Recent CFO Case Studies
Integrated Healthcare Management
As CFO of a private-equity owned Integrated Healthcare Management company, ClearRidge CFO’s Director led initiatives to improve reporting and financial management, actively participated in Board meetings, and implemented new accounting methodologies and systems. Our Director was responsible for financial planning, budgeting, cash flow, investment priorities, and policy matters. She established and monitored inter-departmental goals, objectives, policies, and operating procedures, conducted financial analysis for contract negotiations, and contributed to product pricing and investment decisions. She also led Human Resources and the implementation of a new payroll and HR system company-wide. Our Director completed acquisition due diligence, forecasting, valuation, ROI analysis and the subsequent integration of acquisitions.
– completed 5 acquisitions in a three-year period, while revenues grew more than 250% prior to a subsequent sale to a strategic acquirer.
Manufacturer
A manufacturer was sold to a large New York based private equity group. The equity group buyer engaged ClearRidge to provide CFO Services; to provide financial leadership to all areas of the business, including budget projection, analysis, monitoring, and special capital projects. We were also tasked to direct financial reporting in the preparation of all financial reports, including income statements, balance sheets, shareholder reports and tax returns to satisfy the legal, strategic and operational needs of the organization. We directed the budgeting process by developing and implementing appropriate financial systems that allowed accurate budgeting, analysis and decision-making. We improved the accuracy, quality and reliability of financial forecasts. We participated in and contributed to the strategic planning process, collaborating with Company leaders to pinpoint opportunities for efficiency and cost savings, performed statistical studies of economic trends to project Company prospects for future growth in sales and market share, and lead opportunities for acquisition or expansion.
Manufacturer
A manufacturer was unable to produce accurate and timely financial reports to their outside equity investors, so ClearRidge was engaged to bridge the CFO responsibilities until a new CFO could be hired and trained. ClearRidge CFO’s Director uncovered failures to follow accepted accounting principles and practices. The company also lacked controls in processes within their inventory system, which led to inaccurate costing of the product. She supervised and retrained the in-house accounting staff to implement accepted accounting principles, change cost accounting and inventory processes, and re-state historical financial reports. She identified the changes and new processes needed to cure the issues moving forward, as well as ultimately training and transitioning the company to a replacement in-house CFO.
Food Processing Company
After their CFO resigned, a large food processing company noticed a $2 Million discrepancy in inventory reporting, but could not account for the misstatement. ClearRidge CFO’s Director was tasked with replacing their CFO and uncovering the cause of the issue. Undetected by their outside audit firm, she discovered how the former CFO had been intentionally misstating financial reports, falsifying adjusting entries from the company’s inventory accountant; over-reporting the value of inventory and under reporting COGS. Our Director disclosed her findings to our client and their lender, which subsequently triggered the company breaching their loan covenants. She continued to advise the company through their transition to a new lender (sourced by ClearRidge) and pursue new financial controls until such time that the company had completed their refinancing and a new CFO was retained and trained.
Engineering Services
A national engineering services company had consistently grown year-over-year and was seeking an equity partner to support their additional growth objectives. However, the existing CFO was struggling to reconcile intercompany transactions between different divisions, failing to produce accurate consolidated financials and implement adequate financial controls. ClearRidge CFO’s Director was engaged as their outsourced CFO to identify the breakdown in internal accounting processes between different software systems, fix historical financial reporting issues, bring financial reporting in line with accepted accounting principles and implement new financial controls, with sophisticated and detailed reporting. Her work ultimately allowed for a successful recapitalization with a large public company.
Aerospace
An underperforming division of a regional aerospace company was divested. The division operated in the procurement and sale of commercial and military aircraft parts worldwide, with one of the largest certified and traceable inventories in the world. ClearRidge was retained to oversee and manage financial functions of the new company and lead relations with outside creditors and banks. Ultimately, the financial turnaround allowed for a successful sale of the business.
Convention Center
A convention center and arena was the subject of a bank deed in lieu of foreclosure, which led to independent management of the facility. ClearRidge CFO’s Director was hired to review accounting procedures and processes, and uncovered misstatements and inaccurate record keeping. She advised on the implementation of new financial systems, controls and cash management systems. Due to historical inaccuracies, she also had to oversee the tracing of every deposit and expense over a prior period, then create a new financial reporting model. After overseeing all the necessary changes, she then had to adjust the financial goals and systems to meet the different business strategies and goals of three different ownership groups in two years.
Cost of a ClearRidge CFO?
Hiring an outsourced CFO should cost less than the all-in compensation for an in-house CFO and deliver better results in both short-term financial reporting and long-term strategic results.
Is a ClearRidge CFO right for your business?
If you are interested in learning more about a ClearRidge CFO for your business, we will set up a time to meet with you in person, discuss your needs and determine if there is a good fit for us working with your company.
Recent ClearRidge Transactions
November 29, 2024.
Innovex completes acquisition of Downhole Well Solutions
June 25, 2024.
Heater Specialists Acquires ParFab Industries
Heater Specialists LLC (“HSI”), a fully integrated single-source manufacturer of refinery and petrochemical equipment, acquired ParFab Industries in Inola, Oklahoma. ParFab Industries is a wholly owned subsidiary of the ParFab group of companies. HSI is a wholly owned subsidiary of Energy Process Technologies, Inc. (“EPTI”).
ClearRidge advises EPTI and HSI’s Management team and Board on acquisition strategy. In this acquisition, the ClearRidge team advised on financial and business matters, managed the process and due diligence.
