AirBorn Acquires AESCO Electronics

A Business Owner’s Perspective on Middle Market Solutions

As the second generation owner of AESCO, a steadily growing electronics manufacturing company, contemplating a future exit I became increasingly aware of how challenging it is to find and navigate the best exit pathway. Among my primary concerns were: A) doing what is best for my people and business going forward; B) aligning with a suitor / strategic partner that represents the right cultural fit; C) creating competitive strength building synergies and D) realizing the best enterprise valuation.

Patiently waiting until the M&A market, business and personal exit timing elements were aligned while screening 3 to 4 investment banking inquiries a week, Middle Market Solutions contacted me in a way that was different - captured my attention - stimulated my imagination. It was obvious their approach was targeted – informed and based upon research – far different from the commodity type approaches I had been experiencing.

While I was only mildly interested in considering an exit at the time, Middle Market Solutions genuinely listened to my exit concerns, priorities, ambitious valuation goals and worked earnestly to interpret them accurately. Respecting my requirement for strict confidentiality, Neil Heyse recognized AESCO harbored several, high potential and complementary characteristics with those of his client, AirBorn Electronics seeking synergistic acquisitions.

Middle Market Solutions adeptly initiated, facilitated and guided a series of private - exploratory phone conversations, confidential information exchanges, meetings and reciprocal site visitations between AESCO and AirBorn systematically leading to AirBorn’s successful acquisition of AESCO that not only satisfied all of my personal, business and financial exit criteria but actually exceeded them.

If you are a business owner or acquirer, I encourage you to consider Middle Market Solutions M&A Advisory services as you are likely to be delighted with the outcome.

Bill Feth
Prior Owner & Chairman

 AESCO Electronics

Amertron Acquired By Spectrum Control

An Entrepreneur’s Experience with Middle Market Solutions

Founded in 1972, Amertron had for many years specialized in the design, manufacturing and testing of high reliability electronic sub assemblies, chassis and cables for commercial and defense applications. Over the years Amertron established a solid customer base including Harris Corp, Lockheed Martin and Jabil Circuit.  Similar to most entrepreneurs  I came to a point where I lacked the working capital required to grow the business further and felt I was holding my Company back from more promising opportunities.

Becoming accustomed to regular inquires from investment bankers, Middle Market Solutions contacted me with an intriguing conceptual exit pathway available through one of the public companies they represented as an acquirer..

Being skeptical from other acquisition inquiries, I sensed Middle Market Solutions’ somewhat creative approach was authentic as they apparently did their homework on my business and convincingly described how their acquisition client’s interest could potentially fit with mine.  I decided to share some confidential information on my business, exit objectives for the consideration of a still unidentified acquisition client.

Five days later Middle Market Solutions informed me that their client was Spectrum Control, an industry name I recognized immediately and could readily see how my business may be a natural fit even though Spectrum had a satellite operation less than 40 miles from our Melbourne Florida location.  Informing Middle Market solutions I had a tight time frame due to pressures of an unrelated business, they had Spectrum quickly execute a confidentiality agreement, promptly coordinated an information exchange and meeting with Spectrum’s acquisition team  in our offices within three weeks .

In the spirit of full disclosure, I shared with Middle Market Solutions and Spectrum that I was also entertaining offers from other interested acquirers I had contacted directly.  Impressively, Spectrum’s due diligence team sprang into action and worked cooperatively with my attorney. Within 60 days due diligence was completed, a purchase agreement signed and 30 days later we successfully closed  a transaction that satisfied all of my most important objectives and also met my deadline.

 Needless to say I was delighted with Middle Market Solutions throughout the entire process from start to finish. They are professional, open and honest – sensitive to the concerns of business owners and clearly know how to perform.

James Harhi

Prior Owner & President

Amertron