MINNEAPOLIS, Aug. 15, 2016 (GLOBE NEWSWIRE) -- Cherry Tree & Associates investment bank announced today that it advised Beryl Corporation and its shareholders in their sale of the assets of Inno-Flex Corporation to a new company formed by management and Oxbow Industries, LLC.
Inno-Flex (www.innoflexcorp.com), based in New Hope, MN, manufactures decorative and functional interface products. Its customers are blue-chip original equipment manufacturers, primarily in the consumer appliance industry but also in the industrial machinery, medical technology and consumer electronics industries.
The asset sale included Inno-Flex’s contract manufacturing operation in Ciudad Juárez, Mexico. The buyer, INOF Asset Acquisition, LLC, is expected to continue using the Inno-Flex brand name. Purchase price was not disclosed.
Inno-Flex President John Pesonen and Daniel Grone, the company’s top financial executive, joined Oxbow in forming the acquiring company and will remain in their leadership positions. Oxbow (www.oxbowindustries.com) is a diversified holding company that specializes in buying and building companies in partnership with management. Senior debt financing was provided by MidCountry Bank.
“Cherry Tree led us through a complicated process that generated multiple offers, and the Cherry Tree professionals earned our trust as we achieved a successful closing,” Grone said. “In looking back at the hurdles we had to overcome, I do not know any other investment banking professionals that could have achieved our results."
Inno-Flex was founded in 1973 as an internal printing operation serving sister companies under control of veteran businessman Zelman Levine. It began serving outside customers, and built a reputation on innovation and customer service as it pioneered advances in membrane switches, decorative overlays, and complete control panel assemblies.
The company is an industry leader in applying images, ranging from logos to appliques, to high-quality three-dimensional products such as control knobs, interface control panels and switches, a process known as in-mold labeling. It offers customers end-to-end support from graphic design and in-house engineering assistance to manufacturing, assembly and rigorous testing.
The company has 97 employees at its headquarters and printing facility in New Hope. Pesonen said the company expects to retain all its employees and to add more in the future to support growth. Inno-Flex also has a contract manufacturing arrangement with operations in Mexico and expects to grow those operations as well, Pesonen said.
Cherry Tree & Associates, LLC, is a private investment banking firm headquartered in Minneapolis and specializing in serving entrepreneurially-managed companies. Founded in 1980, the firm provides financial advisory services for buyers, sellers and companies seeking growth capital, and provides fairness opinions and other valuation services. More information is available at www.cherrytree.com.
Beryl’s legal advisors for the transaction were Scott Dongoske, Dean Willer and Christopher M. Hussey of Winthrop & Weinstine, P.A. (www.winthrop.com). Its tax and financial advisor was Al Kaufmann of BDO USA LLP (www.bdo.com). Beryl’s corporate counsel was Ron Zamansky of Zamansky P.A. (www.zamanskylaw.com).
Oxbow’s legal advisors were Jamie Snelson, Luis Resendiz and David Winkler of Fredrikson & Byron P.A. (www.fredlaw.com). Its accounting advisor was Jill Noack of Redpath and Company (www.redpathcpas.com).
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Source:Cherry Tree & Associates