14 Apr Circuit Board Manufacturer Transaction Completed
Acquisition Advisors is please to announce that WestOak Industries has been purchased by a St. Louis-based private equity group. Acquisition Advisors represented the seller.
WestOak Industries is a highly efficient and profitable electronic manufacturing service (EMS) provider located in western Oklahoma. EMS is a category of companies that design, test, manufacture, distribute, and provide return/repair services for electronic components and assemblies for original equipment manufacturers (OEMs).
Founded in 1973 by J.W. Rosson, the business was being managed by two of the founder’s children. They were also two of the five heirs who owned the business. Several of the family members had little interest in owning a portion of the business and none felt compelled to take it upon themselves to buy out the others. No majority group wished to cause the company to buy back large portions of stock and, importantly, the shareholder that served as president and CEO – while a degreed electrical engineer and with considerable experience in electronics manufacturing and business management – felt the business and its 25 employees would be better served by owners and managers that were more aggressive and well-capitalized.
So, the owners decided to locate a buyer that could pay “top dollar,” commit to maintaining the business in Erick, Oklahoma (where they would lease the family-owned facilities), and had the skill and capital to continue to grow the business. Through their Oklahoma Alliance for Manufacturing Excellence extension agent, Paul Walenciak, they found Acquisition Advisors.
Acquisition Advisors quietly executed its proven process and procured a handful of capable and motivated buyers, the best of whom were the experienced and gentlemanly St. Louis-based buyout tandem of Four-Seven Capital and Harding Partners. They closed, as promised, within 60 days of Letter of Intent (LOI) and tapped one of the family members to run the business. Messrs. Crawford and Harmon will serve as mentors, strategic advisors, and capital providers. The family real estate has a tenant; the employees have a bright future; the one Rosson family member who really wished to continue with the business has been promoted to the position of General Manager; and the gentlemen from St. Louis have a business that should continue to growth and earn healthy profits.
If you wish to buy, sell or value a mid-size private U.S. company, contact Acquisition Advisors. If you wish to learn more about how businesses can be sold quietly, professionally, and for absolute maximum, purchase.