News Category: Recent Transactions

Chartwell is pleased to announce Sanderson Bellecci recently closed on new senior secured credit facilities consisting of a revolving line of credit, term loan, and a delayed draw term loan (collectively, the “Facilities”). Proceeds from the Facilities were utilized to refinance existing senior indebtedness and pay off a related party note utilized to consummate Sanderson Bellecci’s (the “Company”) latest acquisition.

Financed by Zions Bancorporation, N.A. dba California Bank & Trust (“CB&T”), the newly funded credit facilities provide Sanderson Bellecci with advantageous terms, pricing, and a significant amount of flexibility including, but not limited to, no personal guarantee requirements from key stakeholders, the ability to make payments on subordinated seller notes subject to certain criteria, and a delayed draw term loan that provides the Company with additional committed capital to pursue its acquisition strategy.

Chartwell served as Sanderson Bellecci’s exclusive financial advisor across all facets of the transaction and provided strategic counsel to the Company as it evaluated numerous financing alternatives in pursuit of sustainable growth and significant operating flexibility.

About Sanderson Bellecci

Formed in May 2023 through the merger of three separate entities — Bellecci & Associates, Inc., Sanderson Stewart, Inc., and Summit Engineering Corporation — Sanderson Bellecci is a preeminent community design and engineering consulting firm. In December 2023, the Company acquired Coleman Engineering, Inc., expanding the Sanderson Bellecci umbrella. Across all four entities, the Company offers a fulsome suite of consulting services inclusive of, but not limited to, civil infrastructure, water and wastewater engineering, land development, community planning, and surveying and mapping. Each entity possesses long-standing, trusted relationships with clients in their particular geographies and unmatched technical expertise in their respective niches. Sanderson Bellecci’s approximately 180 employees operate in ten western states.

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“The Sanderson Bellecci team thanks Chartwell for their professional and efficient approach in placing new credit facilities in support of our strategic objectives. Throughout each step of the transaction, Chartwell provided valuable advice on potential structures, financing partners, and relevant considerations that allowed our management team to make highly informed decisions and determine the optimal path forward. The Chartwell team truly added value to our deal. They were a pleasure to work with over the course of the capital raise process, and we look forward to working with them again in the future.”

– Michael Sanderson, Chief Executive Officer, Sanderson Bellecci

“Chartwell was pleased to assist the Sanderson Bellecci management team with this transaction which not only provided new flexible credit facilities, but also paired the Company with a supportive financial partner to assist with its next phase of strategic growth and expansion. Further, given Sanderson Bellecci’s established track record of operations and best-in-class management team, Chartwell secured credit facilities that provide the Company with significant flexibility at advantageous terms. We look forward to continuing to be a resource to Sanderson Bellecci as it executes upon its strategic growth plans.”

– Ryan Rassin, Managing Director, Chartwell

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Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance and investment banking capabilities, contact Greg Fresh.

Chartwell is pleased to announce Taylor & Martin, a nationally recognized auctioneering company, has been acquired by Mitsui & Co., a global investment conglomerate. Taylor & Martin (the “Company”) evaluated an unsolicited offer from Mitsui as the proposal presented a compelling avenue to increase scale and growth through the implementation of new services and the ability to leverage Mitsui’s industry relationships to accelerate the execution of more auctions. Chartwell was engaged to provide advisory services to the Company and its board of directors for a potential transaction, including the execution of a market check process.

Chartwell was critical in the development of materials that qualitatively and quantitatively highlighted Taylor & Martin’s strategic growth opportunities and the potential synergies that could be achieved through a combination with a strategic acquirer, resulting in a purchase price representing a significant premium to the most recent ESOP valuation.

Chartwell exerted significant influence in transaction negotiations, skillfully navigating cross-cultural and public company dynamics to attain the most favorable deal terms, including the removal of requested management rollover, elimination of proposed earnouts and escrows, and the implementation of a meaningful retention bonus for employees.

Throughout the transaction, the partnership between Taylor & Martin and Mitsui exhibited a strong cultural fit, passion for the Company’s mission, and the vision and resources necessary to accelerate ongoing growth and create a meaningful opportunity for the ESOP participants to realize significant retirement assets.

About Taylor & Martin

Headquartered in Fremont, Nebraska, Taylor & Martin is the nation’s leader in over-the-road trucking equipment, remarketing, appraisals, and consulting. Founded in 1935, the Company has been dedicated exclusively to the transportation industry for 60+ years and maintains a strong reputation for  integrity, efficient auctions, and industry/equipment expertise. Prior to the sale, the Company was 100% owned by an S Corporation ESOP with approximately 80 employee-owners.

