-Wheels® vehicles and other direct sales efforts. Its customers included golf courses, athletic fields and professional lawn care companies that maintain landscapes around apartments, office complexes, government buildings, cemeteries and private homes.

Following the divestiture of its manufacturing and distribution operations, LESCO continued to rely on Western Reserve for periodic counsel regarding the company’s strategic alternatives.  One such alternative was the sale of the company to a strategic buyer, and Western Reserve worked closely with management to drive value for LESCO’s shareholders through a detailed analysis of the synergistic fit and financial impact of combining the company with several of the most likely strategic buyers.

LESCO was acquired by Deere in May 2007.  Headquartered in Moline, Illinois, Deere is the world’s leading provider of advanced products and services for agriculture and forestry and a major provider of advanced products and services for construction, lawn and turf care, landscaping and irrigation.  LESCO was combined with Deere’s John Deere Landscapes division, significantly increasing the volume of consumable products sold by the division, expanding the customer base for both LESCO and John Deere Landscapes and complementing Deere’s work in the Golf & Turf One Source business, which focuses on bringing total solutions to those who maintain golf course properties.

LESCO President and Chief Executive Officer Jeffrey Rutherford said, “The Western Reserve team did an outstanding job in advising LESCO’s senior management and Board of Directors in our strategic alternatives over the past three years. Their keen understanding of our business model and knowledge of our industry set the stage for this important milestone in LESCO’s history. The team at Western Reserve was with us every step of the way, contributing significantly to the success of 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.

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.

Main Street Gourmet

Western Reserve acted as exclusive financial advisor to Main Street Gourmet in its sale to Clover Capital Partners LLC.

Main Street Gourmet, headquartered in Cuyahoga Falls, Ohio, was founded in 1987 by childhood friends Steve Marks and Harvey Nelson.  Today, the company is a leading provider of frozen bakery items, including whole grain and all natural muffins, brownies, cookies, granolas and other specialty desserts.  Main Street Gourmet is well recognized for its expertise in customizing recipes for many premier food retailers, bakery-cafes, in-store bakeries, restaurants and delis.

Shareholders retained Western Reserve to assist in a potential sale of the company and the identification of a partner with the resources to support the management team’s growth plans.   Western Reserve confidentially introduced the company to a range of financial and strategic buyers and assisted in negotiating key transaction terms.

In April 2011, Main Street Gourmet was acquired by Clover Capital, a private equity firm based in Los Angeles, California.  The shareholders retained an ongoing ownership interest to share in the economic benefit of the company’s future growth potential.

Messrs. Marks and Nelson said, “Western Reserve’s expertise, wisdom and experience provided an immense amount of comfort and security throughout the process.  We were thoroughly impressed with their commitment to keep our best interests first while achieving our strategic and financial objectives.  We are truly fortunate to have selected Western Reserve to handle this transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

NTI

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Ohio Moulding Corporation

Western Reserve acted as exclusive financial advisor in the recapitalization of The Ohio Moulding Corporation (“OMCO”).

OMCO, founded in 1955 and headquartered in Wickliffe, Ohio, is a leading provider of highly engineered roll formed products, primarily to niches in the over-the-road trailer, specialty trailer, specialty truck, commercial refrigeration and other industries.  It manufactures roll formed products through two subsidiaries, Midwest Roll Forming & Mfg., Inc., located in Pierceton, Indiana and WG Corporation, located in Morgantown, Pennsylvania.

Western Reserve worked with OMCO’s shareholders and senior management to refinance the company’s existing credit facilities and recapitalize the business. The new capital structure was comprised of a five-year senior secured revolving credit facility and term loan and a senior subordinated note issuance due in 2011. The transaction enabled OMCO to provide liquidity to its shareholders and facilitate the company’s continued growth.

Ben Yorks, OMCO’s Chief Executive Officer, commented, “We are very pleased with the technical and strategic support Western Reserve provided us in executing this complex transaction. Their expertise and dedication to executing the transaction resulted in a very favorable outcome for our company and shareholders.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Osmose Holdings, Inc.