ParFab Industries’ fabrication business is conducted on its 100-acre site in Inola, OK. The state-of-the art facility includes approximately 170,000 sq. ft. under roof. At this location, ParFab Industries fabricates convection modules, direct fired heaters, furnaces, heat recovery steam generator units, economizers, package boilers, reformers, structural steel, refractory lined components, coils, piping, insulation, transfer lines, industrial coatings, piping spools, hydrotesting, skid packages, and blast and paint services.
When combined with HSI’s facility in Tulsa, the company will own fabrication facilities spanning over 200 acres and approximately 500,000 sq. ft. of indoor fabrication space, becoming one of the largest and highest capacity fabricators in their industry, serving customers in the power generation, petrochemical, refining, renewable, syngas, and energy industries all across the world.
According to Stephen Mellott, President of HSI and CEO of EPTI: “Over the past thirty-five years, Heater Specialists has grown in both capabilities and capacity, serving more customers across more industries in the United States and internationally, but this marks a significant stage in our company’s growth. With the acquisition of the business currently conducted by ParFab Industries, we have significantly increased our capacity. We are excited to announce that we have offered continued employment to all ParFab Industries’ production employees in Inola, many of whom have been with the company for decades and we welcome them to the HSI family with over 250 employees. In addition, HSI will take over and complete all work in process and fulfill all outstanding purchase orders. To HSI’s customers and ParFab Industries’ customers, we look forward to sharing more about this acquisition in the coming months and finding ways to expand our fabrication services to meet your needs.” Upon completion of the acquisition, the company will operate its business under the HSI name.
ParFab Field Services will continue operating as a standalone and separate company under its existing ownership. According to Chris Swinbank, CEO of ParFab Field Services, “ParFab Industries has long been recognized for its excellence in heater fabrication. By transitioning this division to Heater Specialists, a company with a dedicated focus on heater manufacturing, we are confident that they will take our legacy of quality and innovation to new heights. HSI’s expertise and commitment to advancing heater technologies make them the ideal custodian of ParFab Industries’ operations. ParFab’s decision to divest from heater fabrication is driven by our strategic goal to reallocate resources and capital towards our Field Services division. Over the years, ParFab has established itself as a leader in providing top-notch Field Services supporting a wide array of industries with precision, reliability, and excellence.”
Terms of the transaction are not disclosed.
About Energy Process Technologies, Inc. and Heater Specialists, LLC
Energy Process Technologies, Inc. is the corporate parent of HSI (www.hsi-llc.com). HSI is privately-owned and was founded by Don R. Mellott in Tulsa in 1988. HSI and Mohawk Field Services are two operating divisions under EPTI and will now be joined by ParFab Industries (www.parfabcompanies.com), operating under HSI. In addition to the fabrication facilities in Tulsa and Inola, OK, HSI operates a staging and assembly facility at the inland Port of Catoosa. Within their facilities, the Company has adjacent rail spur, barge and highway access with lifting capacity up to 450 metric tons. The size and scope of fabricated vessels and heaters are over 100 ft long, 40ft in diameter, weighing over 1 Million pounds.
About Parfab Field Services
ParFab Companies has been a leading provider of field services and shop-based fabrication to the downstream energy market since 2001. In June 2024, Parfab exited its shop-based fabrication activities with the divestiture of its Parfab Industries division. The Company’s Parfab Field Services (PFS) division services a wide array of industries from the refining, petrochemical, syngas and manufacturing segments with offerings including general mechanical and specialty welding, as well as alky unit, refractory, and heat exchanger services. PFS also serves the semiconductor industry with the construction of U.S. based manufacturing facilities. Known for its commitment to quality, safety, and innovation, PFS will continue to serve these end markets with its deep roster of seasoned professionals by providing turnkey turnaround services, management and construction of new build capital projects, and field fabrication.
May 9, 2024.
Window Technology, Inc (WinTech) acquires Pocahontas Aluminum Company
WinTech (www.wintechinc.com), a leading US manufacturer and supplier to the construction industry has acquired 100% of the stock of Pocahontas Aluminum Company (www.pocahontasaluminum.com), a prominent window and door manufacturer based in Pocahontas, Arkansas. The acquisition, effective May 9th, 2024, marks a significant milestone in WinTech’s strategic growth initiatives and underscores the company’s commitment to expanding its market presence, expanding product lines and continuing their impressive growth trajectory.
Pocahontas Aluminum Company, established in 1963, manufactures windows and doors for modular homes, food trucks, hunting blinds, and other industries, serving customers with dedication and integrity for over six decades.
ClearRidge (www.clearridgecapital.com) advised WinTech’s Senior Management team and Board on acquisition strategy. The ClearRidge team advised on financial and business matters, managed the process and due diligence. Managing Directors of ClearRidge are registered representatives of M&A Securities Group, member FINRA/SiPC. WinTech’s counsel for the transaction was Kutak Rock, led by partner Randell Wallace.
Commenting on the acquisition, Jack Williams, President of WinTech, expressed his enthusiasm for the partnership between the two companies. “We are thrilled to welcome Pocahontas Aluminum Company into the WinTech family,” said Williams. “This acquisition represents an exciting opportunity to combine the strengths and expertise of two great companies, driving greater value for our customers and employee-owners. Together, we will leverage our collective resources and capabilities to improve customer solutions and enhance our competitive position in the market.”
With the addition of Pocahontas Aluminum Company, its two manufacturing facilities and all Pocahontas’ employees, WinTech aims to capitalize on synergies, optimize operational efficiencies, and deliver enhanced value propositions to customers across various industries.
As part of the acquisition, WinTech remains committed to preserving the legacy and values that have defined Pocahontas Aluminum Company over the years. The company will continue to operate under the Pocahontas Aluminum Company brand, maintaining its presence in Pocahontas and honoring its longstanding relationships with customer and vendor partners.
Terms of the transaction are not disclosed.
May 1, 2023.
