Tag Archive for: ExitPlanning

Independent Stave Company

KENTUCKY BOURBON BARREL HAS BEEN ACQUIRED BY INDEPENDENT STAVE COMPANY

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ABOUT THE TRANSACTION:

Kentucky Bourbon Barrel (“KBB” or the “Company”) has been acquired by Independent Stave Company (“ISC” or the “Buyer”).

Headquartered in Louisville, Kentucky, KBB operates at the center of one of the world’s most important bourbon markets. The family-owned company supplies high-quality, ready-for-filling used barrels to distilleries, wineries, and breweries worldwide.

KBB has built a reputation around the quality and diversity of its used bourbon and whiskey barrels. Previously filled barrels can impart distinctive aromas, flavors, and characteristics to spirits, wine, and beer. As a result, these barrels provide producers with additional opportunities to develop unique products and flavor profiles.

Independent Stave Company is a family-owned cooperage serving customers in more than 40 countries. The Boswell family founded ISC in 1912, establishing a business centered on cooperage craftmanship, innovation, and customer service. Today, ISC produces new oak barrels and other cooperage products for the spirits, wine, and brewing industries. The acquisition of KBB expands ISC’s ability to provide customers with sought-after previously filled barrels. Furthermore, the combination broadens access to barrels that previously aged bourbon, whiskey, and other distinctive liquids. These barrels can provide unique characteristics for customers developing new or differentiated products.

Tim Ratliff, President and co-owner of KBB, expressed enthusiasm about partnering with an organization sharing the Company’s vision and founding principles. He also emphasized KBB’s continued commitment to quality, service, product availability, and a diverse barrel portfolio. The transaction brings together two family-owned companies with complementary capabilities and strong positions within the cooperage and barrel industries. Additionally, Independent Stave Company provides KBB with resources and industry experience to support future opportunities while maintaining its commitment to customers.

Allston Advisory Group served as the exclusive financial advisor to Kentucky Bourbon Barrel and its owners. Allston performed an Analysis of Value and developed a confidential marketing strategy for the Company. Additionally, Allston identified prospective buyers, managed negotiations, assisted with due diligence, and facilitated the transaction through closing. Consequently, the transaction provided liquidity to KBB’s owners while establishing a strategic partnership with an experienced industry leader. The transaction structure also incorporated a stock exchange designed to address the Sellers’ objectives. Importantly, the combination provided KBB’s employees and customers with continuity under an established, well-capitalized new owner.

ABOUT ALLSTON ADVISORY GROUP:

Allston Advisory Group is an independent mergers and acquisitions advisory firm serving lower middle market companies throughout the United States. The firm provides sell-side advisory, business valuations, and exit strategies, to privately held companies across diverse industries. Allston works closely with business owners to understand their financial, strategic, and personal objectives before entering the market. The firm then manages a confidential and disciplined transaction process from initial preparation through closing.

For additional information on this transaction, please contact one of our advisors.

NEWS SOURCES: 

What Enterprise Value Includes at Closing

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Business owners often assume the agreed enterprise value represents the amount they will receive at closing. However, enterprise value is only the starting point. In most M&A transactions, buyers value a business based primarily on its expected future earnings and cash flows, discounted for risk. Buyers also expect the operating assets necessary to generate those earnings.

This relationship creates an important connection between enterprise value and working capital. Most lower middle market transactions occur on a cash-free, debt-free basis. Therefore, the seller generally retains excess cash and remains responsible for indebtedness at closing. The buyer, however, still expects to receive a business capable of operating normally after the transaction. That expectation includes an appropriate level of working capital.

Working capital generally consists of operating current assets less operating current liabilities. Depending on the business, these accounts may include receivables, inventory, payables, and accrued expenses. Without sufficient working capital, the buyer could immediately need additional cash to operate the business. Conversely, excess working capital could transfer additional value beyond the negotiated economics.

For this reason, buyers and sellers typically establish a working capital target before closing. The target represents the normalized working capital required to support ordinary business operations. Historical working capital often provides the starting point for this analysis. Yet seasonality, growth, unusual balances, and changing business conditions may require adjustments.

The parties should also define exactly which accounts enter the calculation. Otherwise, disagreements may arise over cash, debt-like items, customer deposits, prepaid expenses, or other balances. At closing, the parties compare actual working capital with the agreed target. A shortfall generally reduces the seller’s proceeds, while an excess generally increases them.