Western Reserve served as the exclusive investment banker to Osmose Holdings, Inc. in its sale to funds managed by Oaktree Capital Management, L.P. Western Reserve also rendered a fairness opinion to the Board of Directors of Osmose in connection with the transaction.

Founded in 1934 and based in Buffalo, New York, Osmose operates in three business segments:

Wood Preservation — Manufacturer and marketer of wood preservation and treatment technology

Utilities Services — Provider of pole maintenance, pole restoration, field survey services, engineering services and storm response

Railroad Services — Provider of bridge services including construction, engineering, inspection, maintenance and repair

Oaktree, headquartered in Los Angeles, California, is a leading global investment management firm focused on alternative markets, with $77.9 billion in assets under management as of March 31, 2012.

James Spengler, President and Chief Executive Officer of Osmose, will continue to serve in the same capacity along with Osmose’s existing management team.  “Osmose has built very strong brand recognition and a solid reputation for innovative products and services, excellent customer service, best in class safety performance and good growth prospects across all its business segments which attracted Oaktree to seek a partnership with management to pursue strategic growth plans.  Oaktree can provide substantial additional resources and is committed to investing in Osmose to help us expand our product and service offerings and to better meet and exceed our customers’ expectations,” said Mr. Spengler.

Ian Schapiro, Oaktree Managing Director, said, “We are delighted to have the opportunity to invest in Osmose and to provide the Company with additional resources and capabilities to expand its product and service offerings, invest in additional research and development, and deliver superior customer service. We look forward to working with Osmose’s world-class management team to continue to build on the Company’s success.”

Leading the transaction for Western Reserve were Managing Directors Ralph Della Ratta and Joseph Carson, supported by Vice President Rebecca White, Associate David Helsel and Analysts Courtney Downs and Matthew Francati.

“Osmose and Oaktree are leaders in their respective fields, and we are honored to have worked with such fine organizations,” said Mr. Della Ratta.  “We look forward to watching Osmose take its success to the next level with the help of a financial partner.”

Of working with Western Reserve, Mr. Spengler said, “Western Reserve provided tremendous support and guidance throughout the transaction.  They had a nuanced understanding of the deal’s complexities and impartially advised Osmose’s Board each step of the way.  Our shareholders recognize the value that Western Reserve added and thank them for their unwavering dedication.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Partners in Plastics, Inc.

Western Reserve acted as exclusive financial advisor to Partners In Plastics, Inc. (“PIP”) in its sale to an affiliate of Austin Capital Partners, L.P.

PIP, based in Sharon Center, Ohio, is the leading manufacturer of custom blow molded plastics products for a variety of end markets in its geographic footprint, which includes the Eastern and Midwestern U.S. Greg Vincent founded PIP in 1993 to provide enhanced blow molding capabilities to The Step2 Company, an original equipment manufacturer of children’s toys. Since then, PIP has expanded its offering of the highest quality blow molded products into numerous other end markets, including healthcare, lawn and garden, agriculture, consumer products, industrial and fuel tanks.

PIP engaged Western Reserve to explore a potential sale of the company following the installation of a new Chief Executive Officer and despite a challenging economic environment, maintenance of its strong market position throughout the recession.  PIP was acquired by an affiliate of Austin Capital, a Cleveland, Ohio based private equity firm, in March 2010.

Mr. Vincent said, “I was very pleased with the dedication that Western Reserve demonstrated on this transaction in helping me achieve liquidity and enter retirement, especially throughout an unprecedented M&A market. PIP’s combination with Austin Capital represents the best strategic outcome for the company and its employees.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

PVC Compounders, Inc.

Western Reserve acted as exclusive financial advisor to PVC Compounders, Inc. in its sale to Spell Capital Partners LLC.

Headquartered in Kendallville, Indiana, PVC Compounders is a leading, independent merchant producer of PVC compounds.  Founded more than 30 years ago, the company manufactures PVC compounds, sold in pellet and dry blend form, that are used by its customers to produce wire insulation, wire harnesses, profile extrusions, films, electrical cords, plugs and various general purpose items such as handle bar grips and grommets.

