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Healthcare

Hospitals, pharmacies and insurance companies have been looking to acquisitions as a strategic investment to increase access to healthcare, reduce costs and improve quality. The improving economy, asset price stability, increase in lending activities and resource requirements to comply with new legislation make mergers and acquisitions an attractive proposition in the healthcare sector. ICG Capital Securities has found this to be true while performing buy side and sell side merger and acquisition services for the following sub-segments:

  • Behavioral Health (Child and adult)
  • Laboratory Companies (Clinical and anatomic pathology)
  • Medical Products
  • Medical Staffing
  • Physician Practices
  • Respiratory Therapy and Oxygen
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Business Services

Merger and Acquisition activity in the business services sector has continued to increase as favorable valuations, a healthier economy and a strong financial market has emerged. The improving performance of companies in the business services industry has resulted in a reasonable level of average valuation multiples, making the business services market attractive for acquisitions and divestures. This trend is likely to continue, leading to a strengthening of EBITDA multiples and valuations across the industry. This makes the future market appealing for mergers and acquisitions in the following sub-segments:

  • Education (Schools and curriculum based companies)
  • Financial Services (Management consulting, CFO personnel, 401k plan record keeping)
  • Insurance (Insurance claims, adjusting companies)
  • IT Services (Software as a Service, managed services)
  • Leasing Companies (Equipment, etc.)
  • Merchandising (Companies that sell into big box stores)
  • Multi-unit Franchise
  • Records Management (Digital and paper)
  • Staffing (IT, clerical, light industrial)
  • Telecom Infrastructure
  • Telecom (including money transfer)
  • Training (Healthcare and specialized industry training (utility))
  • Utility Outsourcing (Service companies that serve utilities and telecom companies)
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Industrial

Merger and Acquisition activity in the industrial sector has seen much growth after experiencing a lull following the global recession. As economic conditions have improved so has the willingness of investors and business owners to participate in mergers and acquisitions. The three key drivers of merger and acquisition activity in the near future are expected to be expansion into emerging markets, consolidation to achieve economies of scale and streamlining the product portfolio. All three reflect focus on core activities to drive both growth and profitability. ICG Capital Securities has found this to be specifically true in regards to the following sub-segments:

  • Aerospace and Defense (Shot peening, blasting and metal finishing)
  • Asphalt (including liquid asphalt and emulsions)
  • Chemicals
  • Concrete and Specialty Stone (Pavestone, quarries, etc.)
  • Distribution
  • Environmental Reclamation
  • Equipment Manufacturing
  • Fasteners
  • Film Production (Rolled film)
  • Materials Handling (Conveyors, cranes, rigging, etc)
  • Packaging
  • Paper Production and Conversion
  • Recycling (Metal recycling, plastics recycling)
  • Steel Production and Fabrication
  • Tank Maintenance (Cleaning, repair, painting)
  • Waste Collection and Hazardous Waste
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General

ICG Capital Securities has also assisted in buy side and sell side transactions that are not industry specific. By having a vast knowledge of various industry sectors, ICG is able to apply characteristics of deals in similar industries and tailor a custom approach to each deal. ICG has seen a benefit in assisting non-industry specific companies through their Merger or Acquisition. One of the sub sectors that ICG has recently conducted a deal in is the craft and hobby (retail and wholesale) industry.

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Cascade Healthcare Services, LLC
Cascade Healthcare Services, LLC is a healthcare training and staffing company headquartered in the Western United States. Cascade was founded as and continues to operate with a division that provides supplemental nurse staffing to clients throughout the United States. This Company is a hybrid operation implementing both training services and healthcare staffing. Cascade provides CPR/First Aid and emergency care training and continuing education through its training centers. Accredited through The Joint Commission and authorized by the American Heart Association, Cascade provides medical staff and medical training services to Hospitals, Medical Centers, Medical Clinics, EMS authorities, Fire Departments, Federal, State and Local Government Agencies, including correctional facilities, large and small businesses, and individuals in the community. Cascade also provides medical facilities with Nurse, Respiratory, Radiology and a variety of other Medical Professionals in long-term, short term or temporary placements.