Innovex acquires a minority interest in DWS
DWS (www.downholewellsolutions.com) designs, manufactures, and rents proprietary downhole drilling optimization tools, including the PowerGLIDE oscillation tool, the RIPstick anti-stall and anti-stick slip tool, and most recently the new PileDRIVER.
DWS engaged ClearRidge to advise them on acquisition strategy. The ClearRidge team managed the process and due diligence. Managing Directors of ClearRidge are registered representatives of M&A Securities Group, member FINRA/SiPC.
DWS will continue to operate as a standalone business under the leadership and majority ownership of Taylor Janca, Chandler Janca and Avinash Cuddapah. DWS are excited to build upon their legacy, grow their operations, and continue working under the DWS name, while partnering with a larger organization.
DWS was formed in 2019 and quickly gained market share with superior tools. DWS had been bootstrapped by the three founders, with no institutional capital and near zero debt. The Company’s exponential growth was a result of the founders’ commitment to designing, engineering and delivering a superior tool and exceptional service. Even with their stretch goals, the growth of the Company and gains in market share, through volatile times in the energy industry, exceeded their expectations. A minority investment in their business by Innovex brings institutional support and additional growth opportunities.
Innovex (www.innovex-inc.com) designs, manufactures, and installs mission-critical drilling and deployment, well construction, completion, production, and fishing and intervention solutions to support upstream onshore and offshore activities worldwide.
According to Innovex, “This investment will establish a partnership that will be beneficial to both Innovex and DWS, as each company will now be able to offer customers a more complete portfolio of differentiated drilling tools. This partnership is expected to foster collaboration between both companies, and we are confident that DWS’ suite of products will strengthen our Drilling Solutions product suite and market position.”
Terms of the transaction are not disclosed.
April 14, 2023.
US Pioneer acquires Comsaco
Comsaco (www.comsaco.com) has been acquired U.S. Pioneer (www.uspioneer.net). They are both leading manufacturers of shipboard electrical components and equipment, serving the shipbuilding industries and the Navy.
US Pioneer engaged ClearRidge to advise them on their acquisition strategy. The ClearRidge team managed the acquisition process and due diligence. The transaction was managed by Managing Directors of ClearRidge, as registered representatives of M&A Securities Group, member FINRA/SiPC.
In 2021, US Pioneer expanded to a new 80,000 sq ft facility and with this new acquisition, they will further accelerate their growth, continuing to invest in the combined companies, a growing team and broader capabilities to serve their customers’ needs.
Comsaco will continue to operate from its Norfolk, Virginia location under the Comsaco name with minimal disruption to its operations. Eric and Adam Westhoff will continue to lead Comsaco on a day-to-day basis, supported by the same team.
Joseph P. Moran, III, President of US Pioneer, said “We look forward to working with the Westhoffs and the Comsaco team, capitalizing on the combined strengths of our two companies. This deal just makes a ton of sense. We are in the same industry making similar products and there are innumerable ways this consolidation benefits our customers. With our first-class management team and this new acquisition, we have bold ambitions to continue on this growth trajectory.”
Eric and Adam Westhoff, brothers and co-Presidents of Comsaco, said “We are excited to build upon our family’s legacy, grow our operations in Norfolk, Virginia, continue working under the Comsaco name, and be part of a larger organization. Customers have welcomed the news and we look forward to a strong future together.”
The combined companies will remain under private ownership with no outside investors. Terms of the transaction are not disclosed.
January 31, 2023.
Summit Steel acquires Laser Specialties
Laser Specialties, Inc. (www.laserspecialties.com) (“LSI”) has been acquired by Summit Steel Fabricating Group (“Summit”), a leading ISO-9001 certified precision manufacturer of metal fabricated products.
Laser Specialties is a full-service custom and contract metal manufacturing company. Founded in 1993, LSI operates out of a 131,000 sq ft campus in Tulsa, Oklahoma and has over 55 employees, with a client list that includes OEMs, Military Products, Environmental, Energy, Construction, Transportation, and Agriculture. Summit is backed by Lorraine Capital, LLC (“Lorraine”), a Buffalo, NY private equity firm, in partnership with Ironwood Capital (“Ironwood”) an Avon, CT based subordinated debt provider.
The owners of LSI engaged ClearRidge to represent them in the sale. With an exhaustive process to prepare LSI, identify and approach potential acquirers, the ClearRidge team managed the sale process, and due diligence. The transaction was managed by Managing Directors of ClearRidge, as registered representatives of M&A Securities Group, Inc., member FINRA/SiPC.
According to Jim Clark, CEO of LSI and a new Summit shareholder, “We are excited to be joining the Summit team, and I see a bright future for our customers and people with Summit and Lorraine as strategic partners. LSI has a loyal, diverse and expanding client base and looks forward to providing them with a broader service offering. Summit was the ideal partner for us because, with their support, we’ll be accelerating investments in new equipment, manufacturing automation, and adding new team members. It will also provide expanded opportunities for our existing LSI team members as their careers progress given the larger Summit platform.
“We have a strategic vision at Summit to increase not only our capacity, but our capabilities to serve our expanding group of regional and national clients,” said Gary Romig, CEO of Summit. “Welcoming LSI into our growing company positions us very well to support the increasing demand for our services, given the team, capabilities and geographic diversity they provide. Jim’s ongoing leadership, expertise and integrity, having now joined us as a new partner in our combined enterprise along with his team, makes us an even stronger, more scalable company.”
“The LSI add-on is another important part of evolving our Summit platform. The contract manufacturing industry continues to grow and Summit is well positioned to take advantage of this tailwind given our people and our capabilities,” said Sam Russo, Managing Director with Lorraine. “LSI brings new end markets to Summit’s newly combined portfolio, and enables us to expand our relationships with customers that require high complexity, superior quality, tight tolerance, and volume production.”