PVC Compounders’ shareholders decided to divest the company, a non-core commonly-controlled business, to reallocate capital and focus exclusively on products and markets now served by their other entities.  PVC Compounders retained Western Reserve to assist in exploring its options, and through a competitive process, Western Reserve introduced the company to several potential financial and strategic buyers.

PVC Compounders was acquired by Spell Capital in January 2006.  Spell Capital is a private equity firm based in Minneapolis, Minnesota that invests in well-managed, historically profitable, middle market manufacturing, distribution and service businesses.  Spell Capital possesses significant experience in the plastics industry and is a unique strategic partner to the company.   The transaction provided PVC Compounders’ shareholders with liquidity, allowed the management team to gain ownership in the company and aligned the company with a partner with both strategic and financial resources to help execute its growth plan.

Quaker Steak & Lube

Western Reserve provided strategic advisory services to Lube Holdings Inc. (d/b/a Quaker Steak & Lube).

Lube Holdings is the owner, operator and franchisor of Quaker Steak & Lube, a highly differentiated casual dining restaurant concept developed and refined over the past 33 years.  The company’s signature menu item is its award-winning chicken wings, known as “Best Wings USA”, prepared using the company’s assortment of 19 signature sauces and rubs.  At the time of the transaction, the Quaker Steak system comprised 27 locations in 10 states, including Florida, Georgia, Indiana, Iowa, North Carolina, Ohio, Pennsylvania, Tennessee, West Virginia and Wisconsin.  Quaker’s primary growth strategy was to continue developing its franchisee-owned restaurant system, primarily through new area development agreements for exclusive territories, with experienced franchise owners willing to develop three to five locations each.

In December 2009, Western Reserve was engaged by Lube Holdings to help the company negotiate the conversion of its Series A preferred stock into common stock.  Western Reserve also assisted in the recapitalization and negotiation of certain senior debt obligations related to a mortgage loan held by the company.

Quatech, Inc.

Western Reserve acted as exclusive financial advisor to Quatech, Inc. in its recapitalization and subsequent merger with DPAC Technologies Corp. (Symbol: DPAC.PK).

Quatech, headquartered in Hudson, Ohio, is a leader in the device networking and connectivity solutions industry. The company’s products connect multiple peripheral devices, such as keypads, cash registers and credit card swipers to a central station such as a PC or specific device server.  Quatech sells and supports its solutions both directly and through a global network of VARs and distributors.

Quatech’s shareholders sought to expand the company’s market presence and supplement its wireless product line with a legacy product offering that would support Quatech’s long-term objectives.  In March 2006, Quatech completed a reverse merger of the company into a public company, DPAC, which created a leading interconnectivity solutions company with a full suite of interconnectivity products.  Western Reserve worked with Quatech’s existing lenders and investors to provide financial support for the recapitalization and subsequent merger with DPAC.  Western Reserve also assisted Quatech in negotiating the terms and conditions of a key technology licensing agreement that further strengthened the company’s industry leadership position.

Quatech’s Chief Executive Officer Steve Runkel said, “Western Reserve was extremely helpful to us in completing this important merger. Their work with our lenders and investors to effect the recapitalization was critical to the success of the deal.”

In 2011, Western Reserve acted as exclusive financial advisor to Quatech in its sale to B&B Electronics, a portfolio company of Graham Partners.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Quatech, Inc.

Western Reserve acted as exclusive financial advisor to Quatech Inc., a subsidiary of DPAC Technologies (NASDAQ: DPAC) in its sale to B&B Electronics, a portfolio company of Graham Partners. Western Reserve also rendered a fairness opinion to DPAC’s Board of Directors in connection with the transaction. This represented the firm’s second engagement by Quatech, as Western Reserve advised the company in its 2006 reverse merger with DPAC.

DPAC, headquartered in Hudson, Ohio, designs and markets enterprise and industrial grade wireless device networking solutions that allow OEMs to embed “Wi-Fi” modules into their product designs.  The company’s products are used in an array of machine-to-machine (M2M) applications and end-markets, including retail point of sale, healthcare, transportation, industrial automation and homeland security markets, among others.