Chartwell Contact

For additional information on this transaction, please contact Wil Becker. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh.

Chartwell is pleased to announce the sale of Angelo’s Aggregate Materials (dba Angelo’s Recycled Materials), a Florida-based leading, vertically integrated provider of commercial waste management and recycled materials services to GFL Environmental Inc. (NYSE: GFL) (TSX: GFL). Angelo’s had been family-owned by its founders, the Iafrate family, since inception. Chartwell served as the exclusive financial advisor to Angelo’s, providing comprehensive and unbiased counsel to the Iafrate family for several years and throughout the duration of the successful M&A transaction process.

With the addition of Angelo’s, GFL will expand its geographic reach into central Florida, providing strategic access to—and a Class III landfill within—one of the fastest growing regions in the U.S. Additionally, Angelo’s will provide GFL with exposure to new revenue opportunities with a robust aggregate materials recycling business line.

Angelo’s engaged Chartwell to lead and execute the complete M&A transaction process. With Chartwell’s in-depth expertise, Chartwell provided objective counsel and facilitated negotiations on behalf of Angelo’s to ensure a successful outcome. Angelo’s was also represented by Holland & Knight LLP, acting as legal counsel to Angelo’s, and Jeffrey C. Shannon P.A., acting as legal counsel to the Iafrate family. The sale transaction was completed on April 1, 2024.

About Angelo’s Aggregate Materials

Based in Tampa, Florida, Angelo’s Aggregate Materials is a leading, vertically integrated provider of commercial waste management and recycled materials services in the greater Tampa Bay and Orlando areas. Angelo’s is the regional market leader in concrete and asphalt recycling and crushing, construction & demolition (“C&D”) waste management & collection services, and rolloff dumpster rentals. Angelo’s also owns and operates a Class III landfill strategically located between Tampa and Orlando.

About GFL Environmental Inc.

Headquartered in Vaughan, Ontario, GFL Environmental is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. Across its organization, GFL has a workforce of more than 20,000 employees.

Chartwell Contact

For additional information on this transaction, please contact Matt Ewing. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh.

Chartwell is pleased to announce Blackstone has successfully completed a minority equity investment in Salas O’Brien, a leading employee-owned engineering and technical services firm. The new investment provides shareholders of Salas (or the “Company”) with meaningful liquidity for continued growth. Additionally, Blackstone will enhance Salas’ access to resources and talent to better service clients and support the Company’s proven acquisition strategy.

Chartwell served as Blackstone’s financial advisor for the transaction, providing valuation and structure insight as well as serving as strategic counsel as Blackstone considered multiple facets of this opportunity. Through the transaction, Blackstone gains a partnership with a fast-growing company positioned to accelerate growth via strategic growth initiatives and capitalize on industry tailwinds. Blackstone is excited to take part in the next chapter of Salas O’Brien’s history.

About Blackstone

Blackstone (NYSE: BX) is the world’s largest alternative asset manager. Blackstone seeks to create positive economic impact and long-term value for investors, relying on extraordinary people and flexible capital to help strengthen the companies invested in. Blackstone has over $1 trillion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

About Salas O’Brien

Founded in 1975, Salas O’Brien is an employee-owned engineering and technical services firm focused on advancing the human experience through the built environment. The team is engineered for impact™, helping clients achieve critical goals, advancing team members through growth and opportunity, and operating at the center of important global issues, including sustainability and decarbonization. Salas is a top firm as ranked by Engineering News-Record and Consulting-Specifying Engineer and has appeared for the past eleven years on the Inc. 5000 list of North America’s fastest-growing private companies.

Chartwell Contact

For additional information on this transaction, please contact Dan Kaczmarek. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh. For more information about Chartwell’s AE practice, contact Joe Skorczewski.

Chartwell is pleased to announce that WAEV recently closed on a new senior secured revolving credit facility. Proceeds from the facility were primarily utilized to support near- and long-term working capital requirements. The newly funded credit facility (the “Revolver”), provided by JPMorgan Chase Bank, N.A., provides WAEV (the “Company”) with operating flexibility and liquidity to support its strategic growth initiatives as a standalone entity while also supporting working capital needs associated with its significant order book of new business. Additionally, WAEV has access to incremental capital through an accordion that allows the Company to upsize the Revolver to further support management’s corporate strategic objectives.

Chartwell served as WAEV’s exclusive financial advisor for the capital raise, providing strategic counsel to the Company as it evaluated its numerous financing alternatives in pursuit of sustainable growth and significant operating flexibility. The Revolver provides WAEV, which was spun out of Polaris Inc. (NYSE: PII) in 2021, with the necessary capital to rapidly scale its business as a standalone entity, capturing market share in the expanding low-speed mobility sector.

