Multiple Shareholders with Different Liquidity Needs

· We represent two shareholders who own a specialty career uniform company:
- Owned equally by two brothers
- One brother wants to retire, the other wants liquidity but continues to
  have a passion to manage the business
- Revenue of $25 - $35 million
- Excellent margins and profitability
- Good future growth potential

· The process we undertook to achieve owner objectivs:
- Focused on Private Equity firms who partner with management
- Screened for PE firms who target companies of this size and have relevant
  investment experience
- Several PE firms took an interest
· We contacted over 50 private equity firms with an expressed
  interest in this segment
· We received and evaluated three competitive offers
· The deal was structured as a 70/30 LBO (seller retained 30%)
  with additional future upside potential

Key Takeway: Creative deal structuring and negotiations can allow for complex and divergent liquidity needs of owners.