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Legacy Case Study
Legacy has been acquired by Enertech

Transaction Description:

Technology Media & Communications

Case Study

The Challenge

- The client was a family-owned, full-service Telecommunication Infrastructure and Wireless Services company serving the Pacific North-West market.
- The company was growing steadily and was desirous of a partial liquidity event for senior members of the family to secure their legacy and retirement as well as provide future growth capital.
- Their goal was to align with a partner who shared their vision and values and was a larger player in order to scale their critical relationships with the nation’s carriers (Verizon T-Mobile etc.).

The Solution

- The challenge Merit Investment Bank faced was to help the company re-orient and correct some revenue recognition issues, bring greater acuity to the financial reporting, as well as articulate how this company achieved outlier margins while growing steadily.
- The Merit Investment Bank team articulated the business model, validating the repeatability and sustainability of revenues and the high margin nature of that strategy yielding significant interest from both a strategic and financial buyer.
- After the recommendations were instituted, Merit Investment Bank leveraged its deep experience and buyer network, as well as utilizing a strategic auction process, to find a buyer synergistic to the seller’s business.

The Results

- By running a broad auction and leveraging deep industry expertise and relationships, our process yielded 12 IOI’s and a final sale above owners’ expectations to a Private Equity firm with two holdings in the space.
- Owners rolled some equity and are still shareholders in the larger entity.
- Within 1.5 years of the initial transaction, the seller recapitalized with the parent company for the “second bite of the apple”. Within 14 months of that event, the acquired entities were sold again to another up-market PE firm, enabling the sellers to receive a “third bite of the apple."

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Jeff Rubenstein

"The team at Merit Investment Bank works hard and puts in a lot of time and energy. And because of that, they're talking to people with a lot more sincerity than just putting out a deck. They went deeper and not only understood our strategy, but they understood how to pitch the right strategy to the folks on the other end of the transaction. They explained our business so a potential suitor understood how it could be integrated into their business.

Merit Investment Bank thought of a more strategic transaction and they built a better story. It's what's created more offers and what made the offers higher."

CEO, SmartProcure

Tom Fleck

"Merit Investment Bank not only did everything they promised, they provided significant strategic guidance required to help us navigate the path of getting this transaction across the finish line. Their patience, tenacity, and professionalism when things got tough was the difference in completing this transaction for us."

CEO, GlobalTech

Chris Noorda

“I greatly appreciated Merit Investment Bank’s expertise and guidance throughout this process and appreciated, even more, their attention to the intangible things that were important to me and my company beyond just getting a deal done.”

President, Noorda BEC

Marco Allegretti

“I enjoyed working with Merit Investment Bank—they made an enormous contribution in such a complex but successful transaction. I would be happy for the chance to give a reference in the future for what a great job they did!”

Private Equity / M&A Executive, Atlantia; SpA Managing Director, McKinsey & Co

Bill Adams

"I wanted to work with an Investment Banking firm that was going to be able to understand our business, get to know me and my team, and then not only help us secure the investor, but help us find the right investor because they understood what we really needed. We got that and more with Merit Investment Bank. Their strategic guidance, patience, and diligence were critical in getting this transaction finished, and was the difference maker in this process.”

CEO and Cofounder, Conscious Leadership

Howard Perea

"We are thrilled with the outcome Merit Investment Bank delivered for our family through the sale of the business. With their guidance, we were able to unlock significant shareholder liquidity while positioning the employees of the company for continued success within a growing platform.”

Co-Owner, RAC Transport Inc.

D. Roberts

"We hired Merit Investment Bank over other investment bankers because of the responsiveness to our questions, aggressive approach to winning, persistence in following-up, and the many creative ideas the team presented. Merit Investment Bank added significant value beyond just running a process."

EVP, Project Yellowstone

Dave Carr

"Unlike many investment banks I've worked with during my career, Merit Investment Bank was attentive at all stages of our transaction, which really made a difference in achieving a great outcome."

CPA, Interim CFO

Mike Olson

“Through the broad auction, Merit Investment Bank got us another 75% above the offers that originally came in. We still have a piece of the company and I’m still able to run it. I feel good that our key employees are going to be secure in the future. It’s a win-win for everybody.”

Keith Jackson

"The team at Merit Investment Bank have provided invaluable assistance in stabilizing and growing my company. They’ve helped with both short-term challenges and long-term planning. Their experience running multiple businesses like mine and vast network of contacts have brought value to my company and to me personally. If you want help taking your business to the next level, I highly recommend Merit Investment Bank."

Owner of Industrial Revolution, Inc.

Carl Peterson

"As a business/transactional attorney, I have had the opportunity to work with many investment bankers in the M&A arena. The Merit Investment Bank team is, without question, the best in the local middle-market space. They make clients feel comfortable by both listening to and provide thoughtful advice for legal counsel. Most importantly, they are able to negotiate a great deal.

Quite refreshingly, Merit Investment Bank puts the needs of the client above closing a deal – something very rare in the M&A world. I give my highest possible recommendation to the Merit Investment Bank team."

Managing Partner, Eisenhower Carlson PLLC

Gary Goeldner

"The Merit Investment Bank team has provided my company with professionalism and valuable counsel on multiple transactions. They listened to our needs, and as business operators themselves, they understood the opportunities open to us and the challenges we faced to grow. They fought hard for us at every stage. We would absolutely look to them for our future investment banking needs."

CFO, Apex Linen Service LLC

Walt Maas,

“The Merit Investment Bank team has extensive M&A and capital-raising experience in the middle market, both as investment bankers and entrepreneurs. They are great to have on an engagement team and are committed to helping clients succeed, whether buying or selling a business or sourcing capital to scale a growing business.”

Attorney & Partner, Karr Tuttle Campbelle
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