This adjustment does not necessarily change enterprise value. Instead, it reconciles the balance sheet delivered at closing with the assumptions underlying the negotiated purchase price. Accordingly, sellers should understand enterprise value and working capital before signing a Letter of Intent. Waiting until due diligence may create unexpected changes to anticipated proceeds.

An experienced M&A advisor will help establish the appropriate working capital methodology early. The advisor may also coordinate the analysis with the seller’s accounting and legal professionals. Clear definitions prevent working capital from becoming a closing surprise. They also ensure the buyer receives the operating balance sheet contemplated by the transaction.

Private Capital Markets: Is Now the Time to Sell?

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The private capital markets are experiencing strong transaction activity, favorable valuations, and significant demand for quality middle market companies. For business owners considering an exit, current conditions deserve careful attention. Robert T. Slee, an investment banker and influential author, examines private market cycles in Private Capital Markets: Valuation, Capitalization, and Transfer of Private Business Interests. Slee’s research suggests that U.S. private markets operate within approximately ten-year transfer cycles.

According to this framework, the market currently favors sellers. Strong earnings, available financing, and significant buyer demand continue to support attractive valuations for quality businesses. However, favorable market conditions rarely continue indefinitely. Slee’s market-cycle analysis suggests this seller’s market may begin weakening toward the end of 2017. Thereafter, the market could enter a period of uncertainty through approximately 2020. The framework anticipates a buyer’s market following that neutral period. Under this scenario, weaker conditions could continue through approximately 2023 before the cycle begins strengthening again.

Meanwhile, several factors continue supporting today’s active M&A environment.

Private equity groups maintain substantial capital (“dry powder”) available for acquisitions and continue pursuing quality companies. In particular, they seek businesses with sustainable cash flows, strong management teams, defensible market positions, and meaningful growth opportunities. At the same time, strategic buyers continue using acquisitions to supplement organic growth. Acquisitions may provide immediate access to customers, geographic markets, products, technologies, employees, and other strategic capabilities. Demographic trends create another important consideration within the private capital markets. A significant population of middle market business owners are approaching traditional retirement age. Consequently, more owners may pursue liquidity and succession strategies during the coming years.

An increasing supply of businesses for sale could eventually affect market dynamics. More sellers competing for buyer attention may place pressure on valuations, particularly if economic conditions or financing markets weaken. For business owners, these trends reinforce the importance of early exit planning. Preparing a company for sale may require several years of deliberate work. Owners should strengthen earnings, develop management, diversify customers, improve financial reporting, and address identifiable business risks. They should also establish realistic valuation expectations and clearly define their personal and financial objectives.

No business owner can perfectly predict the next market cycle. Nevertheless, understanding conditions within the private capital markets will help owners make informed decisions about timing. For owners considering an exit within the next several years, 2016 provides an important opportunity to evaluate their alternatives. Early preparation creates flexibility and positions owners to act while market conditions remain favorable. Whether it’s selling to a private equity group, a strategic, or watching your “baby” flourish, Allston Advisory Group has the experience to assist you with the desired transaction for your business.

Building the Investment Story in a Confidential Information Memorandum

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A successful M&A process requires more than presenting financial statements to prospective buyers. Buyers need to understand the business behind those numbers. At the outset, the Confidential Information Memorandum, or CIM, provides that understanding. It organizes detailed company information into a clear and credible M&A investment story.

Developing the Company Story

Developing the CIM requires close collaboration between the business owner and M&A advisor. Management understands the company, while the advisor understands how buyers evaluate acquisition opportunities. To develop that perspective, the advisor must learn how the company operates and creates value. This process requires detailed discussions with owners and key management. Those discussions typically address:

  • Company Overview: History, ownership, locations, products, services, and business model.
  • Core Operations: Processes, capabilities, technology, facilities, and other operational resources.
  • Competitive Position: Differentiators, market position, competitors, and barriers to entry.
  • Customers and Contracts: Major relationships, recurring revenue, concentration, and contractual arrangements.
  • Management and Employees: Organizational structure, key personnel, responsibilities, and management depth.
  • Growth Opportunities: Expansion initiatives, new markets, additional services, acquisitions, and other opportunities.
  • Financial Performance: Historical results, normalized EBITDA, margins, trends, and relevant operating metrics.
  • Risks and Challenges: Material weaknesses, obligations, dependencies, and other issues buyers should understand.