Transaction Detail
ICG was retained by Cascade Healthcare Services, LLC to evaluate the possible sale of this healthcare training and staffing firm and facilitate an ownership transition. ICG was able to create a competitive process and work with management teams in two different locations. The Company was ultimately sold to Evolution Capital Partners.

Pee Dee Pathology Associates, PA
Pee Dee Pathology Associates, PA is a high-volume, rapid-turnaround, full-service anatomic pathology laboratory owned by pathologists. The Company employs excellent technical and support personnel and fellowship-trained pathologists to provide rapid, accurate, state-of-the-art diagnoses across the full spectrum of anatomic pathology services, including dermatopathology, gastrointestinal pathology and urologic pathology. The Company offers a full range of diagnostic testing services on tissue and cell-preparations, the results of which are used by the medical profession for patient diagnosis, prognosis, and the monitoring and treatment of disease. Pee Dee Pathology provides the vast majority of its Anatomic Pathology services to its affiliated hospitals and outpatient clients by providing technical and professional services through its independently owned laboratory facility. The Company provides Clinical Pathology services to its hospital clients by providing medical directorship to the hospital’s clinical laboratories. Additionally, the Company provides Molecular Pathology services to its clients by way of its molecular pathology laboratory within its independent laboratory facility.

Transaction Detail
ICG was retained by Pee Dee Pathology, an 8 partner Anatomic Pathology practice to explore a possible sale or recapitalization of the practice. ICG had previously closed a like transaction in this industry and was able to create significant interest in the transaction which was ultimately purchased by Labcorp.

Access Family Services
Access Family Services is a leading provider of behavioral health related services to the mental health industry throughout North Carolina. Access offers a range of behavioral healthcare services to adults, children, and families. Some of these services include intensive therapeutic foster care, in-home services, psychological assessments, and day treatment. The Company offers an experienced clinical team that provides direction regarding diagnoses, medication monitoring, and treatment planning. Access offers its clients significant advantages by performing these specialized, "niche" services in-house.

Transaction Detail
ICG was retained by Access Family Services, a leading provider of behavioral health services to the Medicaid market to explore a possible sale or recapitalization of the Company. ICG’s experience in the healthcare sector allowed them to bring several parties to the table and the company was ultimately sold to Community Intervention Services, a portfolio company of H.I.G.

Ames Walker International
Ames Walker International is a medical consumer products company that serves its clients by providing top quality graduated compression hosiery products. Medical support hosiery is used mainly to address issues in patients' legs. Graduated compression hosiery and socks help in relieving a wide array of medical problems including diabetes, obesity, edema, deep vein thrombophlebitis, and venous insufficiency.

Transaction Detail
ICG was retained by the ownership team of Ames Walker, a medical consumer products company. Ownership was seeking to transition out of the business over time. ICG was able to run a competitive process and ensure that the owners transition plan was achieved. The Company was ultimately sold to Legs for Life, a subsidiary of a large family office.

Cirrus Medical Staffing, LLC
Cirrus Medical Staffing, LLC is a temporary healthcare staffing company. The Company is a leading provider of travel nurse and allied healthcare staffing services and was the first healthcare staffing company in North Carolina to be awarded the JCAHO Certification. The Company recruits nurses and allied healthcare professionals and places them on assignments of variable lengths and in permanent positions at acute-care hospitals and other healthcare facilities throughout the United States.

Transaction Detail
ICG was retained by the ownership team at Cirrus Medical Staffing, a leading provider of travel nurse and allied healthcare staffing services. ICG was able to run an extremely competitive process and the Company was eventually sold to a foreign buyer with U.S. operations. This transaction was the second completed for this ownership team.

Cirrus Medical Staffing, LLC
Cirrus Medical Staffing, LLC is a temporary healthcare staffing company. The Company is a leading provider of travel nurse and allied healthcare staffing services and was the first healthcare staffing company in North Carolina to be awarded the JCAHO Certification. The Company recruits nurses and allied healthcare professionals and places them on assignments of variable lengths and in permanent positions at acute-care hospitals and other healthcare facilities throughout the United States.