Terms of the transaction are not disclosed.
December 8, 2022.
McKee Utility acquired by Boyne Capital
McKee Utility (www.mckeeutility.com) is one of the largest conveyance pipeline contractors in Oklahoma and Texas. McKee has completed hundreds of millions of dollars of water and wastewater line installation projects in the past few years, focusing on complex and higher margin projects that others are unable to successfully bid and complete. McKee’s incredible growth is attributable to their superior performance on projects and unparalleled record of completing projects early and on budget.
“We are excited to be part of the Boyne portfolio. This acquisition will provide McKee the strategic growth guidance to increase our market share in delivering complex conveyance pipelines across the United States.” – Shane McKee, CEO McKee Utility Contractors.
McKee was founded in 1978 by Lloyd George McKee in Prague, Oklahoma, along with his two sons. In 2013, Shane and Tyler McKee, the grandsons of Lloyd, acquired the business when it was operating locally with one crew. In only nine years, Shane and Tyler led McKee Utility to expand throughout Texas, Oklahoma and Arkansas, and grow to 17 crews.
In their partnership with Boyne, Shane and Tyler McKee retain a significant stake in the Company and will continue to lead McKee on a day-to-day basis under new ownership. With a strong backlog and a pipeline of work for many years ahead, Boyne was the ideal partner to support McKee’s growth and allow Shane, Tyler and their team to focus on bidding, project management, oversight, recruiting, training and retention.
Shane and Tyler engaged ClearRidge to represent McKee Utility in the sale. With an exhaustive process to prepare McKee Utility, identify and approach potential acquirers, the ClearRidge team managed the sale process, and due diligence. The transaction was managed by Managing Directors of ClearRidge, as registered representatives of M&A Securities Group, Inc., member FINRA/SiPC.
Terms of the transaction are not disclosed.
September 30, 2022.
Jetta Corporation acquired by Longwater Opportunities.
Jetta Corporation has been acquired by Longwater Opportunities, an operationally focused private equity firm with offices in Dallas, TX and Fargo, ND.
Based in Oklahoma City, Jetta Corporation is a leading manufacturer of acrylic bathtubs, with its headquarters and manufacturing facility located in Edmond, Oklahoma, a suburb of Oklahoma City. The Company was founded in 1981 and manufactures a full range of bathtubs, including Freestanding, Skirted, Drop-In, Undermount and Walk-In.
Jetta was among the only bathtub manufacturers in the U.S. that continued to meet production schedules and prompt delivery expectations through COVID and consequently, the Company gained significant market share in 2020 and 2021 as distributors looked to partner with a reliable quality manufacturer. Jetta was owned by a consortium of forty-three investors, managed by two Officers (President and CFO), two Vice Presidents and a Board of Directors.
The Board had set goals for the future sale of the company and with successful strategic and operational initiatives implemented in the last five years, Jetta met the Board’s goals and the Company engaged ClearRidge to represent Jetta in the sale. With an exhaustive process to prepare Jetta for a sale, identify and approach potential acquirers, the ClearRidge team managed the sale process, due diligence and closing. The transaction was closed by Managing Directors of ClearRidge, as registered representatives of M&A Securities Group, Inc., member FINRA/SiPC, an unaffiliated entity.
Terms of the transaction are not disclosed.
October 18, 2021.
AIR Technologies has been acquired by Fidelity Building Services Group (Fidelity BSG), a national leader in HVAC/Mechanical Services, Building Automation & Controls and Emergency Power Generators.
Based in Oklahoma City, AIR Technologies (www.airtech-ok.com) has been providing Mechanical/HVAC services to commercial and industrial buildings since 1976. Using leading edge technology, it specializes in a wide range of Mechanical/HVAC services, including engineered retrofits, planned maintenance and repairs, sheet metal fabrication, process and natural gas piping, and building management systems, among others.
Over the last four decades, AIR Technologies has enhanced its service line offerings to meet evolving industry needs, including energy conservation, indoor air quality, and building automation systems. Today, the mechanical expert focuses on commercial, industrial, and governmental projects. For eight years, AIR Technologies has been named part of “The Metro 50” by the Greater Oklahoma City Chamber of Commerce.
“The Fidelity BSG Team (www.fidelitybsg.com) is very excited to welcome AIR Technologies to our growing portfolio of companies,” says Dave Lanphar, CEO of Fidelity BSG. “Its commitment to service excellence, technical capabilities and a strong team culture makes them a natural fit for Fidelity BSG. I enthusiastically welcome all of the new Team Members.”
AIR Technologies is the 13th organization to join the Fidelity BSG portfolio and is the first in the Oklahoma region to become part of the national brand.
When the owners of AIR Technologies were approached by a strategic acquirer, they reached out to ClearRidge to advise them on the potential sale. With an exhaustive process to prepare AIR Technologies for a sale, identify and approach potential acquirers, the ClearRidge team managed the sale process, due diligence and closing.
The transaction was closed by Managing Directors of ClearRidge, as registered representatives of M&A Securities Group, Inc., member FINRA/SiPC, an unaffiliated entity.
Terms of the transaction are not disclosed.
April 9, 2021.
Livingston Machinery Company acquired by Summit Equity Group in partnership with Midwest Growth Partners.
Livingston Machinery Company (www.livingstonmachinery.com), a leading agricultural equipment dealer serving customers in Oklahoma, Texas, New Mexico, Kansas and Colorado, was acquired by Summit Equity Group in partnership with Midwest Growth Partners.