From that analysis, the advisor may identify the themes that distinguish the company from other acquisition opportunities.

Creating a Credible Presentation

Therefore, the CIM should connect those themes throughout the presentation. Financial performance should support the company’s operating story, competitive position, and growth opportunities. Just as importantly, the document must remain balanced and credible. Buyers may question an overly promotional presentation that ignores obvious risks or challenges.

At this stage, the CIM should not disclose every piece of information available about the company. Highly sensitive information may remain reserved for later due diligence. Instead, the document should provide enough information for qualified buyers to evaluate the opportunity and formulate informed offers.

Positioning the Business for Buyers

Looking ahead, a compelling M&A investment story helps buyers understand where additional value may exist under new ownership. Different buyers may recognize different strategic or financial opportunities. In this setting, the M&A advisor may use those differences to position the company across a competitive marketplace. Strong positioning may encourage multiple buyers to pursue the opportunity and submit competing offers.

Supporting a Competitive Sale Process

The CIM also provides a consistent presentation of the business to prospective buyers. Each qualified buyer receives the information necessary to evaluate the company from a common starting point. As discussions progress, the advisor can build upon the CIM through management meetings, supplemental information, and buyer-specific conversations.

Altogether, a well-prepared CIM does more than describe a business. It explains how the company creates value, why buyers should care, and where future opportunities may exist.

Qualifying M&A Buyers (and Eliminating the Tire Kickers)

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Finding prospective buyers represents only one part of selling a business. The more difficult task involves determining which buyers can actually complete a transaction. Every sale process can attract tire kickers. These prospective buyers express interest but lack the commitment, resources, or clear objectives required to close.

Some may simply want information about the company or industry. Others may have capital but remain uncertain about what they want to acquire. Another group may pursue numerous opportunities while waiting for an unusually favorable deal. Whatever their motivation, tire kickers may consume considerable time and management attention. More significantly, sellers may disclose sensitive information to parties that never represented credible buyers.

Identifying Serious Buyers

For these reasons, qualifying M&A buyers should begin early in the sale process. The objective is not to eliminate buyers unnecessarily. Instead, qualification helps determine which parties deserve additional information and management attention.

A serious buyer should understand why the company fits its acquisition strategy. The buyer should also possess the financial resources necessary to complete the transaction. Beyond those fundamentals, the M&A advisor should understand several aspects of the buyer’s acquisition plans:

  • Acquisition Criteria: Does the company fit the buyer’s industry, size, geography, and investment parameters?
  • Strategic Rationale: What specifically makes the company attractive to the buyer?
  • Financial Capacity: Does the buyer have sufficient capital or realistic financing sources?
  • Transaction Experience: Has the buyer successfully completed acquisitions before?
  • Decision Process: Who makes the final acquisition decision?
  • Timing: Does the buyer have a realistic timetable for completing the transaction?
  • Potential Obstacles: What issues could prevent the buyer from closing?

Together, these questions provide a clearer picture of the buyer’s credibility and level of commitment.

Managing Access to Information

Once the advisor establishes initial credibility, the buyer can execute a confidentiality agreement. The buyer may then receive the Confidential Information Memorandum. Information should become more detailed as the buyer advances through the process. Sensitive customer, employee, pricing, and proprietary information may remain restricted until later.

This progression protects confidentiality while allowing serious buyers to conduct an informed evaluation.

Focusing on Buyers Who Can Close

Qualifying M&A buyers also strengthens the broader sale process. Management may focus its time on parties with genuine interest and sufficient resources. The advisor may then evaluate buyer feedback, compare indications of interest, and determine which parties should advance toward negotiations.

A large buyer list alone does not create a competitive marketplace. The quality and credibility of those buyers matter far more. Tire kickers will inevitably appear during some sale processes. A disciplined M&A advisor identifies them early and keeps the process focused on buyers capable of closing.

Maintaining Negotiating Leverage With a Single Buyer

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M&A professionals often say that having only one buyer is similar to having no buyers. The expression highlights the value of competition. Multiple qualified buyers give a seller alternatives and strengthen negotiating leverage. However, even a well-managed sale process may eventually narrow to one credible buyer. When that happens, the seller’s strategy must change.