Transaction Detail
ICG was retained by the ownership team at Cirrus Medical Staffing, a leading provider of travel nurse and allied healthcare staffing services. ICG was able to run an extremely competitive process and the Company was eventually sold to a foreign buyer with U.S. operations. This transaction was the second completed for this ownership team.

Biopsy Diagnostics, PC
Biopsy Diagnostics, PC is a high-volume, rapid-turnaround, full-service anatomic pathology laboratory company based in South Carolina. The Company employs excellent technical and support personnel and fellowship-trained pathologists to provide rapid, accurate, state-of-the-art diagnosis of skin, gastrointestinal, urological, and other outpatient and inpatient biopsies and excisions, via customized verbal, written, and graphic reports. The Company offers a full range of diagnostic testing services on human tissue and cell-preparations, the results of which are used by the medical profession for patient diagnosis, prognosis, and the monitoring and treatment of disease. Biopsy Diagnostics provides Anatomic Pathology services directly, through processing and diagnosis of surgical pathology and cytopathology specimens at its own laboratory. Bx-Dx provides Clinical Pathology services at this time only indirectly, through referring those samples to a hospital client, where Bx-Dx pathologists provide Medical Direction of the clinical laboratory.

Transaction Detail
ICG was retained by the ownership team at Biopsy Diagnostics, a high volume rapid turnaround full service Anatomic Pathology Laboratory. Ownership’s goals were to seek a larger partner and formulate a transition plan. ICG generated significant interest in Biopsy Diagnostics and the sale was ultimately consummated with Aurora Diagnostics, a portfolio company of Welsh, Carson, Anderson and Stowe.

Clearpath Solutions Group, LLC
Clearpath Solutions Group, LLC came to market as a Value Added Reseller and integrator of data center focused technologies including enterprise data storage and compute, virtualization and enterprise networking. Then the founders established a second business entity, Clearpath Hosting, LLC (Hosting). Hosting was established in direct response to a market evolution. Clearpath provides a wide variety of technology solutions and services including: Enterprise Data Storage and Compute Solutions, Enterprise Network (Wired and Wireless) and Security Solutions, Mobility and Virtual Desktop Solutions, Collaboration Solutions (Voice and Video), Infrastructure as a Service (IaaS), Disaster Recovery as a Service (DRaaS) and public cloud (AWS) solutions and services (assessments, architecture and design, deployments and migrations). The Company delivers these solutions through strategic partnerships with technology manufacturers.

Transaction Detail
ICG was retained by Clearpath Solutions group, a value added reseller and integrator of data center focused technologies to explore a possible sale or recapitalization of the Company. ICG was able to create a competitive process and bring several different strategic options to the table. Ownership ultimately decided to partner with Compucom Systems, a portfolio Company of Thomas H. Lee. This transaction represents ICG’s third transaction in the industry.

Varrow, Inc.
Varrow, Inc. specializes in cloud/datacenter solutions for upper mid-market and enterprise customers in the healthcare, manufacturing distribution and retail segments. Varrow provides a wide variety of Information Technology services (including Information Technology consulting, Managed Services, project management, application consulting solutions, technology and business process solutions) that position clients to achieve their IT-based business goals cost-effectively and confidently. The Company provides customers with a full spectrum of highly customized services for complex, high availability enterprise computing environments. The Company offers a full-service approach to Information Technology systems management that provides the client flexibility to select the level of service required to meet both their immediate and future IT needs. Varrow is a full service consulting firm that has strong partnerships at the highest level.

Transaction Detail
ICG was retained by Varrow, a value-added reseller and integrator of data center focused technologies to explore a possible sale of the Company. ICG was able to effectively create a competitive environment which resulted in significant interest and an ultimate sale to Sirius Computer Solutions.

