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Market Multiples and Key Deal Points

Through the first six months of 2015, middle market data from over 200 financial sponsors outlines current valuations in what can be described as a ripe “seller’s market.” Compared to a year ago, transaction volume in the first 6-months of the year is up modestly. However, this total fell short of predictions cast by a number of analysts on Wall Street; market conditions seemed to suggest that a record number of business owners would pursue a sale due to market multiples and seller leverage. The third quarter of 2015 represented more of the same for private middle market M&A – or less of the same, depending on what you are looking at. Valuations for the third quarter of 2015 averaged 7.1x, the highest quarterly mark in 13 years.

Buyers continue to pay a premium for larger businesses, which is consistent with historical data. In addition to this ‘size premium’, buyers identified additional key value drivers that they look for when evaluating a potential acquisition. These include: (1) institutional ownership prior to sale, as opposed to individual/family owned enterprises, (2) above-average financial characteristics, and (3) management remaining post-close. Each of these factors individually influenced overall valuation of the company. So, what does that mean? According to private deal data collected by GF Data Resources LLC, on average, a company that meets each of these 3 criteria was valued at 8.4x Adj. EBITDA.

All Transactions

1Q 14

2Q 14

3Q 14 4Q 14 1Q 15 2Q 15

3Q 15

# of Deals

41

53 50 64 63 51

37

TEV/EBITDA

6.4x

6.6x 6.7x 7.0x 7.0x 6.4x

7.1x

Total Debt/EBITDA

3.6x

4.0x 3.7x 3.7x 4.0x 4.0x

4.1x

Senior Debt/EBITDA 2.4x 2.9x 2.7x 2.7x 3.3x 2.9x

3.2x

Deal activity in 3Q represented “more of the same” in the sense that market drivers identified in the first half of the year were as evident or more so in the latest period.

The so-called size premium remained at a near-record level. Deals in the $50-250 million TEV range traded at an average of 8.0x in the first nine months of the year while the average at $10-50 million was 6.3x. The spread of 1.8x compares to a historical average of 1.5x.

TEV-EBITDA-ALL

TEV

 

 

 

 

 

 

 

 

Valuation multiples have increased irrespective of sizes since 2011.

Multiples-byIndustry

The above graphic depicts valuation multiples by industry.

DealValue-and-Volume

M&A deal value continues to rise through H1 2015.

In addition to overall market valuation trends, this report provides data that describe “Key Deal Terms,” such as indemnification cap, indemnification term, escrow/hold back, and escrow/hold back length.  The graphs and charts outlined in this report provide further evidence that we currently find ourselves deep within a seller’s market.

  • The average cap on indemnification of reps and warranties is 12.0% of TEV in the year to date, down from 17.2% in 2014. This figure is 5 percentage points below the average between 2010-2014.
  • The average escrow/holdback in the first half of 2015 was 6.3% of TEV, declining from 7.4% in 2010.

IndemCAP

Indemnification caps in M&A transactions are the lowest in five years.

IndemPERIOD

Overall, indemnification periods have shown a decline.

IndemCAP-by-Industry

EscrowPeriod

EscrowHoldback

SELLER FINANCING / EARNOUT IMPACT – ALL DEALS (2014)

All Transactions No Seller Financing or Earnout Seller Financing or Earnout

 

TEV

TEV/Adj. EBITDA N = Indem Cap TEV/Adj. EBITDA Indem Cap TEV/Adj. EBITDA Indem Cap % of All Deals

10-25

5.4 73 23.9% 5.7 20.5% 5.1 28.6% 45.2%

25-50

6.7 63 14.7% 6.8 14.2% 6.5 15.5%

38.1%

50-250 8.2 69 11.4% 8.1 8.7% 8.8 20.7%

21.7%

Total 6.8 205 17.2% 7.0 14.4% 6.8 22.2%

35.1%

SELLER FINANCING / EARNOUT IMPACT – ALL DEALS (1H 2015)

 

All Transactions No Seller Financing or Earnout Seller Financing or Earnout

 

