Cherry Tree Advises Heigl Adhesives on its Sale to APPLIED Adhesives
“We began working with the Cherry Tree team while we were in early discussions with Applied. The Cherry Tree team provided key advice and counsel before and during the negotiation of a Letter of Intent. Once the LOI was signed, Cherry Tree managed an extensive due diligence process, and directed the negotiation, completion of legal documents, and closing of the transaction.
Cherry Tree’s experience in managing and driving the process through closing and being involved in all the details throughout the process, were keys to our successful transaction. The result was a great outcome for our family, employees, and customers.”
— Dustin Heigl, CEO and Co-Owner, Heigl Adhesives
Industrial – Value-added Distributor
Supplier of industrial adhesives and dispensing equipment
Sale to PE-Backed Strategic Buyer
APPLIED Adhesives, a premier custom adhesive solutions provider in North America, today announced that it has completed its acquisition of Heigl Adhesives. Based in Eden Prairie, MN, Heigl has over 30 years of adhesive and adhesive dispensing equipment experience across a broad range of industries. The acquisition strengthens APPLIED’s commitment to providing industry-leading products, technical expertise, and relentless service to its customers.
“We are excited to expand APPLIED’s offerings through the acquisition of Heigl Adhesives as we share the same dedication to providing outstanding service, innovative solutions, and the highest quality products to our customers,” said John Feriancek, President and CEO of Applied Adhesives. “We are pleased to welcome the Heigl team and its customers to APPLIED Adhesives and look forward to continuing to deliver industry-leading custom adhesive solutions.”
“I couldn’t be more excited about Heigl joining the APPLIED team. We looked hard at the core values and culture of both companies and it’s a great fit on so many levels,” said Dustin Heigl, CEO, Heigl Adhesives. “Coming together with APPLIED is going to give us even more resources to support all of our valued customers, which will always be our highest priority.”
Cherry Tree’s Role
Cherry Tree was engaged by Heigl Adhesives to advise the company on its strategic alternatives related to the sale of the company. Cherry Tree led the process of negotiating and finalizing the Letter of Intent, negotiating terms of the purchase agreement, supporting the due diligence process, and coordinating the closing of the transaction.
“Cherry Tree played a key role leading our team through the successful sale to Applied Adhesives. Their guidance and support helped minimize disruption to the business during this process and facilitated an efficient closing.”
— Mark Heigl, Co-Owner, Heigl Adhesives
About Heigl Adhesives
Heigl Adhesives is a leading supplier of industrial adhesives and dispensing equipment based in Minneapolis, Minnesota. The company has been in business for over 30 years and has long-standing relationships with top adhesive and equipment manufacturers. Heigl uses its decades of adhesive expertise and strong industry partnerships to help manufacturing companies of all sizes find the right adhesive solutions for their needs, keep costs low, and keep production running smoothly.
About APPLIED Adhesives
APPLIED Adhesives, founded in 1971, is a premier custom adhesive solutions provider in North America. Our experts source the adhesives, equipment, and parts you need while providing maintenance services that help you run at optimum efficiency. APPLIED offers customized solutions with a cost-in-use approach that saves you time and money.
About Arsenal Capital Partners:
Arsenal is a specialized private equity firm with what it believes are market-leading franchises in the industrials and healthcare sectors. The firm’s mission is to build high-growth, technology- and innovation-rich businesses that are strategically important in their markets and deliver value for all stakeholders.
About Cherry Tree & Associates
Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.