Marriott & Co. is pleased to announce that the firm closed three transactions in the past four months. While we have been busy with our recent move to a new office in February 2016, our primary focus has remained on closing transactions. These three transactions are representative of Marriott & Co.’s business model of producing outstanding results for our clients. Some highlights of these three deals over the past four months include:
Entrepreneur-Led Businesses: The target companies in each of the three transactions were majority-owned and operated by the entrepreneurs that founded them.
Broad Industry Experience: The three transactions touched a number of different industries including manufacturing, aerospace and defense, and technology, media and telecom.
Lower-Middle Market Focus: All three transactions fall into Marriott & Co.’s sweet spot of working with companies with EBITDA between $1 and $10 million.
Extensive Geographic Coverage: The companies and buyers in the three transactions represented four different states – Virginia, Pennsylvania, Texas and Indiana.
Strategic and Financial Buyers: Two of Marriott & Co.’s recent deals involved strategic buyers, and one involved a private investment firm.
We would like to thank all our clients and other participants in our transactions over the past four months, and we wish everyone continued success in 2016!
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to M. & G. Electronics Corp. (“M. & G.” or the “Company”) in its merger with Kauffman Engineering, Inc. (“Kauffman”), a privately owned company headquartered in Lebanon, Indiana that supplies electrical wire harnesses, cable assemblies, populated circuit boards, molded power plugs and value-added assemblies to a broad range of markets. The transaction closed on February 1, 2016; financial terms of the transaction were not disclosed.
Headquartered in Virginia Beach, Virginia, M. & G. is a leading provider of wire and cable harnesses and instrument panels to original equipment manufacturers (“OEMs”) in a diverse set of industries, including lawn and garden, industrial, military and recreational marine. Founded in 1979 by Mark Garcea, M. & G. has manufacturing and warehouse operations in Virginia Beach, North Carolina, South Carolina and Mexico.
Justin Marriott, Managing Director of Marriott & Co., said, “It was a pleasure working with the entire M. & G. team, and we are extremely thankful that Mark entrusted us with this important assignment. The cultural fit between Kauffman and M. & G. was evident throughout this entire process, and we are thrilled to achieve such a successful outcome for all parties.”
About M. & G. Electronics Corp.:
Founded in 1979, M. & G. Electronics Corp. is a leading provider of wire and cable harnesses and instrument panels to original equipment manufacturers in a diverse set of industries, including lawn and garden, industrial, military and recreational marine. Major services provided by M. & G. include design consultation, concurrent engineering, component selection and sourcing, tooling and pattern work, and product prototyping. Major manufactured products include wire harness production, panel assembly, injection molding, aluminum panel fabrication, engraving, screen-printing and painting.
About Kauffman Engineering, Inc.:
Founded in 1973 and headquartered in Lebanon, Indiana, Kauffman Engineering, Inc. has grown from a single site wiring harness operation to a worldwide leader in providing electrical wire harnesses, cable assemblies, populated circuit boards, molded power plugs and value-added assemblies to a broad range of markets. Today, Kauffman has over 1,800 employees and operates a number of manufacturing facilities. Kauffman attributes its successful growth to its core business philosophy and implementation of quality assurance, product development, excellent delivery performance, utilization of teamwork principles, strategic acquisitions, effective marketing execution and unparalleled customer service. For more information, visit www.kewire.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Aegisound, LLC (“Aegisound” or the “Company”) in its sale to Gentex Corporation (“Gentex”) a privately owned company headquartered in Carbondale, PA with a worldwide distributor network and seven other facilities in the U.S. and U.K., in a transaction that closed September 30, 2015. Terms of the transaction were not disclosed.
Headquartered in Christiansburg, Virginia, Aegisound is a leading manufacturer of high performance, technologically advanced, integrated solutions for hearing loss prevention, communication, personal protection and safety in extreme noise environments. Aegisound’s products utilize patented technologies developed and owned by the Company that allow users to operate effectively in noise environments ranging from 105 to 150 db(A). Aegisound provides its products to a number of military and industrial customers around the world, including to the ground crews on the U.S. F-35 Joint Strike Fighter (“JSF”) program.
Mike Vaudrey, CEO of Aegisound said, “I am excited about this transaction with Gentex and look forward to continuing to build upon the success of our company for many years to come. This is a terrific outcome for Aegisound and our customers, as we are now perfectly positioned to capitalize on the many exciting growth opportunities that exist in our markets in defense and industrial applications. I would also like to thank the Marriott & Co. team for their hard work in managing an efficient process that yielded such a positive result for our company. The outcome with Gentex was everything we were looking for in a transaction.”