Baytree Associates, Inc.
Baytree Associates, Inc. specializes in the development, migration and implementation of Oracle Enterprise-wide solutions. Baytree provides a wide variety of Information Technology services including Information Technology consulting, managed services, project management and a variety of services including application consulting solutions, technology and custom development services and business process solutions that position clients to achieve their IT-based business goals cost-effectively and confidently. The Company provides customers with a full spectrum of highly customized services for complex, high availability enterprise computing environments. Baytree offers a full-service approach to Information Technology systems management that provides it the flexibility to select the level of service required to meet both their immediate and future IT needs. Although Baytree is a full service consulting firm that focuses exclusively on providing Oracle based solutions, the Company manages a suite of industry-leading IT applications.

Transaction Detail
ICG was retained by ownership to explore strategic options for the sale or recapitalization of Baytree, a company specializing in development, migration and implementation of Oracle Enterprise wide solutions. ICG created a competitive environment that ultimately ended in a sale to Sierra Atlantic.

Synergetic Design, Inc.
Synergetic Design, Inc. is an engineering and technical services consulting firm providing an outsourced labor solution to the utility industry. The Company provides professional engineering services and consulting to investor owned utilities, municipal and rural electric cooperatives in the following major areas within the power delivery industry: overhead and underground power distribution design and engineering; municipal lighting design; transmission line and substation design and engineering; engineering consulting and studies; professional training and development; project management, storm damage assessment and emergency restoration and field services. Synergetic Design provides services that encompass all phases of power delivery from initial design to emergency response.

Transaction Detail
ICG was retained by the management team of the Synergetic Design(who at that time were not owners) to assist in raising capital to facilitate the acquisition of the Company, an engineering and technical services consulting firm that provided an outsource labor solution the utility industry from a non-active owner. ICG, working in concert with ownership and management was able to bring a significant number of interested parties to the table that ultimately resulted in a partnership with Falfurrias Capital Partners.

Utilipath, LLC
Utilipath, LLC is a leading provider of construction services in the large and rapidly growing telecommunications infrastructure services segment. The Company’s services enable telecommunication, cable TV and utility providers to expeditiously and cost effectively deploy and maintain leading edge networks that can support the rapidly growing demand for high-speed broadband services. The Company serves many prominent customers as well as independent telephone companies. Utilipath provides OSP infrastructure services; it deploys outside plant network infrastructure and cabling for telecommunication service providers.

Transaction Detail
ICG was retained by the principals of Utilipath, a leading provider of services in the rapidly growing telecommunications infrastructure market. Ownership’s goals and objectives were to sell off one of the divisions and retain another division of the business. The Company was ultimately sold to NewSpring Capital

Insurance Claims Adjusters, Inc.
Insurance Claims Adjusters, Inc. is a premier provider of outsourced claims adjusting and related services to the property and casualty industry. The Company provides services that encompass all phases of the claims process from receipt to closure. The Company acts as an outsourced provider of claims adjusters and related services. It serves the needs of its clients (insurance companies) in the severe weather event category, commonly called the CAT business. The Company offers unique services such as outsourced CAT teams that are on call 24/7, field personnel who are dedicated specifically to provider’s claims, a “pillar unit” of rapid response experts to address a wide range of issues from financial controls, travel, IT resources to office space, and supply logistics to quality assurance. The Company also offers a claims “intake center” to handle the increased volume of claims, a state of the art CMS management system to track the progress of a claim from receipt to closure and a network of individuals to ensure that both short term and long term issues are handled correctly. The Company also offers staff augmentation to keep its customers operations running smoothly, as well as, third party administration.

Transaction Detail
ICG was retained by ICA, a provider of outsourced claims adjusting and related services to the property and casualty industry. ICG was able to understand the particular dynamics of the industry and position the company strategically for sale to Dogwood Equity, a private equity group.

Gateway Child Development Centers, Inc.
Gateway Child Academy is one of the premier upscale regional childcare providers in the United States. The Company is primarily involved in early childhood education (defined as infant to twelve years old). Using traditional development research and expertise, the founders used their experience to locate, permit and develop buildings in premium locations for development of child care centers. All locations were selected in advance of the proposed commercial development with dense populations of high-end residential and multi-family in the immediate area. Gateway was built around the idea of organic growth using new specialty use facilities and with the goal of providing the highest quality childcare available.

