August 2019

Southport, CT - 

Carter Morse & Goodrich ("CMG") is pleased to provide an update on our recent activities and our outlook for the fall.

Highlighted Closings

Founded in 1939, Watson is a third-generation family owned company headquartered in West Haven, Connecticut and is a leading supplier of ingredients for the food and supplement industries. Watson, with manufacturing facilities in Connecticut and Illinois.  CMG is proud to have represented the Watson family in the sale of the business to Glanbia Nutritionals, a division of Glanbia plc, a $3 billion Irish public company, for $89 million. Glanbia will provide a great new home for the family and Watson employees.

 

CMG was also the exclusive financial advisor to A. G. Adjustments based in Melville, NY in its recapitalization with Trivest Partners, a leading private equity fund based in Miami, Florida. Founded in 1972 by Al Gerstel, the father of the two brothers who have led AGA for the past 30+ years, AGA is a leading accounts receivable management firm focused on third party commercial (B2B) collections for both Fortune 1000 and medium sized companies across multiple verticals.  We are excited for the Gerstel brothers and their new partnership with Trivest.

Additionally, CMG was the financial advisor to a confidential medical marijuana dispensary that was sold to a publicly traded strategic buyer.  The company, buyer and transaction details remain confidential.

 

Active Engagements

CMG is active in the market with a number of engagements, including the following highlighted transactions that are germane to our core Family and Founder's focus:

  • Corporate divestiture of hand tools for trade professionals in the plumbing and electrical segments (Receiving LOIs)
  • Sale of a specialized chemical manufacturer for the fuel additives markets (In Discussions)
  • E-commerce distributor of packaging supplies for small and medium businesses ($60m in revenue / $4m EBITDA - In Market)
  • Sale of a specialized lighting distributor (preparing for market)
  • Sale of an office furniture contract manufacturer offering custom and technology enabled desking solutions (Preparing for market)
  • Debt refinancing for a sulphur marketing and distribution company ($650 in revenue / $20m in EBITDA - Preparing for market)
  • Valuation and strategic options review for a family held e-commerce company ($150m revenue)
  • Valuation and strategic options review for $55 million e-commerce company focused on home products (negotiated transaction between related parties)
  • Strategic options analysis for a specialized manufacturing company ($80m revenue, $20m EBITDA)
  • M&A Advisory for a management buyout and recapitalization of a technology company (Confidential)
  • International acquisition of a strategically complimentary product technology for an industrial equipment company (Confidential)

 

Recent Promotions

CMG is pleased to announce the promotions of both Andrew Nemnich and Drew Rossi from Analyst to Associate.

Drew Rossi joined CMG in 2018, following his position as the acting CFO of a federally qualified healthcare services company, and after his graduation from the Dolan School of Business at Fairfield University with an MBA. Drew has been active outside of CMG, having been elected to the Board of the Connecticut Chapter of Association for Corporate Growth where he leads their Young Professional initiatives.  Drew, in addition to his day to day management of transactions, is active in driving CMG's marketing and outreach efforts.

Andrew Nemnich joined CMG in 2017 after graduating from Elon University.  Andrew was instrumental in assisting CMG close three very successful transactions and is currently active on a number of live engagements.  In addition, Andrew has been a leading CMG's internal operating team to streamline our processes and better utilize our technology resources.  Outside of the office, he is a key member of the Push for Entrepreneurship charity event leadership team - look for more details this fall.

Congratulations to both Andrew and Drew in their well-deserved promotions!

 

Speaking Events

The senior team of CMG continues to be thought leaders in the areas of mergers and acquisitions for family held and founder led organizations.  Recent speaking engagements include:

XPX 

 

If you are interested in learning more, please do not hesitate to reach out to any our of senior team members for more information.

 

Partner Retreat

The senior team of CMG were able to spend a few days at Camp Ganderwood (a.k.a. CMG's North Woods Office) in Rangeley, Maine for a well deserved couple of days off - or so we thought...  Instead of putting our heads down into our computer screens, we put our backs to work and left our 'campsite' better than when we found it.  Thanks Frank for a great couple of days!




We hope you are able to spend some quality time this summer with family and friends, and we look forward to kicking off a busy fall season in September!

 

About Carter Morse & Goodrich:

Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that represents closely-held and family businesses valued between $20 million and $200 million.  

CMG specializes in helping owners of leading companies in unique and niche markets plan, prepare, execute, and close successful transactions that maximize shareholder value. We fully understand and appreciate the unique dynamics of closely-held and family businesses and the importance of their legacies.

While CMG provides a full range of investment banking services, our primary focus is representing sellers who are pursuing their once-in-a-lifetime M&A transactions.  

For more than 30 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners.

We invite you talk with us and learn how we can help you. For more information, please visit us online at: www.cartermorse.com

CMG's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.