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“We were honored to work with the WAEV management team on this important transaction to help support the Company as a standalone entity and provide growth capital. Because of WAEV’s strong reputation for quality products and deep industry expertise, we were confident that we could assist in finding a flexible and tailored credit solution that specifically met the Company’s needs and could support management’s strategic objectives. The solution came in partnership with JPMorgan’s Green Economy Commercial Banking team, who were eager to be part of the next chapter of the Company’s story as it pursues sustainable growth within the clean mobility industry. We are excited to watch WAEV’s growth story over the next several years.”

– Ryan Rassin, Managing Director, Chartwell

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About WAEV

WAEV is an electric mobility vehicle pioneer poised to capitalize upon the electrification and mobility trends in the low-speed mobility sector. The Company engineers, manufactures, and distributes low-speed electric vehicles for consumer, commercial, and industrial applications via three stalwart brands: GEM, Taylor-Dunn, and Tiger, each commanding decades of dealer and user confidence.

Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh.

A Top 50 private equity firm engaged Chartwell to provide M&A buy-side transaction advisory services on its platform acquisition of a company that is 100% owned by an Employee Stock Ownership Plan (“ESOP”).

Given the unique complexities of an ESOP ownership structure, Chartwell was selected to serve as the exclusive buy-side advisor for all ESOP-focused financial advisory and investment banking services with respect to the acquisition. Chartwell helped navigate the ESOP complexities throughout the entire process, educating both the private equity firm and target company’s board of directors and management team in developing an optimal transaction structure that sets the company up for continued success in its next chapter of ownership and growth.

Chartwell utilized its distinctive M&A and ESOP expertise to develop creative solutions for ensuring employee engagement and retention post-closing. The resulting structure is one that continues to provide the benefits of broad-based employee ownership, as well as a retention program that will help to motivate employees through the ownership transition.

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“Chartwell’s strategic guidance and knowledge were instrumental in developing a superior outcome in our acquisition of the target platform. Chartwell differentiated themselves with their deep knowledge of ESOPs, which enabled their team to advise us on how to best structure the acquisition. The ultimate structure, terms, and conditions exceeded our expectations, owing to their advice and overall commitment to the deal. We rely on Chartwell for its expertise as we further explore acquisitions of employee-owned companies.”

– Principal of Private Equity Firm

“We have been continuously impressed by Chartwell throughout the transaction process. While Chartwell was officially an advisor to the buy-side team, they were a remarkable asset to the entire transaction and provided valuable insights to all parties involved. Their contributions led to the best possible outcome for our employee owners and positioned our company for success.”

– President of Acquired Target

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Chartwell Contact

For additional information on this transaction, please contact Matt Dennison. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh.

Chartwell is pleased to announce the sale of Comet Electric to an undisclosed acquirer. Chartwell served as the exclusive financial advisor to Comet, providing comprehensive, unbiased counsel to the board of directors.

The combined platforms further enhance Comet’s capabilities as well as provide economic and strategic resources to better serve its customers. Comet will expand the buyer’s geographic reach into Southern California while also providing deep experience in transportation and general electrical contracting.

Comet engaged Chartwell to lead and execute the full transaction process. With Chartwell’s in-depth expertise in M&A transactions and the construction and engineering industries, Chartwell provided objective counsel and facilitated negotiations on behalf of Comet to ensure a successful outcome.

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“We couldn’t have done this without the expertise and guidance of Chartwell’s team. From the initial meeting to the final closing, Chartwell provided invaluable support and advice throughout the process. Chartwell’s M&A knowledge, professionalism, and responsiveness led to the completion of this transaction despite market changes during negotiations. With their help, we were able to find a partner that will help Comet continue to grow.”

— Adam Saitman, President & CEO, Comet Electric

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About Comet Electric

Based in Chatsworth, California, Comet Electric is a leading electrical design services and installation firm serving general contractor partners and end customers in the Greater Los Angeles area. The Company provides a wide array of installation and design services to the utility infrastructure, aviation, public works, public transportation, industrial, commercial, street lighting and traffic signal, and education sectors and offers design-build, design-assist, and value engineering services.

Chartwell Contact

For additional information on this transaction, please contact Wil Becker. To learn more about Chartwell’s corporate finance capabilities, contact Greg Fresh.

Chartwell is pleased to announce MacArthur Co. has acquired American Metals Supply Co. (AMS), a leading wholesale distributor of sheet and coil steel, prefabricated duct and fittings, and a complete line of HVAC products. Combined, MacArthur and AMS will service the western two-thirds of the U.S. and be one of the largest distributors of HVAC and related products.