When the Competitive Process Narrows

A competitive sale process may begin with numerous strategic and financial buyers. Some buyers will decline, while others may withdraw after reviewing the opportunity. Eventually, one buyer may emerge with the strongest interest, strategic fit, financial capacity, and willingness to complete the transaction.

At this point, single buyer negotiating leverage depends less on competing offers. Instead, it depends on understanding the motivations and limitations of both parties. The seller should first understand why the buyer remains interested. Strategic objectives, growth opportunities, synergies, or market expansion, may create compelling reasons to complete the acquisition. Those motivations may become meaningful sources of leverage.

Establish the Seller’s Position

Before advancing negotiations, the seller should define acceptable transaction terms. Purchase price represents only one consideration. Payment structure, working capital, seller financing, earnouts, employment, and closing conditions may materially affect the transaction’s economics.

Above all, the seller should establish a walk-away position before negotiations become emotional. An unacceptable transaction does not become acceptable simply because it represents the only current offer.

Negotiate From a Position of Patience

With only one buyer, the seller should avoid unnecessary urgency. Pressure to complete the transaction may transfer additional leverage to the buyer. Under these circumstances, patience becomes particularly valuable. The M&A advisor should maintain a disciplined process and evaluate each proposed change on its merits.

The advisor should also understand the buyer’s constraints. Buyers may face internal deadlines, financing requirements, acquisition objectives, or other pressures. Seen in that light, negotiating leverage does not disappear simply because competing buyers have left the process.

Protect Leverage Before Exclusivity

The seller generally retains greater flexibility before signing a Letter of Intent. After execution, the buyer receives exclusivity and the negotiating environment changes. Therefore, the parties should resolve major economic terms before signing the LOI whenever possible. Doing so reduces opportunities for unnecessary renegotiation during due diligence.

A single buyer negotiating leverage strategy cannot recreate a competitive marketplace. However, disciplined negotiations may still protect the seller’s objectives. One buyer can produce a successful transaction. The seller simply needs to understand where leverage remains and remain willing to reject an unacceptable deal.

How Capital Expenditures Shape Business Value

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EBITDA provides a common starting point for valuing privately held businesses. Yet two companies with identical EBITDA may command very different valuations. One reason involves the capital required to generate and sustain those earnings. Understanding capital expenditures and business value requires looking beyond reported EBITDA. Buyers want to know how much cash the business must reinvest after generating its operating earnings.

Looking Beyond EBITDA

EBITDA excludes depreciation and amortization, which represent noncash expenses. However, the assets underlying depreciation eventually require replacement or continued investment.

A company generating $2 million of EBITDA may require substantial annual capital expenditures. Another company producing identical EBITDA may require very little reinvestment. The second business may therefore generate significantly more cash for its owners. That difference may influence buyer interest and valuation.

Understanding Different Types of CAPEX

Buyers generally examine capital expenditures within several categories:

  • Deferred CAPEX: Investment needed to replace outdated or poorly maintained assets.
  • Maintenance CAPEX: Recurring investment required to sustain existing operations and earnings.
  • Growth CAPEX: Investment intended to expand capacity, revenue, or future earnings.

Viewed separately, each category provides buyers with different insights into the company’s capital requirements.

Deferred CAPEX may create an immediate economic burden after closing. A buyer may incorporate those required expenditures into its valuation or negotiations.

Maintenance CAPEX affects the recurring cash flow available from existing operations. Capital-intensive companies may require significant reinvestment simply to maintain current earnings.

Growth CAPEX requires different treatment. These expenditures support expansion rather than existing operations and may generate additional future earnings.

How CAPEX May Affect Valuation

Businesses with limited recurring capital requirements may convert more EBITDA into cash flow. Asset-light service companies often demonstrate this characteristic. By contrast, manufacturers, transportation companies, and other asset-intensive businesses may require substantial ongoing investment.

For these companies, buyers may analyze EBITDA less maintenance CAPEX alongside other cash flow measures. They may also examine historical spending, asset age, replacement schedules, and future capital requirements.

Preparing Before a Sale

Sellers should understand capital expenditures and business value before entering the market. Historical financial statements alone may not explain the company’s actual reinvestment requirements.

A well-prepared seller can distinguish maintenance spending from growth investments and explain unusual capital expenditures. An M&A advisor will incorporate this analysis into the company’s broader value story. Clear CAPEX analysis helps buyers understand how efficiently the business converts earnings into sustainable cash flow.