“This sale to B&B Electronics is a great outcome for all DPAC stakeholders,” said DPAC Chief Executive Officer Steven Runkel.  “Western Reserve was instrumental in identifying B&B as a potential acquirer, assisting us in efficiently clearing the market for other potential buyers and then negotiating an advantageous deal with B&B on our behalf.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Radix Enterprises

Western Reserve Partners served as the exclusive investment banker to Radix Enterprises in its sale to the Hunter Valley Company and the Vitruvian Group.  The transaction was led by Managing Director Mark Filippell and supported by Vice President David Helsel and Analyst Matthew Francati.

Radix is a leading manufacturer and global supplier of UL, CSA and factory rated high temperature and high performance insulated electrical wires and cables.  Headquartered in Euclid, Ohio with an additional plant in Aurora, Ohio, Radix sells its products to OEMs and industrial customers for use in consumer, industrial, commercial and numerous other applications.  Radix holds significant market share in the industry and is well known amongst customers, suppliers and domestic and foreign competitors.

“Western Reserve is proud to have worked with Radix, who over the last 70 years has done a remarkable job of developing the company into the domestic leader in the high temperature wire industry,” said Mr. Filippell. “We are delighted we were able to identify local investors who shared the same values and long term goals for the company as Radix’s owner, MaryLou VerMerris.”

MaryLou VerMerris said, “We were looking to find a partner that could assist us in taking the business to the next level.  I am confident that the Hunter Valley and Vitruvian team will continue to develop a strategic plan focused on growth opportunities.”

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Schwab Industries, Inc.

Western Reserve acted as financial advisor to the Bankruptcy Estate of Schwab Industries, Inc. in the sale of its assets to Oldcastle Materials, Inc., a division of CRH plc (NYSE: CRH), and Resource Land Holdings, LLC (“RLH”).

Schwab was a leading producer, supplier and distributor of ready-mix concrete, concrete block, cement and related supplies to commercial, municipal and residential contractors in Northeast Ohio and Southwest Florida. Schwab’s ready-mix operations consisted of Medina Supply Company, Quality Block & Supply, Inc. and Twin Cities Concrete in Ohio and Schwab Ready-Mix, Inc. in Florida.  The company’s assets also included Eastern Cement Corporation (“ECC”), a deep-water port on the gulf coast of Florida, and Schwab Materials, Inc. (“SMI”), an orange grove with significant identified limestone reserves in Fort Myers, Florida.

Schwab commenced a Chapter 11 bankruptcy case and filed a motion to sell the company to Cement Resources LLC, a newly formed holding company jointly owned by two private equity firms, Atlas Holdings LLC and GarMark Partners. Cement Resources emerged as the stalking horse bidder for all of Schwab’s assets and entered into a definitive asset purchase agreement with the company. In accordance with procedures approved by the bankruptcy court, Western Reserve solicited written offers from other prospective purchasers, including Oldcastle and RLH, to “top” the stalking horse bid.  A live 363 auction was held and included eight different interested parties.

Over the course of the June 2010 auction, bids were solicited for some or all of the assets, and the leading bid changed hands several times among several different groups (including combinations of groups). Ultimately, Oldcastle emerged as the winning bidder of the Ohio and Florida ready-mix assets as well as ECC, and RLH emerged as the winning bidder of SMI.

Oldcastle is the leading vertically integrated supplier of aggregates, asphalt, ready mixed concrete and paving services with 1,400 locations nationwide. Oldcastle consists of strong, established companies who retain their identity while leveraging the technology, expertise and financial resources of the larger organization. RLH was founded in 1998 to invest in agricultural, timber and mining properties in the U.S. Through partnerships with local brokers, operators and entrepreneurs, RLH invests in properties across a broad range of resource-rich asset classes. To date, RLH has organized and managed two separately funded entities as well as four private equity funds.

Sharon Custom Metal Forming

Western Reserve acted as exclusive financial advisor to Sharon Custom Metal Forming, Inc. (“SCMF”) in its sale to Roll Forming Corp., a subsidiary of voestalpine AG.