“We are honored that Mike provided us with the opportunity to advise Aegisound on such an important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “We thoroughly enjoyed working with him and the entire team at Aegisound, and wish them all continued success.”
About Aegisound, LLC:
Headquartered in Christiansburg, Virginia, Aegisound (www.aegisound.com) is a leading manufacturer of high performance, technologically advanced, integrated solutions for hearing loss prevention, communication, personal protection and safety in extreme noise environments. Aegisound’s products utilize patented technologies developed and owned by the Company that allow users to operate effectively in noise environments ranging from 105 to 150 db(A). Aegisound provides its products to a number of military and industrial customers around the world, including to the ground crews on the U.S. F-35 Joint Strike Fighter (“JSF”) program.
About Gentex Corporation:
Leveraging a history that spans over 100 years, Gentex is a leading provider of innovative solutions that enhance personal protection and situational awareness for global defense forces, emergency responders and industrial safety personnel operating in high performance environments. The company’s product portfolio includes helmet system platforms and capability upgrades sold under the Gentex, Ops-Core, ALPHA, Aegisound, and Pureflo brands; Dual Mirror aluminized fabrics; and Filtron light management technology. Privately held, Gentex is headquartered in Carbondale, Pennsylvania and supports its global customers through a worldwide distributor network and seven other facilities in the U.S. and the U.K. Learn more at www.gentexcorp.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce the addition of Jake Kramer as an Analyst in the firm’s Richmond headquarters.
Prior to joining Marriott & Co., Jake graduated with distinction from The Pennsylvania State University where he received a Bachelor of Science degree in Finance from the Smeal College of Business. Jake previously completed numerous summer internships in accounting and finance, including serving as a Private Equity Summer Analyst at Cypress & Kingwin Capital Group in Hong Kong, China. He was also the President and Founder of The Penn State Hedge Fund Club, as well as a member of The Penn State Investment Association.
With seven closed investment banking deals over the past two years, Marriott & Co. continues to distinguish itself as one of the most active independent boutique investment banks in advising closely-held private companies with EBITDA between $1 to $10 million.
“We are delighted to add Jake to our team and look forward to his contributions to the continued growth and success of the firm,” said Justin Marriott, Managing Director of Marriott & Co., “This addition will enable the firm to expand its already impressive client base of family-held businesses and entrepreneurial business owners across the U.S.”
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Strategic Pharma Solutions.
Richmond, VA, January 5, 2015
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Strategic Pharma Solutions, LLC (“SPS” or the “Company”) in its recapitalization led by affiliates of Periscope Equity LLC (“Periscope”), a private equity firm based in Chicago, in a transaction that closed on December 15, 2014. Periscope partnered with management to make a significant investment in the Raleigh, NC-based company. Debt financing and an equity co-investment was provided by Indianapolis-based Centerfield Capital Partners (“Centerfield”). Terms of the transaction were not disclosed.
Founded in 2007, healthcare communications agency SPS tailors communications solutions for pharmaceutical, medical device and biotechnology companies across the United States through its digital, scientific and creative offerings. The agency also specializes in brand strategy and market development for products coming to market or currently on the market. SPS has achieved extraordinary growth under the leadership of its management team led by Founder and CEO Paul Bonavita and President Courtney Kaprelian.
“I am excited to work with Periscope and believe they are the perfect partner to assist in the growth and direction of our business in the coming years,” said CEO and Founder of SPS, Paul Bonavita, “I would also like to thank the Marriott & Co. team for their hard work and professional guidance during the transaction process. Justin and his team played a critical role in ensuring that SPS found an investment group that understands our unique business model and will add significant value in the future.”
“We are thrilled to work with Paul, Courtney and the rest of the SPS team, and we look forward to continuing to build on the success of the company for many years to come,” said Steve Jarmel, principal of Periscope, “We also enjoyed working with the Marriott & Co. team and appreciate their efforts in facilitating a smooth process and timely closing.”
Justin Marriott, Managing Director of Marriott & Co., added, “We truly enjoyed working with the entire SPS team. We are honored that SPS provided us with the opportunity to advise the company on this important milestone, and I am thrilled that we were able to have such a successful outcome.”
