Heritage Equity Partners acted as investment banker and exclusive sell-side advisor to United Support Solutions in the recently completed sale of the company to LMT Mercer Group (LMT).
Heritage Equity Partners executed the sale through a Chapter 11 process, which was approved by the bankruptcy court in New Jersey on February 26 and closed on March 3.
“We wish we would have found Heritage Equity Partners sooner,” said Joe Ostering, former CEO of United Support Solutions. “Throughout the entire process of finding a buyer, we were able to keep our employees in place and continue operations without interruption to our customers or vendors.”
Heritage Equity Partners conducted a marketing process resulting in a competing offer from a strategic partner. The two bidders participated in an auction, increasing the price by 41% through multiple rounds of bidding, with LMT ultimately prevailing.
“The acquisition by LMT will allow United to emerge from bankruptcy properly capitalized and well positioned to implement our growth strategy and continue serving customers and working with our vendors,” Ostering said.
United Support Solutions is a precision fabrication, matching and complete industrial finishing company.