Rent-A-Center, Inc.
Rent-A-Center, Inc., a publicly owned company headquartered in Plano, Texas, is a leader in the Rent-To-Own (“RTO”) industry, which provides customers the opportunity to obtain consumer electronics, appliances, computers, wheels and tires, furniture and accessories through a rental purchase agreement and also provides merchandise on an installment sales basis and RTO transactions to consumers who do not qualify for financing from the traditional retailer through kiosks in its’ RTO retail locations. Mann, Armistead & Epperson, Ltd. served as the exclusive financial advisor to Rent-A-Center with the purpose to acquire a virtual RTO service company. Rent-A-Center acquired substantially all of the assets of C/C Financial Corp doing business as Merchants Preferred, a nationwide provider of virtual rent-ho-own services. Merchants Preferred was founded in 2012 in Atlanta, Georgia. This acquisition accelerated Rent-A-Center’s virtual rent-to-own position within the industry.
Empire Machinery & Supply Corp.
Empire Machinery & Supply Corporation was founded in 1914 in Norfolk, VA. With locations in Norfolk, VA and Hampton, VA, Empire is an industrial supply business that specializes in industrial, government, contractor, and marine supplies. Empire was acquired by Management Consulting, Inc. (MANCON), a Virginia Beach, VA based provider of logistic, professional, technical, and administrative support services to a wide range of Department of Defense, federal, state, and industry customers. Mann, Armistead & Epperson, Ltd. advised Empire Machinery & Supply Corporation in this transaction.
Wellmark, Inc.
Wellmark, Inc. is a large-scale, post-industrial, plastic-waste recycler located in Asheboro, NC. Wellmark recycles plastic scrap into pellets or flake. Purchased scrap material is ground, contaminants removed, and the resulting plastic product is reprocessed where any required additives and colorant are compounded into the material. The material is tested to determine its physical, chemical, and processing properties, and then is ready to be used in an injection molding process. The recycled plastic has properties similar to “virgin” polypropylene but its lower cost makes it very attractive for many applications. Wellmark was acquired by Technimark, Inc., an Asheboro, NC based injection molder of plastics. Mann, Armistead & Epperson, Ltd. advised Wellmark, Inc. in this transaction.
Copperweld Bimettalics, LLC
Copperweld Bimetallics, LLC, the leading U.S. manufacturer of bimetallic wire was acquired by Fushi International, Inc., (Nasdaq: FSIN), the leading Chinese manufacturer of bimetallic wire. Based in Fayetteville, Tennessee, Copperweld is a leading manufacturer of bimetallic wire, principally copper clad steel (CCS) and copper clad aluminium (CCA). Copperweld produces a range of products for use in communications, utility, transportation, and industrial applications in both the U.S. and international markets. A second manufacturing location in Telford, England principally services the growing European market. Fushi International Inc. through its wholly-owned subsidiary, Fushi International (Dalian) Bimetallic Cable Co., Ltd, manufactures bimetallic composite wire products, principally CCA. Mann, Armistead & Epperson, Ltd. advised Copperweld Bimetallics, LLC in this transaction.
Technimark, Inc.
Technimark, Inc., headquartered in Asheboro, NC, is an injection molder of plastics with multiple plant locations in the United States, Mexico, Germany and China. The Company provides molding, sub-assembly, and decoration, as well as, industrial design, engineering and tool building services to many of the largest companies in the U.S. The Company operates two primary divisions: Consumer Packaging and Diversified Products. The Company’s Consumer Packaging business specializes in molding high-volume, rigid thermoplastic packaging for consumer products, and its Diversified Products division supplies sub-contracted custom molding services to several large OEMs. Technimark produces products from make-up compacts to DVD cases and from in-mold labeled cups to power tool casings. Technimark was acquired by the senior management of Technimark and a private equity sponsor. Mann, Armistead & Epperson, Ltd. advised Technimark, Inc. in this transaction.
Carolina Container Company
Carolina Container Company, headquartered in High Point, NC is a manufacturer of corrugated products with printing capabilities and has facilities in North Carolina and South Carolina. Carolina Container acquired Scotland Container, Inc., headquartered in Laurinburg, NC, a converter and printer of corrugated sheets with facilities in North Carolina, Tennessee and Virginia. Mann, Armistead & Epperson, Ltd. served as the exclusive financial advisor to Carolina Container in this transaction.
IMS Environmental Services, Inc.
IMS Environmental Services is an environmental and marine services company with multiple offices, located from Maryland to North Carolina. IMS is headquartered in Norfolk, Virginia and provides services such as emergency response, site remediation and marine and industrial tank cleaning to local, state and federal governments as well as commercial and industrial clients. IMS was acquired by HEPACO, Inc., a Charlotte, NC based environmental service company specializing in land-based environmental services throughout the southeast. Mann, Armistead & Epperson, Ltd. served as advisor to Industrial Marine Service, Inc.
STS Linens, Inc.
