Case Study
Case Study
Sell-side advisory services to restaurant and retail furniture and fixture manufacturer on shareholder buyout
Our client’s need
Wisconsin Built, Inc. (Wisconsin Built) is a leading manufacturer of restaurant and retail furniture and fixtures, with national account clients throughout the United States and Canada. Wisconsin Built was started by Jeff Ball in 1988 and in 1992 he brought in partner Dan Petersen. After watching the company grow from being a small cabinet maker based out of his garage to a national player in the restaurant and retail furniture industry, Jeff decided it was time for new projects while Dan knew he wanted to stay and continue to grow the business. The two sought an experienced advisor to assist in sourcing financing and structuring the transaction.
Baker Tilly Capital solution
Baker Tilly Capital worked with Jeff and Dan to develop a five year financial forecast and information memorandum that highlighted the company’s success over the last 25 years, while also emphasizing the opportunities for continued growth. Baker Tilly Capital walked through different scenarios for the ownership change with Dan and Jeff, and after exploring selling Jeff’s ownership to an unrelated third party, the owners decided that the best option for the company was for Dan to buy Jeff’s shares. Baker Tilly Capital utilized the assets in the company and the two real estate companies owned by Dan and Jeff to put together a deal structure that was advantageous to all parties.
Baker Tilly Capital approached several local banks with the financing opportunity, facilitated bank meetings and information requests, and assisted Dan and Jeff in the evaluation of the banks. Once a bank was chosen, Baker Tilly Capital assisted throughout the closing process.
Results achieved
With the assistance of Baker Tilly Capital, Wisconsin Built was able to secure new financing that was used to fund the shareholder buyout, refinance existing higher cost debt, and fund working capital needs going forward. Baker Tilly was also awarded the ongoing assurance services for Wisconsin Built and tax services for both Wisconsin Built and Dan Petersen.
The Baker Tilly team of experts in tax, finance, and business valuation were a tremendous help in the transaction. They asked the hard questions, and helped us understand all aspects of the decision making process. We are a stronger company for listening to them.Dan Petersen, President, Wisconsin Built, Inc.
For more information on this topic, or to learn how Baker Tilly Capital specialists can help, contact our team.