About Strategic Pharma Solutions:
Founded in 2007, Strategic Pharma Solutions, LLC is a Raleigh-based healthcare communications agency focused on bringing clients tailor-made, strategic solutions for their marketing and communications needs. Specializing in digital, strategy, scientific and creative, SPS boasts a scaled agency model that eliminates high overhead costs for customers. With a dedicated staff of 25 persons and a network of more than 40 diverse industry experts, SPS is able to remain nimble and flexible in its approach while keeping the client top of mind in all that we do. For more information, visit www.strategicpharmasolutions.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor in Management Buyout of Cox Transportation Services.
Richmond, VA, September 25, 2014
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce its advisory role in the management buyout of Cox Transportation Services, Inc. and related entities (“CTS” or the “Company”) in a transaction that closed on September 22, 2014. Marriott & Co. served as the exclusive financial advisor to the management team of CTS led by Jay Smith (the “Management Team”) and also assisted in procuring the financing for the transaction, which comprised senior debt from Capital One Bank and mezzanine debt from F.N.B Capital Partners, L.P. (“FNBCP”). Terms of the transaction were not disclosed.
Established in 1982, CTS provides freight hauling and brokerage services to customers in a diversified group of industries across the U.S. CTS specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. The Company also operates a brokerage division that serves carriers and freight customers with logistics optimization services. CTS is based in Ashland, VA.
Jay Smith, President of CTS, said, “I am extremely bullish on the future of CTS, and I am thrilled about the opportunity to continue leading the Company as we embark on our next phase of growth. I would like to thank Marriott & Co. for the tremendous job they did to ensure the transaction closed on time and in a manner that positions our company for continued success with two strong new financial partners in Capital One Bank and FNBCP.”
“We are extremely excited to help support the growth and new ownership at CTS,” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “Backing Jay Smith and his team allowed for a smooth transition of ownership. We expect Jay and the CTS team to capitalize on the increasing trucking demand in the United States through its carrier and logistical broker services.”
“We thoroughly enjoyed working with Jay Smith and the rest of the CTS team on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “I know that the Company is poised to continue its strong growth, and we and hope to work together again in the future.”
About Cox Transportation Services:
Headquartered in Ashland, VA, Cox Transportation Services (www.truckingforamerica.com) is a leading provider of freight hauling and brokerage services to customers in a diversified group of industries across the U.S. CTS specializes in transporting time-sensitive full truckload freight on a local, regional and national basis. The Company also operates a brokerage division that serves carriers and freight customers with logistics optimization services.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Tidewater Fleet Supply.
Richmond, VA, August 18, 2014
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Tidewater Fleet Supply, LLC (“TFS” or the “Company”) in its recapitalization led by Falcon Affiliates, LLC (“Falcon”), a private investment firm with offices in Richmond, VA and Tampa, FL, in a transaction that closed August 7, 2014. Falcon partnered with management to acquire a controlling interest in the Norfolk, VA-based company. Terms of the transaction were not disclosed.
Established in 1953, Tidewater Fleet Supply is a leading independent distributor of over 135 lines of brand name automotive, truck and heavy equipment parts to commercial and governmental customers throughout Southeastern Virginia, Central Virginia and Northeastern North Carolina. TFS has achieved extraordinary growth under the leadership of its management team led by President Allan Parrott, and has been a perennial member of Inc. Magazine’s “Inc. 500/5000” ranking of the nation’s fastest-growing private companies.
Allan Parrott, President of TFS, said, “I am thrilled about our new partnership with Falcon Affiliates and look forward to continuing to build upon the success of our company for many years to come. This is a terrific outcome for TFS, our employees and our customers, as we are now perfectly positioned to capitalize on the many exciting growth opportunities that exist in our markets. I would like to thank the Marriott & Co. team for their tireless efforts in managing an efficient process that yielded such a positive result for our company. They exceeded our expectations with the level of service and professionalism that they provided through every step of the process.”
Will Krusen, President of Falcon, added, “We are excited to partner with Allan Parrott and his management team and see tremendous growth potential for the Company in the years to come. We appreciate all of the hard work that the Marriott & Co. team put forth to facilitate due diligence and a timely closing.”
“We are honored that Allan provided us with the opportunity to advise TFS on such an important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “We truly enjoyed working with him and the entire TFS team, and believe that the Company is poised to thrive under this new partnership with Falcon.”
Kaufman & Canoles provided legal advice to TFS on this transaction, and Williams Mullen provided legal advice to Falcon on this transaction. Transaction financing was provided by Xenith Bank.
