"... the ESOP creates an opportunity for the 250 employees of Spinnaker Coating to retain jobs, continue to drive value, and grow their retirement savings,” said Lou Guzzetti, Chairman and CEO of Spinnaker Coating.
Chicago, IL (PRWEB) February 02, 2012
Spinnaker Coating announces the sale of the Company to an Employee Stock Ownership Plan (“ESOP”). Verit Advisors, a Chicago-based investment banking firm, advised Spinnaker Coating on the transaction.
Spinnaker Coating is recognized as a leading service provider in the pressure sensitive industry. To achieve that goal, its mission is to create and sustain unparalleled customer service experiences every day.
Verit Advisors began working with Spinnaker in June 2011 by analyzing and benchmarking numerous ownership transition alternatives based on the Verit team’s extensive experience. Verit leveraged its expertise in ESOP, M&A, and Debt Placement alternatives allowing Spinnaker to secure the optimal long-term solution.
“In addition to providing a competitive ownership transition with certainty of close for our investors who have stood by the Company for the past decade, the ESOP creates an opportunity for the 250 employees of Spinnaker Coating to retain jobs, continue to drive value, and grow their retirement savings,” said Lou Guzzetti, Chairman and CEO of Spinnaker Coating.
Mary Josephs, Founder and Executive Managing Director of Verit Advisors shared, “It is an honor for us to be part of this legacy and to have the opportunity to shape the future of such a successful company. We worked hand-in-hand with the Company’s Management Committee, Spinnaker’s executive management team, accountants, attorneys, and lenders to create the elegant transition plan that acknowledges the company’s rich history as well as the employees who represent its future.”
About Spinnaker Coating
Founded in 1928 by two Troy, Ohio businessmen, Herbert Brown and Perce Bridge, Brown-Bridge Industries was a manufacturer of water sensitive conventional gummed papers and cloths. The Company adapted with changes in adhesive technologies and was an early entrant into the pressure sensitive market. In 2002, the Company changed its name to Spinnaker Coating, LLC and began its transition to a highly-focused customer service organization. Commitment to quality, as well as customer service, has enabled Spinnaker to increase its market share and establish itself as a preferred supplier to label converters.
About Verit Advisors
Verit Advisors unites sophisticated middle market investment banking capabilities with a client centric boutique, fluent in ESOPs, debt and equity capital markets, and mergers and acquisitions. Integrity, teamwork, service and innovation are at the heart of the organization, as the Verit Team strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs founded Verit Advisors in 2009 and has nearly three decades of experience in the world of corporate finance. Josephs and her team are considered to be the foremost experts in ESOP transactions and middle market strategic alternatives.