A business sale in which Varnum represented the owner and business in multiple ways was recently recognized as Transaction of the Year by the Detroit Turnaround Management Association.
Varnum represented Grand Haven-based Anderson Technologies, a premiere plastic injection molding and contract manufacturing company, following the unexpected death of the owner. Varnum partner Jeff Beswick had historically provided business and personal legal services for the owner, upon whose death Beswick and Varnum professional trustee Greg Smith became co-trustees for the Trust which owned the business. They engaged turnaround management experts DWH LLC to assess the company and maximize the value of the business for the benefit of ownership through a sale to a strategic buyer.
The team worked closely with the business’s senior managers, customers and lender during the months-long process of identifying and vetting potential buyers, retaining key employees through stay bonuses and providing assurances to major customers as well as the business’s lender. Varnum partner Dean Reisner handled all the transactional legal services. Brendan Best, chair of Varnum’s Restructuring Group, also served on the team, advising on issues related to restructuring and other related issues.
The sale of the business closed in March 2022, just seven months after the owner’s death, and was notable for providing a 50+ percent increase in value for the seller Trust over what had been projected.
“DWH and the Varnum teams worked collaboratively to provide a great result for the seller,” said DWH partner Heather Gardner. “The teams worked quickly and diligently to implement the best possible transaction for our mutual client.”
The deal will be recognized at the TMA Detroit Chapter Awards Reception on May 3. Details about the event can be found here.