INDUSTRY:
Consumer and Industrial Products

DESCRIPTION:
Leading manufacturer and distributor of audio enhancement and hearing products

Situation:

In July 2023, the owners of Hearing Components (doing business as Comply) sold the company to CEO Chris Hudson and an investor group. Hearing Components was owned and founded by Robert and Dee Oliviera, who originally purchased the intellectual property from 3M in 1990.

Cherry Tree’s Role:

Cherry Tree was engaged to help the owners evaluate their strategic alternatives, which included seeking parties that would maximize the proceeds for a foundation they started, while also protecting the culture of the Company, supporting growth initiatives, and continuing to provide excellent products to its customers. Cherry Tree advised the Company through a process that included introductions and discussions with numerous potential industry and financial acquirers, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of the transaction by ultimately striking a deal with the management team and an investor group they formed. Chris Hudson’s experience and vision for the future of the business as well as his shared value and commitment to all stakeholders, made him the ideal steward for the Company.

About:

Hearing Components: Founded in 1990, Hearing Components is a leading manufacturer and distributor of patented and proprietary audio enhancement and hearing health products designed for performance and comfort. The products are highly-rated and compatible with over 95% of consumer brands while its high-noise products have been trusted by military forces for over 20+ years. The Company distributes globally.

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 high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services.

INDUSTRIES:
Consumer

DESCRIPTION:  
Wholesaler and Retailer of Consumer Fireworks

Transaction:

Winco Fireworks has announced that it has acquired the Victory Fireworks business from Wayne and Jackie Schulte. Victory Fireworks, founded in 1985, is a wholesaler and retailer of consumer fireworks, including some of the top items from the major brands, while also being the exclusive importer of their proprietary brand of Pyro King fireworks. Victory is headquartered in Ellsworth, Wisconsin and has grown to include 18 retail stores and 8 warehouses. Winco Fireworks has acquired the wholesale and retail business, including the related real estate, facilities and inventory in both Wisconsin and Washington. The Schultes will continue to own and operate the Victory Fireworks retail stores in Danbury and Siren, Wisconsin.

Winco Fireworks is an industry leading wholesaler and retailer of consumer fireworks. Winco has built a brand over the past 40 years based on quality products and customer loyalty. Prior to the transaction with Victory, Winco and its affiliates operate seven distribution centers and 33 brick and mortar retail stores, in 18 states. Winco Fireworks employs approximately 225 full time employees and over 2000 seasonal employees. Its corporate office is in Grandview, MO.

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 high quality, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services. For more information, visit Cherry Tree & Associates.