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Heritage Equity Partners Advises Precision Bend in Sale to Epic Tube

March 23, 2016, 06:53 AM

Heritage Equity Partners, an investment banking and M&A advisor to companies in transition, advised Precision Bend and Machine Company, Inc. (PBM) in the successful going concern sale of substantially all its assets to Epic Tube and Fabrication, Inc. (Epic).  Heritage Equity Partners has successfully advised hundreds of manufacturers over the past 28 years, and this marks its fifth fabrication/machine shop sale in the last several months. The sale transaction closed March 18.

PBM retained Heritage Equity Partners as its investment banker in early December 2015 to explore a sale for substantially all its assets. HEP conducted a comprehensive marketing process, resulting in a wide range of potential buyers, including multiple strategic and financial parties interested in purchasing PBM as a going concern.

“We conducted an exhaustive marketing process that produced more than 50 interested groups executing confidentiality agreements. Of those, 12 groups visited the facility and met with key management,” said Fred Cross, managing director of Heritage Equity Partners. “We are pleased that PBM was able to continue as a going concern while preserving jobs for the majority of its employees, as well as maximizing recovery for its creditors.”

Headquartered in Walcott, Iowa, PBM has more than 25 years of experience providing CNC tube and sheet bending, CNC wire forming and laser cutting. The company offers customers custom metal fabrication services including production welding, assembly and powder coating. PBM expanded its capabilities by adding a number of modern equipment upgrades, but due to pressures in the agriculture and construction sectors, the company saw reduced revenues resulting in considerable liquidity restraints.

Professionals who also worked on the transaction include:

  • Jeffrey Goetz, Bradshaw, Fowler, Proctor & Fairgrave, P.C. – counsel for PBM
  • Tom Flynn, Brick, Gentry, P.C. – counsel to senior lender, Walcott Trust and Savings Bank
  • Abigail C. L. Waeyaert, Califf & Harper, P.C., counsel for buyer

Heritage Equity Partners provides boutique investment banking services for companies in transition, whether that is finding growth capital, helping secure a new lending relationship or an entirety sale. Recognized as the nation’s leader in maximizing value for businesses and properties in special situations, Heritage Equity Partners uses a proven process that has provided solutions for more than 450 clients throughout the United States since 1988, preserving more than 40,000 jobs. Heritage Equity Partners is a wholly owned subsidiary of Heritage Global Inc.

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