Legacy’s senior partners had represented Addison’s parent company, Heat Controller, of Jackson, Michigan in a previous transaction and had maintained a relationship with the owners and managers of the business.
Addison Products of Orlando, Florida, a division of Heat Controller, manufactures heat pumps and air conditioning units primarily serving the commercial and institutional markets.
Fedders Corporation of Liberty Corner, New Jersey, manufactures and markets worldwide air treatment products, including air conditioners, air cleaners, gas furnaces, dehumidifiers and humidifiers and thermal technology products.
Challenges
The division had poor current operating performance.
The division had very limited management resources.
There were real estate issues that complicated the transaction.
Results
Senior members of our team contacted a select number of highly qualified buyers, capable of improving efficiency of a troubled manufacturing operation.
Senior members of our team worked closely with the company’s personnel throughout the marketing, negotiation, and closing of the transaction in order to minimize business disruption and increase the probability of a successful close.
Senior members of our team assisted the client to help resolve the real estate issues that were materially entwined in the transaction.