About Tidewater Fleet Supply:
Headquartered in Norfolk, VA, Tidewater Fleet Supply, LLC (www.tidewaterfleetsupply.com) is a leading independent distributor of brand name automotive, truck and heavy equipment parts to commercial and governmental customers throughout Southeastern Virginia, Central Virginia and Northeastern North Carolina. The Company operates five warehouses throughout Virginia, and also manages the parts procurement for multiple municipalities and large corporations under multi-year contracts. TFS is a “one-stop shop” for its customers across a broad spectrum of vehicles, including light- and medium-duty products, as well as heavy-duty truck products. The Company offers hourly delivery service to most of its customers by utilizing its fleet of delivery trucks, creating a unique “just-in-time” delivery model that is highly convenient for its customers.
TFS was established in 1953 and has achieved significant revenue growth in recent years. The Company was ranked as one of the fastest-growing private companies in the U.S. in Inc. Magazine’s 2014 “Inc. 500/5000” ranking, marking the fourth time that TFS achieved this honor.
About Falcon Affiliates:
Falcon Affiliates is an active investor providing capital and expertise to growing enterprises in the manufacturing, distribution, and industrial and business services sectors. Falcon differentiates itself through a flexible and longer-term approach to investing, a focused portfolio, and close, complementary involvement with management. More information is available at www.falconaffiliates.com.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Construction Data Company.
Richmond, VA, July 8, 2014
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Construction Data Company (“CDC” or the “Company”), a portfolio company of Alta Communications, a Boston-based private equity firm specializing in equity investments in media and communications companies, in its financing transaction that closed on June 26, 2014. Financing was provided by Victory Park Capital, a Chicago-based privately held registered investment advisor dedicated to alternative investing through the management of private investment funds with a focus on credit and private equity. Terms of the transaction were not disclosed.
Based in Vero Beach, FL, CDC is a leading regional provider of valuable and proprietary information about commercial construction projects in local area markets covering approximately 67% of the U.S. population throughout the Eastern and Midwestern U.S. CDC provides this valuable information on a subscription basis via an intuitive, searchable web-based platform to clients including general contractors, subcontractors, suppliers and manufacturers’ representatives.
Bill Black, CEO of CDC, said, “Marriott & Co. did a tremendous job of managing an efficient transaction process for CDC from start to finish. We are extremely pleased to have an excellent new financial partner in Victory Park Capital, and we feel that CDC is now well positioned to capitalize on the numerous growth opportunities that we see in the current environment.”
Darren Sylvia, COO and CFO of CDC, said, “Marriott & Co. did an excellent job in completing the financing assignment much quicker than anticipated and under great terms for our Company that will ensure its continued success.”
“It was an absolute pleasure representing CDC and Alta Communications on this very important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “The CDC team has built an impressive business, and we are happy to have helped them secure such a solid financial partner in Victory Park for the Company going forward.”
Phil Thompson, General Partner of Alta Communications, said, “We are very pleased to announce this new partnership between CDC and Victory Park. The Alta team is excited about the future prospects of CDC and believe the Company to be well positioned to build on its market-leading strategy. Full credit is due to the Marriott team for helping us to navigate through this process and achieving such a positive outcome.”
About Construction Data Company:
Headquartered in Vero Beach, Florida, CDC is a leading regional provider of valuable and proprietary information about commercial construction projects in local area markets covering approximately 67% of the U.S. population throughout the Eastern and Midwestern U.S. CDC provides this valuable information on a subscription basis via an intuitive, searchable web-based platform to clients including general contractors, subcontractors, suppliers and manufacturers’ representatives. CDC’s subscription publications and online database are designed as a business development tool for its clients who are actively pursuing business opportunities for public and private projects in the commercial construction industry.
About Victory Park Capital:
Victory Park Capital is a privately held, registered investment advisor dedicated to alternative investing. It focuses on niche credit and private equity opportunities in middle market companies. Whether as a lender or a control investor, Victory Park Capital seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, Victory Park Capital’s headquarters are in Chicago with additional resources in New York, Boston and San Francisco.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
For Immediate Release
Marriott & Co. Serves as Exclusive Financial Advisor to Home Care Delivered, Inc.
Richmond, VA, December 12, 2013
Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Home Care Delivered, Inc. (“HCD” or the “Company”) in its financing transaction that closed on December 6, 2013. The transaction included financing provided by Capital One Bank and F.N.B. Capital Partners, L.P. Proceeds from the new capital investment were used to recapitalize the Company and position it for future growth. Terms of the transaction were not disclosed.