TEV

TEV/Adj. EBITDA N = Indem Cap TEV/Adj. EBITDA Indem Cap TEV/Adj. EBITDA Indem Cap % of All Deals

10-25

5.9 55 14.9% 6.3 14.9% 5.3 15.0% 40.0%
25-50 7.5 21 12.3% 7.7 11.5% 7.1 13.4%

33.3%

50-250

7.9 33 6.5% 8.2 5.5% 6.6 9.5%

21.2%

Total 6.8 109 12.0% 7.2 11.1% 5.9 13.7%

31.2%

Note: Valuation and “N =” data and are for the entire sample, not just deals featuring indemnification caps.

  • The charts above brings to light some shifts from 2014 to 1H 2015 in the treatment of deals featuring seller financing or earnouts.
  • The incidence of seller financing/earnouts remained consistent across all categories: 40-45% for $10-25M TEV businesses, 33-38% for $25-50M TEV businesses, and 21% for $50-250M TEV businesses.
  • The spread in indemnification cap between deals where seller financing/earnouts were included versus not has narrowed from ~8% in 2014 to ~2.5% in 1H 2015.

KEY DEAL TERM DEFINITIONS

Indemnification cap refers to the general indemnification provided by the seller to the buyer against breaches of reps and warranties. This does not include carveouts for specific issues or items. For example, parties often agree that the general cap will not apply in the event of fraud.

Escrow/Holdback refers to transaction consideration either placed in escrow or retained by the seller subject to events or conditions expected to occur post-closing. For example, the parties may agree to a working capital adjustment based on financial statements that will not be available until after the end of the fiscal period. This does
not include earnouts or other payments payable to Seller post-closing contingent on the selling company’s performance for a certain period post-closing.

Escrow/Holdback Period refers to the time when the last of funds placed in escrow or held back are scheduled to be released.

Download PDF Report Here: Market Report 2015

©2015 The Forbes M+A Group and GF Data.  Use of this information without written approval from The Forbes M+A Group or GF Data Resources LLC is strictly prohibited.

The Forbes M+A Group Named Finalist for Deal of the Year by M&A Advisor

Greenwood Village, CO, United States (September 29, 2015) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, today announced it has been named a finalist for Deal of the Year by M&A Advisor. The Forbes M+A Group was nominated in the category of Industrial Goods and Basic Resources for its role in the successful acquisition of RMS Cranes by TNT Crane & Rigging, Inc.

“Since the inception of the M&A Advisor Awards in 2002, we have been recognizing the leading dealmakers, firms and transactions. And each year we celebrate the creativity, perseverance and ingenuity of our industry’s professionals”, says David Fergusson, President and Co-CEO of The M&A Advisor. “While our industry has undergone significant transformation since our first awards were presented 13 years ago, we are convinced, more than ever before, that M&A is a driving force of the economy. It is truly an honor for our firm to be able to recognize the contribution that the 2015 award finalists have made.”

Bob Forbes, Founder and President of The Forbes M+A Group, commented on the award saying, “We are very honored to be nominated for this prestigious award. With an extensive customer base and outstanding services, RMS Cranes is indicative of the type of high-caliber clients we are proud to work with on a daily basis. It is extremely satisfying to see our success in closing transactions that meet the objectives of everyone involved receiving national recognition. Above all, this award is a direct reflection of the talented and experienced team at The Forbes M+A Group.”

The winners for M&A Deal of the Year, Restructuring Deal of the Year, Cross-Border Deal of the Year, Corporate/Strategic Acquisition of the Year, Deal Financing of the Year, Sector Deals of the Year, Firms of the Year, M&A Product/Service of the Year and M&A Professionals categories will be announced at the 14th Annual M&A Advisor Awards Gala on Tuesday, November 17th at the New York Athletic Club.

About The Forbes M+A Group
The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

The M&A Advisor
The M&A Advisor was founded in 1998 to offer insights and intelligence on M&A activities. Over the past seventeen years, through our research, reporting, publishing, symposiums and awards we have established the world’s premier network of mergers and acquisitions, restructuring and financing professionals. To learn more visit www.maadvisor.com

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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Bob Forbes to Speak at Denver Business Journal Event

Bob Forbes will be a panelist at the Selling Your Business breakfast seminar, hosted by the Denver Business Journal.

