Investment Banking

Tully & Holland Consumer Market Update March 2017

TullyandHollandTully & Holland is pleased to provide a market update for March 2017, highlighting notable transactions, recent market trends and a comprehensive list of transactions in the consumer space. This report is distributed on a monthly basis. We welcome your comments and feedback.

  • Total M&A transactions in the tracked consumer verticals were down 5% in March vs. prior year and down 27% from February.
  • Buyers remain cautious perhaps reflecting a level of political uncertainty, while several major retailers have responded to challenging economic times by announcing corporate restructuring.

Tully & Holland is currently working on a range of sell-side and buy-side assignments. A selection of these assignments include the following:

  • Leading Amazon marketplace merchant
  • All-natural artisanal cracker company
  • Multi-channel home decor company
  • Multi-location retailer of gift and accessories
  • International e-commerce client seeking brick & mortar retailer
  • Financial buyer seeking e-commerce platform

Founded in 1992, Tully & Holland, Inc. is a leading US investment bank that provides merger & acquisition advisory services and private placements to consumer companies with special emphasis on food & beverage companies, retailers, multi-channel marketers, consumer product manufacturers and distributors. For further information on Tully & Holland please visit our website at http://www.tullyandholland.com.

Read the full report.

TM Capital Advises Pride Equipment in its Sale to Sunbelt Rentals

TMCapital_250x125TM Capital is pleased to announce that we served as exclusive financial advisor to Pride Equipment Corporation (“Pride”) in its sale to Sunbelt Rentals. Based in Islip, New York and owned by the Noto family for over 47 years, Pride is a leading provider of aerial equipment rental services to the vibrant New York metropolitan marketplace and is one of the largest independent specialty equipment rental companies in the United States. Sunbelt, one of the largest equipment rental companies in North America, constitutes the U.S. operations of Ashtead Group plc (LON: AHT), which has a market capitalization of over $10 billion.

TM Capital worked closely with the Noto family to develop an investment thesis highlighting Pride’s superior equipment utilization rates, culture of outstanding customer service and robust growth opportunities. TM Capital coordinated a focused global marketing process that ultimately resulted in a successful transaction with Sunbelt.

Ashtead’s chief executive, Geoff Drabble, commented: “This acquisition further enhances Sunbelt’s position in the important New York City market. Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base. This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions. I would also like to welcome all of the Pride employees who will be joining Sunbelt as part of the acquisition and look forward to working with them to deliver on the major opportunities ahead.”

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TM Capital Advises Midwest Wholesale Hardware in its Sale to High Road Capital Partners

TMCapital_250x125TM Capital is pleased to announce that we served as exclusive financial advisor to Midwest Wholesale Hardware, an investment holding of Olympus Partners, in its sale to High Road Capital Partners. Midwest Wholesale Hardware is a premier national wholesale distributor of commercial and institutional door hardware, electronic access controls and security solutions.

TM achieved an exceptional outcome for the sellers by coordinating a highly competitive process that illustrated the Company’s unique ability to serve immediate-need repair and maintenance demand with outstanding inventory depth, high-touch personalized service and value-added technical expertise. The transaction pairs management with the ideal financial partner to capitalize on Midwest’s leadership position to accelerate a multi-faceted growth plan and pursue strategic acquisitions.

  • Midwest Wholesale Hardware, headquartered in Kansas City, is a premier national wholesale distributor of commercial and institutional fire and life safety door hardware, electronic access controls and security solutions
  • With the industry’s largest next-day fulfillment platform, the Company provides expert customer service and offers an extensive inventory for immediate-need applications
  • This is the second transaction completed by TM Capital professionals for a middle market investment holding from Olympus Partners’ portfolio
  • Management and High Road Capital Partners plan to accelerate the Company’s growth by expanding its distribution coverage and pursuing strategic acquisitions

“While the private equity ownership of Midwest Wholesale Hardware had worked with the TM Capital team before, this was my first experience with them. What impressed me was the time they took to dig into and build out our company’s story in a compelling way, and then take our story effectively to the market. They prepared management well for each stage of our interactions and enabled us to focus on running the business. The senior partners were there literally every step of the way, and we enjoyed working with the whole team. In the end, they helped us find the right new partner in High Road Capital: a firm that knew our space and is excited to support us in our future growth plans.” – Chris Casazza, CEO, Midwest Wholesale Hardware

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Mirus Capital Advisors Industry Report on IoT M&A Coverage

mirus_250x125The IoT sector is beginning to feel like the frontier of the Wild West in the mid-nineteenth century. Yes, indeed, it was the Gold Rush where Americans, European hunters and trappers, and wealth seekers from around the world risked everything to chase their fortunes in California. Over approximately a five-year period, 250,000 miners found a total of $200 million in gold (worth tens of billions in today’s dollars).