Transaction Detail
ICG was retained by Gateway Academy, a company involved in early childhood education to explore a possible sale or recapitalization. ICG was able to run a competitive process and make sure that all value was captured from both existing and planned future locations that resulted in a sale to Mini-Skool.

TelecommUSA
Telecomm USA is a consumer financial services company offering money transfer and related services including bill payment, phone card, cash card, direct marketing and technology licensing. The Company has a patented system that enables quick and easy fund transfer transactions from retail checkout counters and other locations. The Company focuses its efforts on specific markets but has plans for targeting a broader global money transfer market as well as the “unbanked” market in the United States.

Transaction Detail
ICG was retained by Telecomm USA, a consumer financial services Company offering money transfer and related services. ICG was able to correctly position the Company and generated significant interest in the Company. The Company was ultimately sold to Euronet Worldwide, a large public company in the industry.

Partners Advantage Insurance Services, LLC
Partners Advantage Insurance Services, LLC is an independent insurance marketing organization and nationally recognized leader in the life insurance, annuity and linked benefit products marketplace. Working with dedicated financial professionals and agencies, the Company strives to achieve its vision that American families are protected and secured. The Company focuses on providing added value to agencies through training, specialty services, enhanced case support and business planning. Partners Advantage serves thousands of independent financial professionals and national accounts through regional offices and its Premier agencies.

Transaction Detail
ICG was retained by Partners Advantage, an independent insurance marketing organization to conduct a nationwide search for acquisition candidates. ICG was able to identify candidates, assist in valuation and diligence and ultimately resulted in an acquisition of Independent Life Brokerage Company.

i-bridge, LLC
i-bridge, LLC was the Enterprise Application Hosting and Managed Services division of Dimension Data, a publicly traded, global connectivity and integration services company based in South Africa with approximately $2.4 billion in annual revenues. i-bridge provides managed hosting, management and monitoring solutions that position clients to achieve their IT-based business goals cost-effectively and confidently. The Company provides customers with a highly customized, full spectrum of managed services for complex, high availability enterprise computing environments. i-bridge offers a full-service approach to Information Technology systems management that provides the flexibility to select the level of service required to meet both immediate and future IT needs. The Company supports products from tier one vendors and manages a suite of industry-leading IT applications.

Transaction Detail
ICG was retained by the management team(non-owners) of I-Bridge, at that time a Dimension Data company. ICG assisted in negotiations, financing and ultimately in closing the transaction with Inflow, Inc.

Syncot Plastics, Inc.
Syncot Plastics, Inc. is one of the premier processors, traders and recyclers of plastics in the United States. The Company has developed unique capabilities to process post-consumer and postindustrial recycled plastic. The Company sources its materials from Suppliers and provides materials to a diverse customer base. Syncot takes waste streams of plastic and converts these materials back into their raw material form by shredding, grinding, washing, melting and pelletizing the product.

Transaction Detail
ICG was retained by Syncot Plastics, Inc. a premier processor, trader and recycler of plastics in their acquisition of Applied Thermoplastic Resources. ICG assisted management in valuation, deal structuring and negotiation.

Crown Column & Millwork Company, LLC
Crown Column & Millwork Company, LLC is an architectural column manufacturer. Crown Column was created to provide superior quality, service and convenience in response to market demand. The Company is a leader in the manufactured architectural columns market by utilizing wood, fiberglass, and cellular PVC materials. Using the most advanced manufacturing technology available, Crown Column services the residential and commercial construction industries as well as the restoration and remodeling sectors.

Transaction Detail
ICG was retained by Carousel Capital, a Southeastern based Private equity group to assist in the sale of a portfolio company, Crown Column which was an architectural column manufacturer. Our mandate was to run a confidential process and at the same actively negotiate with an industry buyer that was also owned by a Private Equity group. ICG was able to create a competitive environment for Column that resulted in a sale to HB&G, a portfolio company of Graham Partners.

