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| Client: |
The Weinberg & Bell Group ("WBG") |
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| Situation: |
BGL was engaged by Weinberg & Bell Group, a Cleveland-based private equity firm, to raise capital for the purchase of the company’s stock. BGL approached select financial investors, as well as senior, subordinated and mezzanine debt lenders, that would recognize the value of ASC, its management team and growth profile as illustrated by the company’s solid historical financial results and numerous growth opportunities. |
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| Business: |
Advanced Sleep Concepts, Inc. (“ASC”), doing business as Spears Mattress Company, manufactures and markets a full range of bedding products under the Englander brand name, the sixth largest mattress brand in the U.S. The “Englander “ name is recognized as a leader in the development and introduction of premium mattresses with a price point above $800. ASC partners with local and regional specialty sleep shops, as well as furniture retailers, as the distribution channels for its products. |
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| Results: |
BGL’s marketing process yielded strong interest from the private equity and financing communities. Ultimately, WBG and the company selected a co-equity investor, Wafra Partners, to further support management in its pursuit to substantially grow the business both through acquisitions and by pursuing new business initiatives. MCG Capital Corporation (NASD:MCGC), a specialized commercial finance company, was selected to provide the necessary debt financing to support the transaction. MCG also invested equity capital along side WBG and Wafra. WBG, Wafra and MCG believe this transaction presents an opportunity to invest in a market leading, brand name bedding manufacturer with outstanding profit margins and substantial growth opportunities.
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