STS Linens, Inc., d/b/a Southern Textiles, was a privately-owned manufacturer of top of the bed linens and other bedding accessories based in Forsyth, Georgia. Our firm was engaged by the Company to assist in its sale to a strategic acquiror. The principals had determined that the Company lacked the requisite capital and desirable sourcing to maximize its future growth. Mann, Armistead & Epperson, Ltd. marketed the business to strategic acquirors who had the capital and sourcing abilities necessary for the Company to reach the next level of performance. The assets of Southern Textiles were sold to Leggett & Platt, Inc., a $4.4 billion conglomerate based in Carthage, Missouri.
RVL Packaging, Inc.
Based in Los Angeles, California and with subsidiary corporations in Germany, Mexico, Hong Kong and Guatemala, RVL Packaging is widely recognized as one of the apparel industry’s leaders in manufacturing, distribution, design and marketing of woven and printed labels, graphic tags and specialty packaging products. Our involvement with RVL and its sister company L&E Packaging (Greensboro, NC and Hong Kong) spanned over a six year period. Subsequent to divesting L&E to the Stephens Group of Little Rock, Arkansas, Mann, Armistead & Epperson, Ltd. was engaged by RVL to assist them in understanding the potential demand for their business on a global basis. In an important strategic evolution for RVL, our firm assisted RVL to structure, negotiate and complete its $150.0 million sale to Avery Dennison Corporation.
Norfolk Ship & Drydock Corp.
Founded in 1915, Norfolk Ship and Drydock Corporation (NORSHIPCO) is one of the largest non-nuclear ship repair, modernization and conversion companies in North America. Our involvement with NORSHIPCO spanned a 10 year period over which Mann, Armistead & Epperson, Ltd. successfully completed six different merger and recapitalization transactions. As one of Virginia’s largest private corporations, NORSHIPCO utilized its excess capital in 1970/1980 to diversify its holdings through the acquisition of several businesses. In an effort to return to its “base business”, our firm assisted NORSHIPCO in divesting its financial (banking), insurance and non-shipbuilding repair subsidiaries to independent parties. Subsequent to those divestitures we restructured NORSHIPCO’s balance sheet through the refinance of its credit facilities. With the divestiture of non-core assets and a restructured balance sheet we commenced a sale process to take advantage of the consolidating ship repair industry. This process concluded with the acquisition of NORSHIPCO by an affiliate of The Carlyle Group, a Washington D.C. based private equity firm. During our affiliation with NORSHIPCO, Mann, Armistead & Epperson, Ltd. served as an advisor to the board and a director of several of NORSHIPCO’s subsidiaries.
Doughtie’s Foods, Inc.
Doughtie’s Foods, Inc., based in Portsmouth, Virginia is a distributor of food service products throughout the mid-Atlantic region of the United States. Prior to its acquisition, Doughtie’s was a thinly traded public company with a large minority position owned by a family trust. Mann, Armistead & Epperson, Ltd. first became involved with Doughtie’s when one of its major competitors filed a SEC Form13-D report subsequent to acquiring a 9.0% stake in Doughtie’s. Our firm was hired by the Board of Directors of Doughtie’s to help them review their options as related to this competitor as well as other opportunities to maximize shareholder value. After reviewing all scenarios, the Board elected to initiate an auction process to sell the company. We prepared materials and contacted numerous financial, strategic and international parties. We ultimately elected to negotiate a definitive merger agreement and commence a tender process with SYSCO Corporation (SY–NYSE), a $17 billion Texas based food distributor. Our firm acted as financial advisor to the Board of Directors and to the Special Committee.
L&E Packaging, Inc.
L&E Packaging, Inc., based in Greensboro, North Carolina and Hong Kong was a privately-owned and family-controlled manufacturer of printed identity tags for the apparel industry. Mann, Armistead & Epperson, Ltd. was first engaged by L&E when the company received an unsolicited offer from a competitor based in Europe. Upon analysis, it was determined that the family was preparing for a transition of ownership and desired to seek liquidity for its holdings. More importantly, the family wanted the management team to partner with a financial sponsor, retain ownership and potentially have a “second bite at the apple”. Our firm structured a process which focused primarily on private equity firms as opposed to strategic buyers who would want 100% control. We ultimately structured an $80.0 million management led buy-out backed by the Stephens Group of Little Rock, Arkansas.
Circuit City Stores, Inc.
Based in Richmond, Virginia, Goldberg Company, Inc. is a second generation family owned holding company. Mann, Armistead & Epperson, Ltd. was first engaged to help the family understand the financial market place as it related to the value of its business. Subsequent to this analysis, our firm commenced a sell-side process to divest Goldberg’s GCI Appliance Division, which distributed contract appliances to the builder trade. As a result of the solicitation process, the family elected to negotiate a definitive merger agreement with Circuit City Stores, Inc. (CC—NYSE) a $10.0 billion retailer of consumer electronics.