SIFCO Industries, Inc. (large aerospace turbine engine component repair operations)

Western Reserve provided the fairness opinion to the Board of Directors of SIFCO Industries, Inc. (AMEX: SIF) in connection with the sale of its large aerospace turbine engine component repair business to SR Technics Airfoil Services Limited, a wholly-owned subsidiary of SR Technics.

SIFCO, headquartered in Cleveland, Ohio, is engaged in the production and sale of a variety of metalworking processes, services and products produced primarily to the specific design requirements of its customers.  One of its major business segments was the repair of turbine engine components for the aerospace industry.

SIFCO entered into an agreement to sell the aerospace portion of its turbine engine component repair business and related assets to an Ireland-based subsidiary of SR Technics (SR TechnicsAirfoil Services Limited).  Based in Zurich, Switzerland, SR Technics is one of the world’s leading independent total solutions providers of aircraft, component, engine and technical services.  A special committee of SIFCO’s Board of Directors engaged Western Reserve to provide a fairness opinion in connection with the divestiture.  The transaction was consummated in May 2006.

SIFCO Board Member Alayne Reitman remarked, “The SIFCO Board appreciated the independent perspective that Western Reserve provided in advising us as to the fairness of the divestiture of our large aerospace turbine engine component repair business.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Signature Styles, LLC (portfolio company of Patriarch Partners)

Western Reserve represented Signature Styles, LLC in its bankruptcy reorganization pursuant to Section 363 of the Bankruptcy Code.  Based in New York, NY, Signature Styles is a direct-to-consumer marketer of women’s fashion apparel comprising three distinct brands: Spiegel, Newport News and Shape FX.

Signature Styles commenced a Chapter 11 bankruptcy case in June and filed a motion to sell the company to a stalking horse bidder, Artemiss, LLC.  Artemiss had entered into an asset purchase agreement for aggregate consideration of the assumption of certain liabilities and obligations of the company.  In its final form, Artemiss also paid cash consideration of $2.0 million to unsecured creditors.

In accordance with procedures approved by the bankruptcy court, written offers were solicited by Western Reserve from over 270 other prospective purchasers to “top” the stalking horse bid.  Artemiss emerged from the process as the prevailing bidder, and its acquisition of Signature Styles was approved by the court on September 7, 2011.

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.”  

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Superior Production LLC

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

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

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

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

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Technical Consumer Products Inc.

Western Reserve acted as exclusive financial advisor to Technical  Consumer Products, Inc. (“TCP”) in the arrangement of a $30 million senior secured revolving credit facility provided by PNC Business Credit.

Headquartered in Aurora, Ohio, TCP is the leading provider of energy efficient lighting products in North America.  The company is the largest supplier of compact fluorescent light bulbs (“CFLs”) in the U.S. and Canada and offers an extensive product line including cold cathode, linear and high bay systems, exit and emergency lighting, high intensity discharge lamps and LED products.  Many of the best lighting brands in the world rely on TCP to provide the most cost-effective and energy efficient lamps and accessories for their name brand and private label offerings.

The company engaged Western Reserve to consummate a refinancing of its existing credit facility with a new financial partner.  Western Reserve conducted a highly efficient and comprehensive marketing process while fielding numerous questions about TCP’s complex business.  In December 2009, TCP chose PNC as the company’s financial partner, who supplied a $30 million senior secured revolving credit facility.

Tenere Inc. (portfolio company of Stonehenge Partners Inc.)

Western Reserve Partners served as the exclusive investment banker to Tenere Inc., a portfolio company of Stonehenge Partners, Inc., in the sale of the business to The Watermill Group, a strategy-driven private investment firm based in Lexington, Massachusetts.  The transaction was led by Managing Director Joseph Carson and Vice President Rebecca White of the Industrial Group, supported by Analyst Christopher Santagate.

Headquartered in Dresser, Wisconsin, Tenere is a full-service designer and fabricator of complex metal and plastic components and assemblies.  Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services for original equipment manufacturers (OEMs) in the network communications, enterprise software, agriculture, medical and aerospace industries.