Turning Business Valuation Into an Exit Readiness Plan

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Business owners often want to know what their companies are worth. However, understanding current value represents only part of effective exit planning. The more useful question is what drives that value and what prevents the business from becoming more valuable. Evaluating exit readiness and business value together may provide owners with a clearer path forward. It establishes a financial benchmark while identifying areas that deserve attention before a sale.

Establishing a Starting Point

A preliminary valuation provides an indication of the company’s current value based on its financial performance and other relevant factors. More broadly, the analysis may identify characteristics that positively or negatively influence buyer perceptions. These characteristics often become the company’s principal value drivers. Common value drivers include:

  • Customer Base: Revenue diversification, retention, recurring relationships, and concentration.
  • Profitability and Growth: Historical growth, margins, earnings consistency, and future opportunities.
  • Competitive Position: Differentiation, barriers to entry, market position, and competitive advantages.
  • Management Depth: Leadership capabilities, succession, and dependence on individual owners.
  • Products and Services: Quality, differentiation, demand, and recurring revenue characteristics.
  • Financial Reporting: Reliable statements, accurate reporting, and supportable normalized earnings.
  • Operations: Documented processes, scalable systems, technology, and operating efficiency.
  • Industry Dynamics: Growth prospects, consolidation, regulation, competition, and broader market trends.

Moving From Valuation to Exit Readiness

A valuation identifies what the company may be worth today. Allston Advisory Group’s Exit Readiness Assessment takes the analysis a step further. The assessment evaluates the business from the perspective of a prospective buyer. It identifies strengths, weaknesses, risks, and opportunities that may affect a future transaction.

Building on those findings, the owner may prioritize improvements based on their potential impact and required implementation time. Some issues may require relatively simple changes. Others, such as management development or customer diversification, may require several years.

Creating a More Marketable Business

As progress develops, owners may measure improvements against the original valuation and assessment. This process creates accountability and helps management focus on meaningful value drivers. Owners should periodically revisit exit readiness and business value as the company changes. The assessment should evolve alongside financial performance, management, customers, operations, and market conditions.

Preparing for an exit does not mean committing to a sale. Instead, it creates options. A preliminary valuation establishes where the business stands today. An Exit Readiness Assessment helps determine what the owner should do next.

THE PROSPECT VILLAGE SHOPPING CENTER HAS BEEN ACQUIRED BY KROGER

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ABOUT THE TRANSACTION:

The Kroger Co. (NYSE: KR) has acquired The Prospect Village Shopping Center from Montfort Helm Enterprises, LLC (the “Seller”).

Built in 2000, Prospect Village contains approximately 153,486 square feet of retail space. The Center is located along Highway 42 in Prospect, Kentucky. The property occupies a desirable location within one of the Louisville metropolitan area’s most affluent communities. Additionally, its location provides convenient access to surrounding residential neighborhoods and commercial areas. At the time of the transaction, Prospect Village is approximately 90 percent occupied. The tenant roster includes several national retailers and service businesses. A newly renovated Kroger Marketplace anchors the Center and serves as its primary traffic generator. Other tenants include Starbucks Coffee, Snap Fitness, Subway, Great Clips, and additional retailers.

STRATEGIC FIT WITH KROGER: 

Kroger is one of the world’s largest grocery retailers and operates stores throughout numerous markets across the United States. The company operates grocery stores, multi-department stores, convenience stores, and other retail formats. Kroger already maintains an established operating presence within Prospect Village as the Center’s anchor tenant. Therefore, acquiring the property provides Kroger with greater control over an important retail location.

The acquisition also strengthens Kroger’s real estate position within the Louisville market. Furthermore, Kroger intends to expand the property’s facilities to accommodate fuel sales. Ownership provides Kroger with greater flexibility regarding future improvements and the long=term operation of its Marketplace location. The acquisition also aligns the Center’s ownership with its principal anchor tenant.

ALLSTON ADVISORY GROUP’S ROLE: 

Allston Advisory Group served as the exclusive financial advisor to Montfort Helm Enterprises, LLC. The firm performed an extensive valuation assessment of Prospect Village before initiating the sale process. Next, Allston identified prospective strategic and financial buyers capable of acquiring the Center. The firm marketed the property to national, regional, and local investor groups.

Subsequently, Allston conducted a formal auction process designed to create competition among the prospective purchasers. Through this process, the marketplace established a premium valuation for the property. Notably, Kroger held a right of first refusal to the Center. After completion of the competitive process, Kroger exercised that right and acquired the property.