God Bless the USA, Inc.
God Bless the USA, Inc. is an integrated waste management company that provides residential, commercial, industrial and municipal waste services to customers in North Carolina and South Carolina. GBUSA also provides a wide variety of recycling and related services to numerous industries. The Company currently has strong relationships in both the commercial and residential marketplaces. The Company has grown to become one of the premier waste management firms in the Southeast. By successfully developing strategic partnerships with its customers by transferring all of its recyclables and waste stream in bulk through its own Transfer Station, the Company effectively competes against larger players in the industry and continuously increases its market share.

Scrap Partners, LLC
Scrap Partners, LLC is one of the premier processors and recyclers of metal in the Southeast. The Company converts different types and grades of ferrous (steel and iron) and non-ferrous (aluminum, stainless steel, copper) into raw material that can be recycled and used again by large steel and metal producers in a variety of different uses. The Company provides materials to a diverse customer base including metal producers that process ferrous and non-ferrous product, large steel mills and overseas customers.

Transaction Detail
ICG was retained by Scrap Partners, LLC, one of the premier processors of and recyclers of metal in the Southeast to facilitate ownership transition. ICG was able to run a confidential competitive process that ended in an excellent result for the management team and complete its second transaction in the Metal Recycling Industry.

Red Seal Measurement
Red Seal Measurement is a leading provider of advance measurement solutions for refined fuels and industrial liquids in a variety of industry sectors. Red Seal Measurement systems are specially designed to provide unsurpassed service in the most demanding measurement applications, from refined fuel custody transfer to exacting batching operations in the food and chemical industries. Red Seal manufactures a wide range of meters including positive displacement meters and state-of-the-art Coriolis mass flow meters.

Transaction Detail
ICG was retained by Blackstreet Capital, a Mid-Atlantic based private equity group to assist in the sale of one of its portfolio companies, Red Seal Measurement, a leading provider of advanced measurement solutions to the flow control industry. ICG ran a competitive process that resulted in significant interest from other private equity groups and industry buyers while at the same time negotiating with the current management team who was also a potential buyer. Management ultimately paid market value for the Company and Blackstreet achieved their transaction goals and objectives.

SEACO, Inc.
SEACO, Inc. is one of the premier emulsion and cold mix asphalt providers in the United States involved in emulsion sales, logistics and distribution. SEACO typically purchases liquid asphalt from major refiners or liquid asphalt providers and transports the product to its terminals by truck. Once the purchased liquid asphalt reaches SEACO’s terminal, additives are mixed with the liquid asphalt to create specialized mixtures of paving grade products that are sold to private contractors and other Department of Transportation and aggregate users. The Company’s customers use the asphalt emulsions as part of the new road construction process or as part of a pavement preservation project among other uses with other aggregates. Asphalt emulsions are used in almost every type of road building. In highway construction, asphalt emulsions are used in approximately 94% of all highways in the United States.

Transaction Detail
ICG was retained by SEACO, one of the premier emulsion and cold mix asphalt providers in the U.S to facilitate a sale or recapitalization of the Company. ICG was able to create a highly competitive process that resulted in a sale to one of ICG’s former client Associate Asphalt. This represented ICG’s second transaction in the liquid asphalt industry and both transactions were at above market multiples.

Metal Recycling Services, Inc.
Metal Recycling Services, Inc. is one of the premier processors and recyclers of ferrous and non-ferrous metal in the Southeast. The Company converts different types and grades of ferrous (steel and iron) and non-ferrous (aluminum, stainless steel, copper) into raw material that can be recycled and used again by large steel and metal foundries and metal producers in a variety of different uses. The Company provides materials to a diverse customer base including large foundries that process ferrous and non-ferrous product, large steel mills and overseas customers. Metal Recycling operations converts these materials back into their raw material form by shredding, separating, shearing and bailing the product which continually segregate and extract non-metallic material from the raw material that is input.

Transaction Detail
ICG was retained by the management team of Metal Recycling Services, a processor and recycler of metal and other products to run a competitive process after they had been approached by several large players in the industry. ICG was able to create a competitive process by positioning the Company correctly in a rising price commodity market. The Company was ultimately sold to Nucor Industries.

