Heritage Equity Partners, an investment banking and M&A advisor to distressed organizations and special situations, has advised Crescent & Sprague Supply in the successful sale of substantially all its assets to McConnell Holdings.
The transaction was effectuated through a chapter 11, section 363 sale. The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division approved the transaction on January 14 and the transaction closed on January 19.
C&S retained HEP as its investment banker to seek debt or equity financing, a joint venture partner or a buyer for substantially all its assets. HEP conducted a comprehensive marketing process, resulting in a wide range of potential lenders, investors and buyers conducting due diligence. HEP gained agreement from C&S’ lender, Crestmark, to continue financing operations while conducting the sale process.
“It is extremely gratifying to have helped craft a solution that not only allows C&S to continue operations, but also lets the majority of C&S’ 37 employees keep their jobs,” said Hank Waida, managing director of HEP.
Marietta, OH-headquartered C&S is a 119-year-old leading wholesale and industrial distributor of quality electrical, plumbing, HVAC and waterworks supplies. The company services industrial accounts, schools, hospitals and colleges.