Accordingly, the competitive process provided the Seller with market validation before Kroger exercised its contractual purchase rights. In turn, Kroger secured ownership of the shopping center containing its established Marketplace location. The transaction demonstrates how a competitive sale process may establish market value even when contractual purchase rights affect the final buyer.

ABOUT ALLSTON ADVISORY GROUP:

Allston Advisory Group is an experienced mergers and acquisitions advisory firm serving privately held lower middle market companies. The firm provides mergers and acquisitions, business valuations, and exit strategies. Allston works closely with business owners to understand their objectives and prepare their companies for the transaction process. The firm then manages a disciplined and confidential sale process from initial preparation through closing.

For additional information about this transaction, please contact one of our advisors.

LYNN’S PARADISE CAFÉ HAS BEEN ACQUIRED BY FRESH CAPITAL GROUP

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ABOUT THE TRANSACTION:

The former Lynn’s Paradise Café property in Louisville, Kentucky has been acquired by Fresh Capital Group (“Fresh Capital” or the “Buyer”).

Lynn’s Paradise Café opened its doors in 1991 and became one of Louisville’s most recognizable restaurant destinations. The Café attracted a diverse clientele through its distinctive atmosphere, creative menu, and unconventional approach to dining. For more than two decades, owner Lynn Winter developed a concept centered around food, entertainment, and community. The colorful property became closely associated with the Café’s personality and Winter’s original vision. Following the Café’s unexpected closure, the property presented a unique opportunity for a new owner. However, identifying the appropriate buyer required recognizing both the property’s economic potential and its distinctive character.

STRATEGIC FIT WITH FRESH CAPITAL GROUP: 

Fresh Capital Group is a Nashville-based commercial real estate development and management company focused primarily on the Southeastern United States. At this time, the company manages a real estate portfolio valued above $350 million. Fresh Capital specializes in restaurant build-to-suit projects and multi-tenant restaurant developments. Additionally, its portfolio includes office buildings, single-tenant properties, and retail centers.

The company’s experience with restaurant properties makes the former Lynn’s Paradise Café location a natural addition to its portfolio. Moreover, Fresh Capital brings development expertise and financial resources to the property. Fresh Capital also emphasizes preserving properties that contribute economic and cultural value to their surrounding neighborhoods. That philosophy aligns well with the history and recognizable character of the Lynn’s Paradise Café property. Lynn Winter expressed confidence in the buyer’s financial resources and operating capabilities. She also emphasized the value of finding an experienced organization capable of moving the property forward.

ALLSTON ADVISORY GROUP’S ROLE: 

Following the Café’s closure, the restaurant and property remained on the market for approximately twelve months without generating a satisfactory offer. Thereafter, the sellers engaged Allston Advisory Group as their exclusive financial advisor. Allston performed an Analysis of Value and evaluated the property’s marketability under the circumstances. The firm also prepared a comprehensive Confidential Information Memorandum presenting the opportunity to prospective buyers.

Nest, Allston developed a targeted marketing process and contacted qualified buyers locally, regionally, and nationally. The outreach included prospective buyers with the financial resources and experience necessary to pursue the opportunity. Throughout the process, Allston managed communications and maintained confidentiality on behalf of the sellers. The firm also facilitated negotiations and worked with the parties as the transaction progressed toward closing.

As a result, the transaction provided the seller with the desired liquidity after an extended marketing period. The property also transitioned to an established and well-capitalized new owner with significant restaurant real estate experience. The successful transaction demonstrates the value of targeted buyer identification when traditional marketing efforts fail to produce an acceptable outcome.

ABOUT ALLSTON ADVISORY GROUP:

Allston Advisory Group is an independent mergers and acquisitions advisory firm serving privately held lower middle market companies. The firm provides mergers and acquisitions, business valuations, and exit strategies. Allston works closely with business owners to understand their objectives and prepare their companies for the transaction process. The firm then manages a disciplined and confidential sale process from initial preparation through closing.

For additional information on this transaction, please contact one of our advisors.

NEWS SOURCES:

Allston Advisory Group is an experienced boutique M&A advisory firm providing a variety of services to lower middle market companies. See our footer for contact information.

(502) 742-2933
[email protected]
P.O. Box 21266, Louisville, KY 40221

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