Ajax Rolled Ring & Machine
Ajax Rolled Ring & Machine is one of the premier rolled ring providers in the United States, primarily involved in the production of seamless forged rolled rings. The Company also compliments its ring production with value-added heat treating capabilities such as shot blasting, annealing and finishing. These rings are used in critical components in the power generation, military, nuclear, valve and specialty industrial machinery. The Company works with carbon, stainless steel, and steel alloys. Typical rings produced by the Company are used as washers and bearings. The production of seamless rings is performed by a process called ring rolling on rolling mills.

Transaction Detail
ICG was retained by Ajax Rolled Ring to explore a potential sale of the Company. Ownership had been evaluating several different alternatives prior to ICG’s involvement. ICG was able to create a competitive market for the Company leading to significant interest and the ultimate sale to Dogwood Equity.

Twin City Knitting
Twin City is a branded performance sock company that provides customer designs and products to a variety of dealers and retailers nationwide. The Company manufactures and imprints socks for a variety of sports and uses.

Transaction Detail
ICG Was retained by Twin City to assist in the negotiations with an industry buyer. ICG was able to assist the ownership team in deciding whether or not to pursue a transaction based on valuation and structure and assisted throughout the transaction in its ultimate sale to SABG.

Associated Asphalt
Associated Asphalt is one of the premier liquid asphalt providers in the United States, primarily involved in liquid asphalt sales and distribution in the Mid-Atlantic and Southeast. Liquid asphalt is the major component in the manufacture of hot-mix asphalt for highway construction and maintenance applications. Liquid Asphalt is naturally produced as a by-product of the Crude Oil refining process that needs to be kept heated at a constant temperature of 260 degrees Fahrenheit. The Company typically purchases liquid asphalt from major refiners and transports the product to its terminals by rail. Once the liquid asphalt reaches the terminal, it is stored in heated tanks, additives are added to bring it up to specifications in some locations and it is then sold to paving contractors and other aggregate users. The Company’s customers combine the liquid asphalt with other aggregates (e.g. sand, stone and lime) to produce hot-mix asphalt. Hot-Mix asphalt is used substantially in almost every type of road building application. For example, most concrete interstates have an underlayment of up to six inches of asphalt that serve as a foundation for the concrete that will comprise the road surface.

Transaction Detail
ICG was retained by Associated Asphalt, one of the largest providers of liquid asphalt in in the industry to evaluate a possible sale or recapitalization of the Company. ICG was able to run a competitive process and offer the ownership team several strategic and private equity options. The Company ultimately chose a recapitalization with Thayer Capital.

Springs Leasing Corporation
Springs Leasing Corporation, a wholly-owned subsidiary of The Springs Company, is credit oriented equipment and lease finance company focused on the North Carolina, South Carolina and Virginia marketplace. The Company was established in 1987 and has a strong track record of growth and profitability. The Company leases several different lines of equipment including: Office equipment (copiers, furniture, CPU’s), Industrial and Manufacturing, Transportation, Telecommunications (fax, phone, mobile), Materials Handling equipment, Construction and Golf Course equipment, Medical equipment, and a variety of other equipment.

Transaction Detail
ICG was retained by Springs Industries to sell an operating division of the Company (Springs Leasing). Springs Leasing was a credit oriented equipment and lease finance Company. ICG created compelling collateral material and was able to generate significant interest. The Company was ultimately sold to Element Financial Corporation.

Superior Industrial Maintenance Company
Superior Industrial Maintenance Company provides full service turnkey plant maintenance services to the utility, energy, petroleum, chemical and water tank industries nationwide “acting” as an outsourced labor solution to these industries. Superior provides professional painting and coating services and consulting to investor owned utilities, municipal and cities, governments and privately held industry. The Company provides services that encompass all phases of restoration and maintenance of tanks and silos including weld repair, complete tank bottom and roof replacements, seal replacements, tank lining, painting, lead abatement, tank cleaning, piping installation, underground tank removal and other related services. Superior acts as an outsourced provider of these and related services.

