Fabco/Meritor Deal Recognized as a ‘Restructuring Deal of the Year’
The September sale of Livonia-based Fabco Holdings, Inc. to Troy-based Meritor was recognized as the Restructuring Deal of the Year in the $25-50 million category at the 12th Annual Turnaround Awards, held this week in Palm Beach. The ceremony was part of the annual M&A Advisor Turnaround Investing Summit.
Varnum represented Fabco in all aspects of the deal, including negotiating the purchase agreement and other transaction documents, advising on employee benefit and union matters and financing-related items.
Varnum attorneys Pete Roth, Mike Romaya and Brendan Best attended the ceremony and received the award along with others involved in the deal. Romaya was also a presenter at the Summit.
"Varnum was a key part of our team on this deal providing comprehensive legal and strategic advice,” said Jerry Giudici, Fabco president and CEO. “They were available 24/7 throughout the process and I appreciated having them by my side during every step of the process."
“One feature of my experience with Varnum that I feel distinguishes the firm in working through this matter (is their) pragmatic approach,” Giudici added. “There were several stakeholders, each with competing viewpoints. Varnum took a very pragmatic approach to satisfying stakeholders in the deal while representing the company’s interests.”