Livingston Machinery sells, services and maintains commercial agricultural equipment, employing 115 people at their four locations in Chickasha, OK, Fairview, OK, Dalhart, TX and Muleshoe, TX. In addition to their dealership and service locations, Livingston maintains a mobile service fleet that provides repair and maintenance services for customers on-site 24/7/365.
Livingston Machinery is consistently one of AGCO’s (www.agcocorp.com) leading agricultural equipment dealerships by volume and performance, currently #5 in North America. Livingston has also been the #1 or #2 dealer of Hesston Hay Tools for over 25 years and is among the top 5 Fendt dealers across North America.
Summit and Midwest Growth acquired the stock of Livingston Machinery’s former Employee Stock Ownership Plan (ESOP) and will fund new growth and expansion plans. Both Summit and Midwest Growth have deep agriculture experience with Ag Solutions Group (www.agsolutionsgroup.com).
Livingston Machinery’s ESOP was established in 2008 and while the program will dissolve, first-class benefits and support to the 115+ employees will remain a priority. Additionally, the company looks forward to providing new opportunities to team members through growth, expansion and development in the coming years. There will be no disruption or delays in product availability or services offered during the change in ownership. Much else will remain the same: key relationships, sales staff, technicians and all contact information will be unchanged and daily operations will continue just as customers have come to expect from Livingston Machinery.
“We are very excited to bring new partners into the business. They not only bring the capital needed for expansion but also bring with them experience and knowledge in the equipment business, the understanding of groups with an ag background, and a wealth of great people and resources,” said Shawn Skaggs, President/CEO of Livingston Machinery Company. “This new partnership allows us to stay rooted in the culture that helped get us to where we are now while also providing a clear path to the future.”
ClearRidge advised the Owners and Board of Directors of Livingston on the sale.
March, 2021.
IMAX Corporation acquired by Onyx
IMAX Worldwide Home is a designer, importer and wholesale distributor within the Home Décor and Decorative Accessories segment of the Home Furnishings industry. The company was formed when Al and Berrin Bulak began importing copper flower containers in 1984. The Company was recognized as one of the leading companies in their industry, employing 110 staff and operating a 500,000 square foot distribution facility, with product in multiple showrooms worldwide. IMAX carries over 3,800 product SKUs, across multiple categories and styles. IMAX developed and sourced a broad product mix of curated designs and trends to accommodate buyers as a one-stop shop in a variety of styles. IMAX has served over 10,000 unique customers comprising retailers of varying sizes (furniture stores, boutique home décor stores, interior designers) and designs proprietary products for large volume buyers in big-box retail and mass-discount retail.
ClearRidge advised the Owners of IMAX on the sale.
March 4, 2021.
Carlson Company Tulsa, OK acquired by Continental Materials Corporation Chicago, IL.
Carlson Company is a family-owned company, formed in 1958, located in Tulsa, Oklahoma, renowned for manufacturing precision large diameter steel flanges, rings, and disks. Carlson operates a state of the art, precision fabrication and machining facility in Tulsa, Oklahoma. Industries served include petroleum refining, petrochemical, heavy industrial, food processing, utility, and transportation industries, primarily large blue-chip companies.
ClearRidge advised the owners of Carlson on the sale. The buyer, Continental Materials Corporation (www.continental-materials.com) was founded in 1954 with two uranium mines in Utah. Since that time, the Company has grown and diversified into HVAC and Construction Products, with two segments within each of the industry groups: Heating and Cooling and the Evaporative Cooling segment in the HVAC industry group and Concrete, Aggregates and Construction Supplies (CACS) segment and the Door segment in the Construction Products industry group.
December 6, 2019.
Conroe Concrete (Yancey Ready-Mix) Houston, TX acquired by SRM Concrete, Nashville, TN.
Yancey Ready-Mix, operating in N. Houston, TX has provided services across all phases of the concrete industry and underground utilities for the past fifty years. The Company manufactures and delivers wet batches of concrete to construction contractors, for industrial, commercial and residential projects and is renowned among general contractors for quality and efficiency.
ClearRidge advised the owners of Yancey Ready-Mix on the sale. The buyer, SRM Concrete (www.smyrnareadymix.com) is among the fastest-growing concrete companies in the US, with locations across the Eastern US and expanding south and West, acquiring ten concrete companies in 2018 and exceeding that growth again in 2019.
November 4, 2019.
MAC Systems acquired by Summit Companies, St Paul, MN.
MAC Systems (macsystems.co), serving Oklahoma, Arkansas and Texas and from its two locations in Tulsa and Oklahoma City. MAC Systems was founded in 1989 and designs, installs and maintains fire, security and communication systems for retail and commercial customers. MAC also provides 24-hour monitoring, testing and inspection of these systems.
ClearRidge advised the owners of MAC Systems on the sale. The buyer, Summit Companies, a leading provider of fire life safety services designed to protect buildings, assets and people all across the US.
September 19, 2019.
Spiffy’s sold in Receivership
Spiffy’s multi-location cleaners and laundromats sold in Receivership. ClearRidge was engaged by Bruce Jones, Receiver to sell the business assets of Spiffy’s Cleaners, Laundry World and Laundryland, seven storefront locations in Tulsa, OK, at the direction of Judge Nightingale, Tulsa County District Court.
July 26, 2019.
Sayed Feghali Cardiology Assoc. acquired by Medical Center Cardiovascular Association at Texas Children’s’ Hospital, Houston, TX.
Sayed Feghali Cardiology Association (FeghaliCardiology.com), headquartered in Houston, TX, was founded in 1999 by Dr. Sayed Feghali, a world-renowned cardiologist and Principal Cardiac Consultant to the Liver Transplant Program at Baylor St. Luke’s CHI Hospital.
ClearRidge advised the owners of Sayed Feghali Cardiology Association on the sale. The owners of Medical Center Cardiovascular Association acquired the practice and will continue to operate out of Texas Children’s’ Hospital in Houston.
