Circuit Board Manufacturer Transaction Completed
Acquisition Advisors is please to announce that WestOak Industries has been purchased by a St. Louis-based private equity group. Acquisition Advisors represented the seller.
WestOak Industries is a highly efficient and profitable electronic manufacturing service (EMS) provider located in western Oklahoma. EMS is a category of companies that design, test, manufacture, distribute, and provide return/repair services for electronic components and assemblies for original equipment manufacturers (OEMs).
Founded in 1973 by J.W. Rosson, the business was being managed by two of the founder’s children. They were also two of the five heirs who owned the business. Several of the family members had little interest in owning a portion of the business and none felt compelled to take it upon themselves to buy out the others. No majority group wished to cause the company to buy back large portions of stock and, importantly, the shareholder that served as president and CEO – while a degreed electrical engineer and with considerable experience in electronics manufacturing and business management – felt the business and its 25 employees would be better served by owners and managers that were more aggressive and well-capitalized.
So, the owners decided to locate a buyer that could pay “top dollar,” commit to maintaining the business in Erick, Oklahoma (where they would lease the family-owned facilities), and had the skill and capital to continue to grow the business. Through their Oklahoma Alliance for Manufacturing Excellence extension agent, Paul Walenciak, they found Acquisition Advisors.
Acquisition Advisors quietly executed its proven process and procured a handful of capable and motivated buyers, the best of whom were the experienced and gentlemanly St. Louis-based buyout tandem of Four-Seven Capital and Harding Partners. They closed, as promised, within 60 days of Letter of Intent (LOI) and tapped one of the family members to run the business. Messrs. Crawford and Harmon will serve as mentors, strategic advisors, and capital providers. The family real estate has a tenant; the employees have a bright future; the one Rosson family member who really wished to continue with the business has been promoted to the position of General Manager; and the gentlemen from St. Louis have a business that should continue to growth and earn healthy profits.
If you wish to buy, sell or value a mid-size private U.S. company, contact Acquisition Advisors. If you wish to learn more about how businesses can be sold quietly, professionally, and for absolute maximum, purchase.
Learn about other successful transactions completed by Acquisition Advisors >>
Book Review—From Lucky to Smart: Leadership Lesson’s from QuikTrip
Author: Chester Cadieux
Reviewer: David L. Perkins, Jr.
The University of Oklahoma marching band—which officially refers to itself as The Pride of Oklahoma—has been entertaining crowds since 1904. QuikTrip Corporation, the Tulsa-based company founded 53 years later, is rapidly becoming the unofficial “Pride of Oklahoma.” Indeed, we should consider replacing our sleepy state welcome centers with QuikTrip stores. “QT” is Oklahoma born and bred, serves all comers well, and makes a consistently positive impression.
QT is privately held, and financial data are not publicly released, but annual revenue is known to be around $7 billion. QT employs around 11,000; has been growing rapidly since inception; and now operates close to 600 stores. Forbes ranks QT the 37th-largest private company in the United States. Fortune lists it as one of the top 100 places to work in America.
Chester Cadieux was an original investor and the original manager. He opened the first store in 1957— a few years after he graduated from the University of Oklahoma— and has led the firm ever since. Unequivocally, QT is the house that Chester built. It’s quite a success story, and Cadieux has done a great service by writing it down, in his words, and sharing it with us. From Lucky to Smart is a book every Oklahoman, business manager and aspiring entrepreneur should take time to read.
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Sullivan “Leaning No” on Tax Cuts?
Hallelujah. And well-done John Sullivan. For publicly voicing concern about the sanity of keeping our taxes on the rich at what are currently unsustainable low levels. I pray that you WILL vote NO and break from the majority in your party. The Republican Party needs leadership. New leadership. Maybe you can provide it. The Republicans will not survive unless it evolves beyond Reagan “trickle down.” Read the rest of this entry »
Fred Russell Knows Value, Investments
By David L. Perkins, Jr.
In today’s Tulsa World, Fred Russell is quoted as saying, “The value of something depends on what other people are willing to pay.” This may seem common sense but people commonly forget it in practice. They waste a lot of money and time as a result.
Mr. Russell’s comment was in an article that appeared in the business section titled, “Dollar Thrifty Investor Lets Go of 5.5% of Shares.” Read the rest of this entry »
Inhofe’s Vote Needed for Ok Businesses
The U.S. Senate will be back in session starting Monday September 13 and the Small Business Lending Act is scheduled to come up for a vote next week. The major points of the Act are:
- Continue the 90% guarantee for SBA loans (and waiver of the guarantee fee)
- Increase the maximum SBA loan amount to approximately $5 million
- Provide a $30 billion fund for community banks to lend to small businesses
- Provide for a zero percent capital gains rate for investments made in qualified businesses
- Additional tax credits for small businesses Read the rest of this entry »
Phil Kurtz: Entrepreneur, Dealmaker,
Recession-Buster
Philip Kurtz is doing his part for the Oklahoma economy. He’s directly responsible for more than 300 high-paying jobs in the greater Tulsa area, and counting.
A graduate of Edison High School and the University of Tulsa, Kurtz founded and built hospital billing service provider CIS Technologies in the late 1980s and early 1990s. He sold it to National Data Corporation (NDC) in 1996. CIS employed 450 at the time – 200 in Tulsa alone. CIS now flies the McKesson flag. Kurtz retired in 1999, but the firm continues to employ some 300 highly compensated knowledge workers in Tulsa (and many more outside Oklahoma). Read the rest of this entry »
U.S. Headed for Bankruptcy
You knew him. He was the talk of the town. Spent a fortune. Had everything. Then, suddenly, busted. Bankrupt.
Everyone was shocked.
What happened, as the facts came to light, wasn’t misfortune. It wasn’t even unique. Just another instance of a man achieving a high level of prosperity and then, over time, his beliefs about his wealth and his ability to spend grew to exceed even his sizeable income. He developed his own sense of entitlement. His own story of manifest destiny. He began working less and spending more time enjoying the fruits. Flaunting his wealth and exercising his power.
Oklahoma Economy Double Dipping?
Many Oklahomans were reporting a healthy pickup in economic activity earlier this year.
Things were getting back to normal.
I certainly felt it. Phones were ringing again. A few new clients. Business owners reporting higher revenue. Expensive restaurants were bustling.
What happened? It seems the air has been let out of the tires. I noticed it immediately after the 1,000 point Dow dive. Was it May 5? Read the rest of this entry »
CCMP Invests $325 million in Oklahoma City-based Chaparral
CCMP Capital, a New York-based private equity firm, has invested $325 million in a private business located in Oklahoma City. Chaparral Energy was founded twenty-two years ago by Mark and Chuck Fischer. Messrs. Fischer continue to manage the business as CEO and President, respectively. Read the rest of this entry »
It’s Official. You Survived One Nasty Recession.
It’s over.
Word may not have reached your desk yet but the bleeding has stopped. The fever has receded. The prognosis is for a full recovery.
Dr. Jeffrey Dietrich — senior analyst for the Institute for Trend Research – presented the latest economic data today at a seminar arranged by the good folks in the MidFirst Bank – Tulsa Corporate Banking Group. Dr. Dietrich said: Read the rest of this entry »