“We enjoyed representing Tenere’s shareholders and working with the management team through this process,” said Ms. White.  “As a result of Stonehenge’s longstanding partnership, Tenere was well-positioned with strong leadership, state-of-the-art facilities and excellent customer relationships.  Watermill’s strategic insight and management expertise will make for a very valuable partnership going forward.”

“I believe Tenere’s potential is limitless,” said Jon Fisk, Tenere’s chief operations officer. “We’re approaching a critical phase in the growth of our company, and Watermill is the right partner to help us expand and scale to the needs of our customers.”

Of working with Western Reserve, Stephen Kimpel, Principal at Stonehenge, said, “We appreciate the expertise and dedication that the Western Reserve team put into this process to ensure a successful outcome for our shareholder group and provide an ideal partner for Tenere’s management team and employees.”

Stonehenge Partners, based in Columbus, Ohio, manages $700 million in committed mezzanine debt and equity capital and is currently investing from a $250 million fund.  Stonehenge targets investments of $5 million to $25 million with a focus on companies with strong market positions in Niche Manufacturing, Value-Add Distribution, Business Services, and Healthcare.

The Watermill Group is a strategy-driven private investment firm that revitalizes companies to reach their full potential. For more than three decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses at a crossroads and applies a unique combination of strategic insight and management expertise to re- imagine their future and drive growth.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

The SpyGlass Group, 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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Trilogy Pools LLC

Western Reserve served as the exclusive investment banker to Trilogy Pools LLC in the company’s acquisition by Latham International Inc.  Latham International, a pool manufacturer based in Latham, New York, is a portfolio company of Littlejohn & Co., a private equity firm headquartered in Greenwich, Connecticut. Western Reserve also provided valuation services in connection with the transaction.

Based in Fayetteville, Tennessee, Trilogy Pools is one of America’s largest and most reputable fiberglass pool manufacturers, with a network of dealers and contractors in over 25 states throughout the U.S.

Leading the transaction for Western Reserve were Managing Directors Ralph Della Ratta and Kenneth Hirsch, supported by Associate David Helsel.

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.

Weston, Inc.

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

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

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

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

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Yoder Brothers, Inc.

Western Reserve acted as exclusive financial advisor to Yoder Brothers, Inc. in its divestiture of certain assets to Syngenta AG (NYSE: SYT).

From modest beginnings as a partnership of two, hardworking Mennonite brothers – Menno and Ira Yoder – the company has evolved into a world leader in flowering research and breeding. Today, almost 90 years after its founding, Yoder, a privately-held company based in Barberton, Ohio, is the world’s leading breeder and propagator of all types of chrysanthemums, including potted mums, garden mums, spray mums and Fleurettes. The company is also a leading propagator and marketer of perennials, asters, azaleas, hibiscus, gloxinias, lisianthus, poinsettias and pot roses.

Beginning in early 2007, Yoder’s Board of Directors began exploring strategic alternatives to strengthen the company’s financial position and achieve long-term value for the business and shareholders.  After several rounds of preliminary discussions with certain strategic parties, senior management and the Board of Directors elected to pursue a sale of Yoder to Syngenta.  Headquartered in Basel, Switzerland, Syngenta is a world-leading agribusiness committed to sustainable agriculture through innovative research and technology.

Western Reserve was engaged by Yoder’s Board of Directors to represent the company in negotiating a letter of intent with Syngenta and assist senior management through the closing process.  The form and scope of the purchase offer changed several times during the course of due diligence, and Western Reserve worked closely with management in evaluating the relative value and benefits of Syngenta’s proposals.  Western Reserve led the way in negotiating, on behalf of management, a favorable transaction for Yoder’s shareholders, which involved the sale of certain assets and intellectual property related to the genetics, development, breeding, production, marketing and sale of the company’s potted and garden mum and asters product lines.  The transaction allowed Yoder to strengthen its balance sheet and management to focus resources on creating significant brand value for its remaining ornamental lines.

Yoder’s Chief Executive Officer Bill Rasbach commented, “The Western Reserve team did an excellent job of advising our board of directors through this complex divestiture and creating significant value for our shareholders, employees and customers going forward.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.