May 15, 2019.
Malone’s CNC Machining acquired by Crosslake, KVCI and CFB.
Malone’s (MalonesCNC.com), headquartered in Grove, Oklahoma, manufactures replacement aircraft parts and assemblies for U.S. military aircraft, manufacturing thousands of components and assemblies, shipping the highest volume of government contracts in the state of Oklahoma, with recurring revenue from approximately 400 active contracts year round.
ClearRidge advised the owners of Malone’s on the sale. Crosslake is the principal acquirer, with co-sponsors CFB (CFB.com) and KVCI (KVCI.com)
March 29, 2018.
Fintube, LLC (Fintube) acquired by Rosa & Unis, LLC.
Chapter 11 DIP.
Fintube (www.fintubellc.com), headquartered in Tulsa, Oklahoma, is a world leader in heat transfer technology and is a producer of advanced products that increase the operational efficiencies of boilers, heat exchangers and related products. The Company has a well-known brand name, six decades of experience, and is regarded as the technological leader in all three product divisions.
In this Chapter 11 case, ClearRidge represented Fintube, the Debtor in Possession. The result was a successful sale of Fintube as an operating business to the former President of the Company, Jack Rosa, along with his partner, Joe Unis.
Fintube filed for Chapter 11 Bankruptcy on June 27, 2017. ClearRidge was engaged to analyze the company, propose a reorganization plan and market the assets of the Company for sale, to maximize value for the creditors of the Company.
The Company has four divisions:
i) TEKTube (TEK)
ii) Kentube Finned Products (KFP)
iii) Kentube Engineered Products (KEP);
iv) Aletas y Birlos (AYB)
Case No.: 17-11274 – M in the United States Bankruptcy Court for the Northern District of Oklahoma.
January 09, 2018.
Technology Associates EC Inc. (TAEC) recapitalized by Optimal Investment Group.
TAEC (TAEC.net), headquartered in Carlsbad, California, provides site development, site acquisition, project management, architecture and engineering services for wireless network operators and tower owners. TAEC was recently named as the small business contract manager in the AT&T First Responder Network Authority (FirstNet) award.
“Over the past six years, TAEC has grown into one of the leading wireless services firms on the West Coast, with coverage from California to the Pacific North West,” said Walt Oleski, Chairman of TAEC. “Our new partnership with Optimal Investment Group provides the growth capital required to meet increasing demand for our services due to our growing market share / the roll out of 5G upgrades and the FirstNet award.”
Headquartered in Sherman Oaks, CA, Optimal Investment Group (optimalinvestmentgroup.com) is a private investment firm focused on investing in lower middle market business acquisitions throughout North America.
December 6, 2017.
Gene Smith Dealership acquired by Doug Gray Auto Group.
Gene Smith GM and Chevrolet Dealership (genesmithinc.com) (Gene Smith, Inc.) serves a region in western Oklahoma and the Texas panhandle. The dealerships were founded in 1955 and have been in continuous operation under the Gene Smith brand for the past sixty years.
ClearRidge advised the Smith Family on the sale. Doug Gray Auto Group (douggrayautogroup.com) is a regional chain of dealerships, including Ford, Chevrolet, GMC, Chrysler, Jeep and Dodge.
May 31, 2017.
Arrowhead Precast was acquired by NAPCO Precast.
Arrowhead Precast (arrowheadprecast.com) was founded in 2010 and experienced exceptional growth, expanding to their purpose-built facility on 35 acres in 2014. Arrowhead fabricates precast parking garages with many levels and capacity for 1,000 vehicles or more, precast wall panels, hollow core planks, slab beams, spandrels, stairs, risers, raker beams, L-Beams, FEMA approved safe buildings for schools, double-tees and columns for buildings. Arrowhead is one of only two PCI Certified Plants in Oklahoma.
ClearRidge advised the owners of Arrowhead on the sale. NAPCO Precast (napcosa.com) is one of the largest precast concrete fabricators in the United States and their acquisition of Arrowhead was to expand their reach into the Oklahoma market, as well as leverage the existing growth opportunities of Arrowhead.
December 23, 2015.
Diamond Coach was acquired by B12 Capital Partners.
Diamond Coach (diamondcoach.com) was founded in 1957 and is one of the premium manufacturers of medium sized passenger coaches in the United States, selling through dealerships in most every U.S. state. The Company is centrally located in S.E. Kansas and operates out of their purpose built state-of-the-art 91,000 sq ft fabrication facility.
ClearRidge advised the owners of Diamond Coach on the sale. B12 Capital Partners was chosen as the ideal partner due to their experience working alongside entrepreneurs and founders, their relationships and prior experience in Diamond Coach’s industry and their shared vision for the future growth of the company.
September 8, 2015.
Eastpointe Industries was acquired by Long Trail Holdings.
Eastpointe (www.ep-ind.com) has manufactured structural retro-fit wireless tower components and new towers in Oklahoma for over 18 years. Eastpointe has the distinct capability to fabricate retro-fit components that exactly fit the existing wireless tower, without the need for costly refab work on site. Demand for their products continues to increase every year. Eastpointe’s products are shipped all across the U.S. for the leading U.S. wireless providers and tower owners, including Crown Castle, American Tower, AT&T, Verizon, US Cellular and T-Mobile.
ClearRidge advised the owners of Eastpointe in their search for a partner to help expand the platform they built. Long Trail Holdings (www.longtrailholdings.com) was chosen as the ideal partner due to their experience working alongside entrepreneurs and founders, ability to source key management through their relationships within Eastpointe’s industry and their shared vision for the continued growth of the company.
March 2, 2015.
