Advance Equipment Company

Advance Equipment Company

Advance Equipment Company

Cherry Tree advises Advance Equipment Company in its sale to the Morwest Group of Companies.

INDUSTRY:
Industrial, Equipment Rental & Leasing
DESCRIPTION:
Tower Crane and Hoist Rentals
LOCATION:
Saint Paul, MN
TRANSACTION TYPE:
100% Sale to Strategic Buyer

Situation:

Morwest Group of Companies strengthened its industry leading portfolio through the acquisition of Advance Equipment Company. Effective April 30, 2020 Advance Triwest Equipment, Ltd., a subsidiary of the Morwest Group of Companies acquired Advance Equipment Company. MORWEST Crane & Services was founded in 1988 by President and CEO Wayne Morin providing trusted crane services for over 30 years to the US and Canada.
 
Advance Equipment Company has been a leader in the tower crane, construction hoist and concrete pump business since 1969 serving the Midwest in the United States. The integration of Morwest Group and Advance Equipment Company combines two quality and customer focused family owned businesses serving the construction industry. Both companies have earned the trust of their customers through proven results, consistently delivering safe, cost effective and efficient service for over three decades. “The acquisition of Advance Equipment Company expands our equipment portfolio and service area allowing us to bring our industry leading solutions to more customers across North America” – Wayne Morin, President and CEO Morwest Group of Companies.
 

About Morwest Group of Companies

Morwest Group of Companies is the leader in the crane industry with over 30 years of proven results for their clients. They have and continue to be the most trusted crane services source throughout Canada and the USA. Morwest services clients in the Provinces of Alberta, Saskatchewan, Manitoba, British Columbia and the States of California, Iowa, Minnesota, Nebraska, North Dakota, Oregon, South Dakota, Washington and Wisconsin.
 

About Advance Equipment Company

Advance Equipment Company is a crane, hoist and concrete pump rental sales and service company based in Saint Paul, Minnesota. Advance has been serving the construction industry since 1969 and brings a 5-decade legacy of supporting the Midwest States of Iowa, Minnesota, Nebraska, North Dakota, South Dakota and Washington.
 

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.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

DISCLOSURES
FINRA
SIPC

Patriot Converting

Patriot Converting

Patriot Converting

Cherry Tree advises Patriot Converting

“The Cherry Tree team provided the advice and counsel we needed both before and during the sale process.  They were involved every step of the way and were instrumental in us being prepared for the demands which come with selling your company.  Their leadership and disciplined approach resulted in a great outcome for our family, employees and customers.”

Mike Stilwell, Owner
Patriot Converting, Inc.

 

Transaction Description

In May 2019, Brixey & Meyer Capital (“BMC”) announced they have successfully completed the acquisition of Patriot Converting, Inc., a provider of custom paper converting and logistical solutions for the paper packaging industry.
 

Cherry Tree’s Role

Cherry Tree was engaged by Patriot Converting, Inc. to advise the company on its strategic alternatives related to the sale of the company. Cherry Tree led the process that included introductions and discussions with numerous potential acquirers and financial partners, soliciting proposals, negotiating terms, supporting the due diligence process, and facilitating the closing of the transaction.
 
“The Cherry Tree team provided the advice and counsel we needed both before and during the sale process.  They were involved every step of the way and were instrumental in us being prepared for the demands which come with selling your company.  Their leadership and disciplined approach resulted in a great outcome for our family, employees and customers.” – – Mike Stilwell, Owner, Patriot Converting, Inc.
 

About Patriot Converting, Inc.

Based in Elk River, Minnesota, Patriot Converting, Inc. was founded in 2003 and is a provider of custom paper converting and logistical solutions for the paper packaging industry , serving customers across the Midwest. Patriot Converting has a second facility in Newton, IA. For more information, visit  Patriot Converting, Inc.
 

About Brixey & Meyer Capital

Based in Ohio, with offices in Dayton, Cincinnati and Columbus, Brixey & Meyer Capital is a lower middle market private investment firm focused on impact investing in the manufacturing, healthcare, distribution and business services sector.   For more information, visit  Brixey & Meyer Capital
 

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. For more information, visit Cherry Tree & Associates

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

DISCLOSURES
FINRA
SIPC

Bailiwick Case Study

Bailiwick Case Study

Bailiwick

Cherry Tree Advises Bailiwick

“Thank you, Cherry Tree, for seeing us for more than just what our books show. You saw that our Company is so much more than math, process and client lists.”

Michelle Wolter
VP of Sales and Marketing
Bailiwick

Transaction Description

Norwest Equity Partners (“NEP”), a leading middle market investment firm founded in 1961, announced that it had successfully made a significant investment in Bailiwick (the “Company”), a provider of professionally managed technology integration for complex, large-scale IT initiatives.

Cherry Tree’s Role

Cherry Tree was engaged by Bailiwick management and shareholders as their financial advisor on the transaction. Cherry Tree’s team worked closely with management to identify Company core strengths and underlying value drivers that complemented its strong financial performance. “Thank you, Cherry Tree, for seeing us for more than just what our books show,” said Michele Wolter, Vice President of Sales and Marketing, “You saw that our Company is so much more than math, process and client lists.”

Cherry Tree was involved in all aspects of the transaction, providing extensive support throughout due diligence, and facilitating the close during the four month process.