Transaction Detail

Monaghan Group, PLLC
Monaghan Group, PLLC (“Monaghan” or the “Company”) is a professional services firm specializing in accounting, finance, related finance services, and internal audit as well as a variety of other functions. More specifically, the Company provides professional services in interim based roles and on an as needed project basis for accounting and finance services, such as financial analyses (e.g., product costing and margin analyses), budgeting and forecasting, audit preparation, public-entity reporting, tax-related projects, accounting assistance related to merger, acquisition and integration, as well as assistance in the preparation or restatement of financial statements.

Transaction Detail
ICG was retained by the Monaghan Group to evaluate a possible sale or recapitalization of the Company. ICG was able to create a competitive process that resulted in significant interest and an ultimate sale to Clifton, Larson, Allen, the nation’s sixth largest accounting firm.

Turkington Engineering, Ltd.
Turkington Engineering, Ltd. is one of the premier production machinery and control systems and software companies in the United Kingdom, primarily involved in manufacturing and supply of production equipment to the food industry. The Company primarily focuses on the bakery industry and has recognizable clients. The Company’s core products include high-speed mixers, depanners, automatic pan, tray and lid storage and retrieval systems. The Company also manufactures pattern formers, basket stackers, product handling conveyors and a variety of other products. The Company also designs and installs control systems for a variety of industries including bakeries, food processing, materials handling, parcel handling and logistics, aerospace, glass and furniture industries. The Company is recognized as the highest quality product provider in the industry.

Transaction Detail
ICG was retained by Turkington Industries, a Manchester, UK based company primarily focused in manufacturing and supply of production equipment to the food industry to assist in the acquisition of a division of a Company based in the U.S. ICG was able to secure senior and subordinated debt financing and assist in negotiations resulting in a successful acquisition of the Company.

Banker Steel Company, LLC
Banker Steel Company, LLC is a leading provider of steel fabrication and steel construction services. The Company’s product and service offerings include providing clients with high-quality, consistent and on-time delivery of fabricated steel to exacting specifications. The Company outsources the erection of the steel to third parties and provides steel construction management services. Banker Steel has an exceptional reputation for quality standards and customer service and has deep relationships with leading construction and civil contractors.

Transaction Detail
ICG has been retained by Banker Steel, a leading provider of steel fabrication and steel construction services in a variety of capacities. ICG has assisted in the refinancing of the Company’s credit facility two times, assisted in the acquisition of Foote Steele and also in a strategic advisory capacity.

Service Express
Service Express is one of the premier “insourced” service firms in the United States. The Company utilizes proprietary management tools and processes to manage complex needs for its customer and manufacturing clients. The Company manages all phases of the merchandising and inventory processes for retail home improvement and appliance stores. This service includes training store employees on product knowledge, display maintenance, ordering and inventory management, cross merchandising, Point of Purchase displays and literature and product line maintenance. Service Express provides the services that allow its clients and its manufacturing partners the privilege of flawless execution, unmatched speed to market, and knowledgeable store level associates and precisely stocked inventory. On the manufacturing side, Service Express represents select product lines that represent the fashion plumbing market. Service Express ensures that the manufacturer has accurate statistics and the right product placement within the department.

Transaction Detail
ICG was retained by the ownership team at Service Express, a company that manages all phases of the merchandising and inventory processes for large home improvement retailers to evaluate a possible sale or recapitalization of the business. ICG was able to create a competitive process in this niche industry resulting in significant interest and a sale to National product Services.

Interstate Electric Company, Inc.
Interstate Electric Company, Inc. is one of the premier electrical contractors in the North Carolina. The Company has an extensive resume of projects completed on time and under budget. Interstate provides electrical contracting services and other turnkey related services to commercial customers and general contractors. The Company concentrates specifically on commercial electrical contracting. This has allowed it to become recognized experts in the field.

Transaction Detail
ICG Was retained by Interstate Electric Corporation, a large provider of electrical supply and electrical contracting services. Although in a tough market segment, ICG was able to run a competitive process that ultimately resulted in a sale to Matco.