Bergan has been acquired by Ohio-based Coastal Pet Products, Inc.
Bergan, an Oklahoma pet products company, is headquartered in Monkey Island and is known for its cat toys, soft-sided pet carriers, automotive pet harnesses, seat covers, as well as pet feeding solutions.
Within its product portfolio, Bergan has developed the #1 selling cat toy in the U.S., the Turbo Scratcher® and its derivative line of products. Coastal Pet Products, Inc. was founded in 1968 and has expanded its product line from 50 different SKUs to over 7,500 total finished good SKUs, with over 500 employees and a 376,500 square foot facility. Coastal is the world’s largest pet collar and leash manufacturer.
December 19, 2014.
B+T Group has recapitalized with a $28 Million investment by Gladstone Capital Corporation (Nasdaq:GLAD) and Gladstone Investment Corporation (Nasdaq:GAIN).
B+T Group, headquartered in Tulsa, is a full-service wireless engineering, construction and technical services firm, including Tower Modifications, Structural Analysis, A&E Services, Site Acquisition, DAS/Small Cell Services, Tower Construction. The Company has 170 employees in six regional offices across the United States and is licensed and certified to provide engineering services in all 50 states. The Gladstone Companies are publicly traded investment companies that invest in private debt and equity securities.
November 24, 2014.
Progressive Supply was acquired by DistributionNOW (NYSE:DNOW). The Company was advised by ClearRidge.
Progressive Supply, headquartered in Tulsa, Oklahoma, is a privately held wholesale distributor of steel pipe, weld fittings, flanges, long weld necks, outlets, nipples, forged steel fittings and various pipeline products. The Company serves the pipeline, heat exchanger, air cooled exchanger, turnaround and steel fabrication industries, shipping to customers all across the U.S. DistributionNOW is an industry-leading provider of pipe, valves and valve automation, fittings, mill and industrial supplies, tools, safety products, and artificial lift systems to the upstream, midstream, and downstream & industrial markets.
September 9, 2014.
Bridge Employment Services was acquired by Employee Solutions. The Company was advised by ClearRidge.
Bridge Employment Services, headquartered in Broken Arrow, Oklahoma, is a full service staffing firm providing human resources solutions for larger private manufacturing and industrial companies. Employee Solutions, headquartered in Plano, Texas, is a leading regional provider of customized staffing solutions; a three-time Inc. 5000 recipient and one of the fastest growing staffing companies in the U.S.
November 8, 2013.
Ball Winch Pipeline Services was acquired by L.B. Foster Company (NASDAQ: FSTR). The Company was advised by ClearRidge of Tulsa, Oklahoma.
Ball Winch Pipeline Services, LLC, headquartered in Willis, Texas, applies specialty pipe coatings and provides field services for the oil and gas, mining, water and waste water industries. Ball Winch has developed and continues to maintain a strong presence in custom pipe coating for in-service replacement and new construction. L..B. Foster, headquartered Pittsburgh, PA, supplies transportation, construction, utility, energy, recreation and agriculture markets with the materials necessary to build and maintain their infrastructure.
June 13, 2013.
Hermetic Switch, Inc. (HSI Sensing) acquired Genisco Filter Corporation, a California company. Genisco, headquartered in San Diego, designs and manufactures electromagnetic interference (EMI) filters for military/defense and industrial/commercial markets. ClearRidge is a long-time advisor to HSI Sensing.
HSI Sensing, headquartered in Chickasha, Oklahoma is the innovative leader in the engineering, design, and precision manufacturing of custom reed switch and sensor technology. Founded over 40 years ago, they are the industry experts at solving problems for customers in challenging design applications.
March 5, 2013.
Winston Company (Winston Chemical Water Gardening brands). The Pond Guy Services, Inc. acquired the Winston Chemical Water Gardening brands and assets of Winston Company. Winston Company was advised by ClearRidge.
Winston Company has been producing environmentally friendly chemical products for over 30 years. The Company’s products include pond and lake treatments and industrial water treatments. Sold through leading big box retailers and specialty stores, Winston’s CrystalClear® line of pond and lake maintenance products treat pond water with 100% natural and safe bacteria and enzymes.
January 4, 2013.
First Wave Aerospace. Tulsa-based Aerospace Executives, Tray Siegfried and Jon Werthen acquired First Wave Aerospace, LLC. First Wave Aerospace, LLC was formed to purchase the assets of First Wave Aviation, LLC as a part of the 2011 recapitalization of all First Wave entities.
Originally founded in 1992, First Wave Aerospace’s business operates in the sale and brokerage of commercial and military aircraft parts worldwide, with over 3,000 customers and one of the largest certified and traceable inventories in the world. First Wave serves some of the world’s largest aviation companies, providing inventory investment and supply chain cost savings to jet aircraft operators worldwide.
December 31, 2012.
Thacher Associates. K2 Intelligence, the business investigative and intelligence firm founded by Jules and Jeremy Kroll in New York City, has acquired investigative consulting firm Thacher Associates LLC, also in New York City. Thacher Associates was advised by Managing Directors of ClearRidge, acting in their capacity as registered representatives of Burch & Company, Inc.
In addition to providing due diligence, investigative/audit and loss prevention services to both private and public sector clients, Thacher Associates is recognized as the nation’s leading construction project integrity monitor, having completed high profile projects such as the post 9/11 Ground Zero clean-up, the ongoing rebuilding of the World Trade Center, the construction of the new Yankee Stadium, The East Side Access and the Second Avenue subway lines, and the building of headquarters for such corporate giants as the Bank of America, AOL/Time Warner, I.A.C and The Canadian Imperial Bank of Commerce.
December 31, 2012.
