Huntsman Gay Global Capital has bought Turner Bros. Holdings LLC from Saw Mill Capital for an undisclosed amount. Turner is a Houston, Texas-bhased provider of lifting and transportation solutions to the U.S. industrial and energy markets. Edgeview Partners managed the sale process.
CHARLOTTE, N.C, Oct. 10, 2008 – Edgeview Partners, a CIT company, is pleased to announce that Turner Bros. Holdings, LLC, a premier provider of integrated lifting and transportation solutions to the U.S. industrial and energy markets, has been acquired by Huntsman Gay Global Capital of Salt Lake City, Utah.
Previously, Turner Bros. was a portfolio company of Saw Mill Capital, a Briarcliff Manor, N.Y.-based private equity firm. Saw Mill retained Edgeview to serve as its exclusive financial adviser during the transaction, which closed October 3.
Terms of the transaction were not disclosed, but the leveraged buyout came at the end of one of the most tumultuous weeks ever in the financial markets.
“We were extremely pleased with the outcome Edgeview generated on the sale of Turner Bros. While this transaction qualifies as a success in any market, the fact that this outcome was accomplished during a period of unprecedented turbulence is a testament to the process that Edgeview ran,” Saw Mill Managing Partner Howard Unger said. “The Edgeview team was a steady partner to Saw Mill and Turner Bros. throughout the process and we look forward to working with them again. We wish Huntsman Gay Global Capital and management the best going forward.”
Headquartered in Houston, Texas, Turner Bros. employs more than 600 people and operates nine facilities across the U.S. Gulf Coast and Oklahoma. The firm’s highly-engineered, mission-critical solutions address the infrastructure development, maintenance and operational needs of its blue-chip customers in the refining, petrochemical processing, wind energy, power, and exploration and production industries. The company provides customers with highly-skilled labor, value-added services and customized equipment, including its own fleet of cranes, trucks, trailers and other specialized equipment. Turner Bros. has built a market-leading position by offering a breadth of services and equipment that few competitors can match.
Turner Bros.’ senior leadership, including Chief Executive Officer Jack Shubert and Chief Financial Officer John Schissler, as well as divisional Vice Presidents David Cowley and John Turner, will remain with the company under Huntsman Gay Global Capital’s ownership.
“Edgeview effectively presented Turner Bros.’ unique investment merits to the market in a way that made it easy to understand our story,” Shubert said. “Their process created multiple attractive options from which to choose and they never lost sight of our goals. We are excited to be partnering with the Huntsman Gay Global Capital team and are eager to continue growing our business and delivering customer solutions that have made us successful throughout our history.”
The Edgeview team for the transaction included Managing Directors John Tye and Drew Quartapella, Director Will Cooper, Associate Katie McDowell and Analyst Will Cameron.
Saw Mill Capital LLC (www.sawmillcapital.com) is a private equity firm that makes control investments in manufacturing and service companies with enterprise values of $25 to $200 million. Saw Mill makes platform investments in companies with at least $5 million of EBITDA, and will consider smaller transactions as add-ons for portfolio companies. Saw Mill’s disciplined process and active involvement allow it to help companies reach their full potential by working collaboratively with their management teams and outside executives to create effective business strategies, implement best practices and provide global market expertise.
Edgeview Partners (www.edgeviewpartners.com) is a leading investment bank focused exclusively on the middle market. Edgeview has closed deals in over 15 industry sectors, including aerospace and defense, building products, business services, consumer products, diversified manufacturing, energy services, health care and transportation and logistics. Edgeview is part of CIT, a leading provider of financial solutions for companies throughout the middle market.
Founded in 1908, CIT (NYSE: CIT, www.cit.com) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. CIT is celebrating its Centennial throughout 2008.