Service Type: M&A
Client: LufTex Gears
- The Board of Directors, Shareholders and Executive Team of LFTX, had been approached by several interested acquiring companies. Ultimately, the Board and LFTX Management decided to engage in negotiations with key regional and international strategic buyer targets to determine the viability of a possible sale.
- Corner Capital was retained by the LFTX Board to review exit options under several scenarios including partnering with like-kind firms and a complete exit of the business. Upon detailed review and analysis, the Board of Directors opted to pursue a complete exit and asset sale.
- Corner Capital assisted the Board, Shareholders and outside counsel to successfully negotiate the terms of the sale and definitive documentation to complete a transaction with Sumitomo.
- All diligence material collection and facilitation were managed by Corner Capital from signing of the letter of intent thru execution of the purchase & sale agreement to closing of the transaction.
- The Board of Directors, Shareholders achieved their value, staff, and` community objectives through Corner Capital’s process, and selected Sumitomo as the best steward of the Company’s assets.
- The Company’s operations were successfully marketed and sold to Sumitomo Machinery. The transaction was successfully closed on December 2019.