Lincoln International Represents Angus Industries’ Employee Stock Ownership Plan and Merit Capital Partners in the sale of Angus Industries, Inc. to Worthington Industries, Inc.
Lincoln International, a leading global mid-market investment bank, has announced that Angus Industries, Inc. (“Angus”) has been sold to Worthington Industries, Inc. Angus was owned by an Employee Stock Ownership Plan (“ESOP”), with a minority investment from Merit Capital Partners (“Merit”), an investment firm based in Chicago, Illinois.
Based in Watertown, S.D., Angus is the market leader in the design and manufacture of high-quality, custom-engineered open and enclosed cabs and operator stations for a wide range of heavy mobile equipment in several end-markets, including agriculture, construction and mining. Angus' products represent a highly technical component of mobile equipment that helps keep operators protected, comfortable and productive. Angus’ products range from cabs for small utility equipment, to those utilized by the largest earthmovers in the world. In addition to its South Dakota headquarters, the company operates facilities in Northwood, IA, Greeneville, TN, and Florence, SC, with approximately 1,250 employees and over $200 million in sales in 2011. Worthington Industries is a leading diversified metals manufacturing company with 2011 fiscal year sales of over $2.4 billion.
Lincoln International acted as the exclusive financial advisor to Angus and Merit, working closely with the company’s management team and shareholders throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
“Lincoln’s excellent process execution, strategic advice and involvement in every stage of the transaction resulted in a very efficient process for the management team and uncovered an exceptional partner for our business,” noted Bob Kluver, Chief Executive Officer, Angus Industries, Inc. “Lincoln’s experience in the global agricultural, construction and mining equipment industry, and relationships with the key decision makers at potential strategic acquirers for Angus led to a great outcome for Merit, management and all of the employee owners” added Dan Pansing, Managing Director, Merit Capital Partners.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With twelve offices, three in the Americas, two in Asia, and seven in Europe, and strategic partnerships with leading institutions in China and Korea, Lincoln International has strong local knowledge and contacts in the key global economies. The firm provides clients with senior level attention, in depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