Based in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies delivered directly to their patients’ homes anywhere across the U.S. HCD has contracts with insurance companies across the country including Medicare, most Medicaids, managed care plans and hundreds of commercial plans. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay and extend their ability to remain in the home setting. Founded in 1996, HCD has a long successful operating history and today employs over 150 employees. HCD and its leadership have been recognized for their success numerous times over the years, including being awarded a spot on Inc. Magazine’s “Inc. 5000” ranking of the nation’s fastest-growing private companies and having Gordy Fox, Chairman, CEO and President of HCD, being selected as a finalist for the Ernst & Young Entrepreneur of the Year Award.
Gordy Fox, Chairman, CEO and President of HCD, said, “Marriott & Co. did a tremendous job of managing an efficient transaction process for HCD, and we are extremely grateful for the high level of quality, integrity and professionalism that Justin and his team displayed from start to finish. We are extremely pleased to have two excellent new financial partners in Capital One Bank and F.N.B. Capital Partners as a result of this transaction, and we feel that HCD is now perfectly positioned to capitalize on the many growth opportunities that we see in the current healthcare environment.”
“It was an absolute pleasure working with HCD on this important transaction,” said Justin Marriott, Managing Director of Marriott & Co., “Gordy and the rest of the HCD team have built an impressive business over the past 17 years and we are happy to have helped them to secure such solid financial partners for the company going forward.”
About Home Care Delivered, Inc.:
Headquartered in Glen Allen, Virginia, HCD is a rapidly growing specialty medical distributor that partners with physicians, home health care providers and other healthcare practitioners by providing medical supplies to their patients, delivered directly to their homes anywhere across the U.S. HCD has contracts with hundreds of insurance companies to include Medicare, state Medicaid plans and commercial payors throughout the US. HCD offers a wide array of name-brand products across multiple chronic care categories, including incontinence, diabetes, ostomy, urology, wound care, and oral nutritionals, many of which are disposable in nature. These products are instrumental in assisting people to return home from a hospital stay or extending their ability to remain in the home setting. HCD has 5 offices in the US and distribution that enables next-day delivery for 96% of the US population. Since its founding in 1996, Home Care Delivered has served thousands of customer an is proud of its track record of providing customers with the highest quality medical supplies and for consistently providing efficient home delivery, caring customer service and educational resources that provide peace of mind to our customers knowing their needed medical supplies are a call away.
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. is a premier, independent boutique investment banking firm focused on advising closely-held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Thor Industries, Inc. (NYSE: THO) today announced that it acquired the assets of innovative recreational vehicle maker Livin’ Lite through a wholly-owned subsidiary. The purchase is subject to customary closing conditions and is expected to be completed by August 30, 2013.
“We are pleased to welcome Livin’ Lite to the Thor family of RV brands. Adding such a creative RV maker to Thor’s strong stable of brands will enable us to expand our industry-leading position in new product development into camping trailers and truck campers,” said Bob Martin, Thor President and Chief Executive Officer. “We see many opportunities for expanding Livin’ Lite’s market presence through the Thor dealer network, and the ability to leverage their lightweight aluminum and composite construction technology in other Thor products. This transaction represents a solid example of executing our strategic plan to grow our RV presence through the acquisition of brands and technologies that complement our existing business.”
Founded by former Heartland executive Scott Tuttle, Wakarusa, Indiana -based Livin’ Lite is known for its advanced lightweight aluminum construction applied to a variety of smaller RVs, including travel trailers, toy haulers, camping trailers and truck campers. Livin’ Lite also markets its products in partnership with a number of leading consumer brands including Jeep®. Having recently been named to Inc. magazine’s list of fastest growing companies for the third consecutive year, Livin’ Lite is expected to generate sales of approximately $24 million for calendar year 2013.
“We are excited to join forces with Thor, the leading company in the RV industry, and we are looking forward to the new growth opportunities we should see as a result,” said Scott Tuttle, President, CEO and founder of Livin’ Lite. “We have worked diligently to grow Livin’ Lite over the past five years and expect to extend that growth as we bring the distribution, operational and financial strengths of Thor to bear on our business. As the newest company to join Thor, we also expect to add to our combined development efforts as we apply our proprietary technology to a broader array of existing product lines and bring our combined market strength to camping trailers and truck campers.”
Thor expects to offer Livin’ Lite’s current 35 models to its current dealer network upon closing of the transaction. The Company expects Livin’ Lite will continue to operate out of its existing Wakarusa facilities with minimal disruption to its current business resulting from the acquisition.
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.
This release includes certain statements that are “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, the level of state and federal funding available for transportation, interest rate increases, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, the impact of the divestiture of the Company’s bus businesses, asset impairment charges, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2013 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