However, the vast majority of miners arriving late to the party ended up exhausted and broke. As panning gave way to more sophisticated and expensive mining technologies, so did the individual miner to large gold companies. At that stage, success on the frontier was defined by the ability to create and defend a community, improve productivity and use of the land, development of new markets, and ultimately, the conquest of competitors. Like the Gold Rush of the 1800s, IoT has started small and gathered momentum, changing company strategy, technology and social norms along the way.

The question in front of every IoT entrepreneur and investor now is: Where will you fit into the spectrum of success in this new era, the “Gold Rush of the 21st Century?”

Read the full report.

The BIG Deal: ACG Boston’s Most Exclusive Event | Jan. 17

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After two sellout years in a row, ACG Boston’s most exclusive members-only event — The BIG Deal — returns to Legal Harborside’s 2nd Floor in January 2017.

At The BIG Deal, senior-level ACG members of the private equity, investment banking, and corporate development communities across the US come together for an evening of unparalleled networking to build relationships with those who truly drive dealmaking in the Northeast. Key deal professionals will connect over delicious food and cocktails while enjoying one of Boston’s best views of the waterfront from Legal Harborside.

The BIG Deal is an annual invitation- and ACG members-only event for senior-level investment bankers, private equity investors, and corporate development professionals.

Event Details

Tuesday, January 17, 2017
6:00PM – 8:30PM
Legal Harborside, Floor 2
270 Northern Ave | Boston, MA

Members: $160.00
Non-Members can purchase ACG Boston Membership and receive complimentary BIG Deal registration.

Learn more here.

Featured Member: Sara Bowdoin, Siguler Guff

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Sara Bowdoin,
Vice President,
Siguler Guff

How did you end up in your line of business?

A little bit by chance, actually.  Prior to joining Siguler Guff, I was working at a boutique investment bank and really didn’t know much about the fund-of-funds world.  A headhunter approached me about the position in Boston and it has been a perfect fit.  My favorite part of my prior job was working with small and lower middle market companies.  Through our small business platform at Siguler Guff, I still get to do that every day.

How did you first get involved with ACG Boston?

Although I have been an ACG member for a few years, I only recently became more involved with the group.  I went through the ACG Boston ACCELERATOR program in August, which was a great way to connect with other young professionals in the area.

What’s the best advice you’ve ever received?

A coworker once gave me advice about networking — he said that instead of going into a networking event thinking, “How can this person help me?” think, “How can I help this person?”  It is a subtle change, but the resulting conversations are more honest and open once the pressure to “get something out of it” is removed.

What is something people don’t know about you?

While in college at Wake Forest University, I lived in Venice, Italy for five months in a house on the Grand Canal — the same house where my parents met 30 years earlier.  While I didn’t meet my future husband there, I was able to travel to Venice with him this summer and show him the house.

What is your most satisfying professional accomplishment?

There is nothing better than seeing a small business thrive post-acquisition. Not only does it validate your underwriting, but it is rewarding to see businesses succeed. One of my first co-investments was in a specialized publishing business that was carved out of a large public company. This division had been neglected by the parent company and our acquisition with the private equity sponsor really brought new life to the company, especially the management team. The company continues to take market share and introduce new products. It has been a great investment so far and I’ve enjoyed watching the company’s success.

What is the best vacation you’ve ever had?

I would have to say Kauai in Hawaii. We went for our honeymoon and it was the most relaxing vacation in a beautiful spot.

TM Capital Advises J.E. Berkowitz in its Sale to Consolidated Glass Holdings

TMCapital_250x125TM Capital is pleased to announce that we served as exclusive financial advisor to J.E. Berkowitz, L.P. (“J.E. Berkowitz”) in its sale to Consolidated Glass Holdings, Inc., a portfolio company of Grey Mountain Partners. J.E. Berkowitz fabricates a full suite of glass products, including insulating, engineered, tempered and laminated glass, for a range of commercial buildings. TM Capital assisted J.E. Berkowitz in identifying and attracting a strategic partner in Consolidated Glass Holdings committed to supporting our client’s many growth opportunities.

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