About Bailiwick

Founded in 1995, Bailiwick provides best-in-class design and deployment of IT solutions for Fortune 100 and 500 companies customized to their unique needs. As a partner to leading corporations, Bailiwick professionally manages technology integration of complex, large-scale IT initiatives. The Company’s solutions include wireless design and implementation, new site opening installations and on-going maintenance, merger and acquisition integrations, hardware asset lifecycle programs, IPVS/CCTV implementation and maintenance and fast-moving technology deployments. Bailiwick’s professional services include engineering, configuration, project management, maintenance, and asset lifecycle management, and its installation services include cabling, electrical, and all platforms of equipment from POS to kitchen systems. The Company serves customers within the retail, financial, logistics & manufacturing, and quick-serve and fast casual restaurant industries. For a company profile, please visit www.bailiwick.com.

About Norwest Equity Partners

Norwest Equity Partners, based in Minneapolis, Minnesota, is a leading middle market investment firm focused on partnering with business owners to build companies into industry leaders. With a reputation for quality investments and exceptional financial returns since 1961, NEP has raised over $7 billion of capital through a series of equity and mezzanine funds. Offering creative and flexible transaction solutions through management buyouts, recapitalizations and growth financings, NEP believes in long-term relationships and helping stakeholders realize liquidity at the appropriate time. For more information, please visit www.nep.com.

About Cherry Tree & Associates

Cherry Tree & Associates, LLC is a private investment banking firm headquartered in Minneapolis, Minnesota, specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory engagements for buyers, sellers, and companies seeking growth capital, and provides fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

DISCLOSURES
FINRA
SIPC

North Central Truck Case Study

North Central Truck Case Study

North Central Truck

Cherry Tree Advises North Central Truck

“The Cherry Tree process provided us a great buyer who is an excellent strategic fit with our company. Cherry Tree’s experience and skills were key to us closing this transaction which resulted in a very successful outcome for our ESOP participants and our customers.”

Tim Ross, President of NTCA

Transaction Description

Toys For Trucks, Inc. announced that it has successfully completed its acquisition of North Central Truck Accessories, Inc. (NCTA).

Cherry Tree’s Role

Cherry Tree was engaged by NCTA to advise the company on its strategic alternatives related to the sale of the company. Cherry Tree led the process that included introductions and discussions with numerous potential acquirers and financial partners, soliciting proposals, negotiating terms, supporting the due diligence process, and facilitating the closing of the transaction.

“The Cherry Tree process provided us a great buyer who is an excellent strategic fit with our company. Cherry Tree’s experience and skills were key to us closing this transaction which resulted in a very successful outcome for our ESOP participants and our customers.” -Tim Ross, President of NTCA.

About North Central Truck Accessories, Inc.

North Central Truck Accessories, Inc. is a leading distributor of aftermarket truck accessories including grills, floor mats, lighting, truck bed toppers, truck bed accessories, hitches and winches, and other exterior and interior truck accessories. The company serves the automotive dealership market throughout the Upper Midwest. North Central Truck Accessories was spun out of a parent company in 1999 as an ESOP and is headquartered in St. Joseph, Minnesota. For more information, please visit www.ncta-inc.com.

About Toys For Trucks, Inc.

Toys For Trucks, Inc. is an industry leader in the specialty retail business for sales and installation of car, truck, van, SUV, and jeep accessories. It has six retail stores located in East-Central Wisconsin that offer onsite installation of a wide selection of accessories for both retail and commercial customers. Toys For Trucks was founded in 1989 and is head quartered in Appleton, Wisconsin. Further information about Toys For Trucks is available at www.toysfortrucks.com.

About Cherry Tree & Associates

Cherry Tree & Associates, LLC is a private investment banking firm headquartered in Minneapolis, Minnesota, specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory engagements for buyers, sellers, and companies seeking growth capital, and provides fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

DISCLOSURES
FINRA
SIPC

Deluxe/DSS Case Study

Deluxe/DSS Case Study

Deluxe Corporation

Cherry Tree advises Deluxe Corporation

Transaction Description

Deluxe Corporation (NYSE:DLX) acquired Data Support Systems, Inc. (“DSS”), based in Omaha, Nebraska. DSS provides back office payment processing, dispute management, and case management automation solutions for all types of transactions for financial institutions and retailers. This acquisition will enhance Deluxe’s extensive suite of services for financial institutions, utilizing the proprietary DSS technology platform.

Cherry Tree’s Role

Cherry Tree was engaged by Deluxe to advise the company in its acquisition of DSS, working with their Wausau Financial Services business and the corporate development team in evaluating the business case, negotiating the terms of the transaction, providing financial modeling and valuation analysis, supporting the due diligence process, and facilitating the closing of the transaction.

About Deluxe Corporation

Deluxe is a growth engine for small businesses and financial institutions. Nearly 4.6 million small business customers access Deluxe’s wide range of products and services including customized checks and forms, as well as web-site development and hosting, email marketing, search engine optimization and logo design. For financial institutions, Deluxe offers an expanding suite of customer lifecycle management solutions that include industry-leading check program management, customer acquisition including targeting & campaign services, account activation & retention, fraud, security, and risk management services. Deluxe is also a leading printer of checks and accessories sold directly to consumers. For a company profile, please visit www.deluxe.com.

About Data Support Systems, Inc.

DSS develops, sells, and supports the industry-leading TRIPS Suite, which is a fully integrated and image based set of back office process automation and case management solutions for all types of transaction and dispute processing in financial institutions and retailers of every size. DSS products include universal payments solutions for exceptions processing, incoming and outgoing returns, image exchange, adjustments, dispute processing, domestic and international collections, archive, and web delivery/decisioning. DSS is headquartered in Omaha, Nebraska. For more information, please visit www.datasupport.com.

About Cherry Tree & Associates

Cherry Tree & Associates, LLC is a private investment banking firm headquartered in Minneapolis, Minnesota, specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory engagements for buyers, sellers, and companies seeking growth capital, and provides fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.

DISCLOSURES
FINRA
SIPC