EngATech (SolidWorks business unit). GO Engineer, Inc. acquired the SolidWorks business unit of EngATech. EngATech was advised by Managing Directors of ClearRidge, acting in their capacity as registered representatives of Burch & Company, Inc.
Having sold its SolidWorks 3D CAD Software business, EngATech will now focus resources on the growth of its Objet 3D Printers business. EngATech sells and installs the 3D printers and also provides training and support. 3D Printing is in an early expansion phase and Objet is the world’s leading provider of advanced, inkjet-based 3D printing systems and materials.
December 17, 2012.
First Wave MRO, Inc. Tulsa-based Aerospace Executives, Tray Siegfried and Jon Werthen, acquired substantially all the assets of First Wave MRO and First Wave Interiors. First Wave was advised by ClearRidge.
Founded in 1992, First Wave’s core focus is the composite and bonded structure overhaul of engine nacelle system and thrust reversers. The company has a strong reputation for quality, an exceptional FAA compliance history and aerospace certifications including FAA, EASA, CAAC, DCA Thailand, AS9100 and ISO 9000.
October 29, 2012.
Allied Industrial, Inc. Pipeline Supply & Service acquired substantially all the assets of Allied Industrial Supply. Allied Industrial was advised by ClearRidge.
Founded in Oklahoma in 1978, Allied Industrial Supply is an Oklahoma distributor of commercial and industrial tools, supplies and equipment. The Company serves large corporate customers that provide services to downstream oil and gas companies, providing a superior service and more efficient purchasing process for major construction, turnaround or rehabilitation projects.
September 28, 2012.
TCI Services, Inc. TCI Services (Tank Consultants) was acquired by Team Industrial Services (NYSE:TISI), the largest specialized industrial services company in North America. The Company was advised by Managing Directors of ClearRidge, acting in their capacity as registered representatives of Burch & Company, Inc.
TCI Services performs inspections, engineering, construction and repair services across the U.S. for above ground storage tanks. The Company is headquartered in Tulsa, Oklahoma, with offices in Illinois, Kentucky and Texas. The Company serves refineries, marketing and storage terminals, commodity and chemical processing plants, aviation, pipeline and energy companies.
April 9, 2012.
Prime Hardwoods LTD. Cedar Creek Lumber acquired substantially all the assets of Prime Hardwoods. Prime Hardwoods was advised by ClearRidge.
Founded in Texas in 2006, Prime Hardwoods is a Texas distributor of hardwoods, hardwood specialty products and premium lumber. The Company sells to over 700 independent commercial dealers and industrial customers, ranging from OEM furniture makers and cabinet manufacturers to large track and custom home builders.
December 21, 2011.
First Wave Aviation, LLC. A consortium of Oklahoma Private Investors acquired substantially all the assets of First Wave Aviation. First Wave was advised by ClearRidge.
Founded in Oklahoma in 1992, First Wave Aviation operates in the sale of commercial and military aircraft parts worldwide, with one of the largest certified and traceable inventories in the world. The Company stocks components for most Airbus, Boeing and McDonnell Douglas commercial aircraft, procured from and sold to many of the world’s leading airlines, OEMs and aviation fleets.
December 6, 2011.
Warren & Christian, Inc. Warren & Christian was acquired by the Reservoir Group, an Aberdeen, Scotland company focused on down-hole drilling products and services. The Company was advised by Managing Directors of ClearRidge, acting in their capacity as registered representatives of Burch & Company, Inc.
Warren & Christian is an oil and gas field services company, located near Elk City, Oklahoma, in the heart of the western Oklahoma and Texas panhandle oil and gas region. The Company provides well-logging services to oil and gas drilling companies.
October 26, 2011.
United States Shooting Academy, Inc. (USSA) was sold to a consortium of Oklahoma Private Investors. USSA was advised by ClearRidge.
Founded in Tulsa in 2004, USSA is recognized as one of the leading US providers of firearms training and instruction for military, law enforcement and civilian personnel, as well as host for national and international shooting competitions.
September 1, 2011.
Gladstone Investment Corporation (Nasdaq: GAIN) announced the acquisition of SBS Industries, Inc. of Tulsa, Oklahoma. SBS Industries was advised by ClearRidge.
SBS Industries founded in 1975 and headquartered in Tulsa, Oklahoma, is a manufacturer and value-added distributor of specialty fasteners and threaded screw products.
July 5, 2011.
Insituform Technologies, Inc. (Nasdaq: INSU) announced the acquisition of CRTS, Inc. of Tulsa, Oklahoma. Bruce Jones and Matthew Bristow of ClearRidge were CRTS’ advisor throughout the M&A sale process. CRTS, Inc., is a global leader in pipeline coating services based in Tulsa, Oklahoma.
The purchase price was $24.0 million at closing with CRTS shareholders able to earn up to an additional $15.0 million upon the achievement of certain performance targets over the three-year period ending December 31, 2013. For 2010, CRTS had total revenues of approximately $13.3 million and earnings before interest, taxes and depreciation (“EBITDA”) of approximately $3.8 million. For more information, read full transaction information here.
February, 2011.
Blitz U.S.A., a portfolio company of Kinderhook Industries, acquired Reliance Products, L.P. Blitz U.S.A. was advised by ClearRidge.
May 20, 2010.
Cedar Creek announces a recapitalization by Charlesbank Capital Partners, who acquire majority ownership of Cedar Creek, the largest cedar distributor in the United States. ClearRidge was advisor to Cedar Creek.
Considered the nation’s largest cedar distributor, Cedar Creek supplies lumberyards and building supply retailers across a 13-state area. With eight locations in seven states, employing a staff of 400, founder Clark Wiens projected sales of $500 million in 2010, about even to 2009 results.
June 2009.
The Company was advised by ClearRidge of Tulsa, Oklahoma.