Chartwell advised MacArthur’s board of directors on investment considerations and purchase price as well as financing needs to fund the acquisition and the ongoing working capital requirements of the combined companies. Chartwell managed the due diligence process and effectively negotiated deal terms and conditions opposite AMS’s financial advisors to successfully close the transaction.

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“Chartwell has been a trusted advisor to MacArthur for almost 20 years and has advised us in completing a number of strategic acquisitions. The purchase of AMS is yet another reason why we are so very fortunate to have Chartwell’s expert advice. Chartwell’s experience negotiating transactions, combined with their in-depth understanding of our unique business needs, make them the ideal partner for MacArthur and our employees.”

– Barrett Moen, CEO, MacArthur Co.

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About MacArthur

Founded in 1913, MacArthur and its wholly-owned subsidiaries provide industry-leading distribution of building products, including insulation, lumber, HVAC, and roofing products as well as the manufacture of pre-engineered buildings. MacArthur operates in over 50 locations throughout the U.S. and has been 100% employee-owned since 2004.

About American Metals Supply

Founded in 1962, American Metals Supply is a leading distributor of galvanized steel, HVAC, and related products. AMS serves commercial contractors and fabricators across multiple end markets, including manufacturing, distribution, office, government, education, and healthcare. Headquartered in Springfield, Illinois, AMS operates nine locations and distributes its products throughout the Midwest and Southwestern U.S.

Chartwell Contact

For additional information on this transaction, please contact Wil Becker. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

Chartwell is pleased to announce New Wave Entertainment has successfully completed a refinancing of its existing senior debt credit facility. The new facility, led by Star Mountain Capital and EastWest Bank, provides New Wave (the “Company”) with significant capacity and operating flexibility as it evolves in conjunction with the entertainment industry’s shift towards digital consumption.

In addition, Star Mountain and a consortium of private investors have committed incremental capital to support New Wave Entertainment’s growth initiatives. Funds will be utilized for the following purposes:

• Produce new comedy and pop culture content stewarded by New Wave Entertainment’s sister firm, The Nacelle Company, LLC (“Nacelle”). Nacelle currently maintains the largest independent comedy content library in the industry and a growing library of documentary series, producing for A-list names such as Zac Efron, Kevin Hart, Jim Gaffigan, and more. Alongside comedy and documentary content, Nacelle will continue to curate and license specials, shows, IP, books, and toys as a clearing house for all things pop-culture
• Support the Company’s buildout of industry-leading software, hardware, cybersecurity systems, and engineering talent required to provide finishing and editing services for the world’s premier theatrical and streaming content producers. The Company’s state-of-the-art facilities have serviced blockbuster productions for over 25 years and are constantly evolving to meet new industry standards

Concurrent with the refinancing, New Wave Entertainment and Nacelle have effectuated a restructuring of their respective ownership structures, ensuring long-term alignment of the two businesses.

Chartwell acted as the exclusive financial advisor to New Wave Entertainment, providing counsel to the senior management team on all facets of the transaction.

About New Wave Entertainment

New Wave Entertainment is a leading independent creative entertainment marketer, digital editor, and comedy content curator in the entertainment industry. The Company provides finishing services, trailers, TV spots, digital distribution, and more to a diverse end market of clients including major studios and streaming platforms. New Wave Entertainment is a 100% ESOP-owned business and prides itself on generating value for its employee ownership base.

Chartwell Contact

For additional information on this transaction, please contact Will Bloom. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

Chartwell is pleased to announce that Chemonics International, Inc. has successfully completed a refinancing of its existing senior debt credit facility. The new facility provides Chemonics (the “Company”) with significant financial flexibility and capacity to support its new business initiatives and long-term strategic plans. Chartwell acted as the exclusive financial advisor to Chemonics, providing counsel to the senior management team on all facets of the transaction.

In the refinancing, Truist and Citibank are the senior lenders to Chemonics and provide the capital to support the Company’s growth initiatives through a cash-flow based revolving credit facility that maximizes operating flexibility. Additionally, Chemonics has access to incremental capital through an accordion feature that allows the Company to upsize the revolving credit facility to further finance organic and inorganic opportunities in support of its strategic objectives.

About Chemonics

Chemonics is a leading international development consulting firm applying a suite of consulting services to foreign aid operations in over 80 countries across the globe. The Company provides an extensive array of services in areas such as health, government, agriculture, education, supply chain administration, aid distribution, humanitarian assistance, and more. With a long-term track record of successful project implementation, Chemonics has earned a reputation as the go-to executor of development assistance goals for a host of governments, NGOs, and charities worldwide. Chemonics is a 100% ESOP-owned business and prides itself on generating value for its employee ownership base.

Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.