Date: October 1, 2015

Time: 7:30 a.m. – 9:30 a.m.

Location: Wellshire Event Center – 3333 S Colorado Blvd Denver CO 80222

Topic: Selling Your Business

Event Description: Do you own your own business? Prepare your business and yourself with practical advice from a panel of experienced advisers who deal with liquidity events for business owners on a regular basis. Our panelists include a business owner, accountant, lawyer, investment banker and wealth management professional, all who have been through the process and can educate you & get you ready when the time is right.

Other Presenters:

Joanne Baginski, Consulting Partner, EKS&H
Lisa D’Ambrosia, Director, Minor & Brown PC
Bob Forbes, President, The Forbes M+A Group
Steve Kopitz, CEO, Summit Sports
Joseph Janiczek, CEO, Janiczek Wealth Management

Moderator:
Pete Casillas, Publisher, Denver Business Journal

The Forbes M+A Group Named ‘Best for Strategic Transaction Guidance’ and Receives Award for Excellence in Ownership Transition by Acquisition International

Greenwood Village, CO, United States (September 2, 2015) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, today announced it has been named the Best Strategic Transaction Guidance firm and received the Excellence in Ownership Transition award by Acquisition International. Both honors were determined by a survey of more than 100,000 independent financial professionals and recognize outstanding work performed over the last 12 months.

Acquisition International’s 2015 M&A awards are the only awards that celebrate achievement and innovation from an international perspective. These independent awards set the benchmark in the finance industry and are given solely on merit. Publication of the winners marked the culmination of a 6-month search for the best M&A teams in the world.

“We are very proud to receive global recognition for the strategic guidance our firm provides clients,said Bob Forbes, President of The Forbes M+A Group. “Our clients see us as their most trusted advisors, dogged advocates and steadfast partners. They rely on us to exhaust every strategy, maintain the highest professional and ethical standards, and close transactions against all odds. We are proud to give them exactly what they expect and are extremely satisfied to know our successful efforts are recognized by the financial community worldwide.”

Acquisition International prides itself on the validity of its awards and winners. Speaking about the awards, Awards Coordinator Jonathan Hicks said: “Over the past four years, the M&A Awards have seen continued success across the corporate landscape, and are a testament to the ongoing recovery of the global economy. With this year attracting competition that spans across a diverse range of sectors and regions, it is truly an honor to recognize the winners for their success over the past 12 months.”

To learn more about the awards, visit Acquisition International.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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The Forbes M+A Group Appoints Doug Freyschlag as Vice President

Greenwood Village, CO August 6, 2015 – The Forbes M+A Group, a leading financial and transaction advisor, today announced the addition of Doug Freyschlag to its team of experienced, trusted advisors. As a vice president, Mr. Freyschlag will use his proven buy-side experience to help clients uncover valuable business opportunities within the marketplace. He also brings important first-hand insights into what it takes to start, grow and operate successful companies, with 30 years of experience as an entrepreneur and senior executive.

“Throughout his career Doug has shown he knows what it takes to build thriving businesses with unique value propositions. His personal understanding of business and market drivers is invaluable when working with buyers and sellers as they strive to juggle the demands of running a business with the strategies necessary to achieve their transaction goals,” said Bob Forbes, president and chief executive officer of The Forbes M+A Group. “In-the-trench experience like Doug’s, combined with strong, industry-specific knowledge, is why so many business owners turned to The Forbes M+A Group for help achieving their goals. Doug’s addition to the team strengthens our ability to develop strong relationships based on mutual experiences, honesty and trust. I’m thrilled he is joining the company.”

Prior to The Forbes M+A Group, Mr. Freyschlag was a partner at Business Acquisition Strategies where he helped corporate and individual clients primarily in manufacturing, distribution and business to business markets identify unique investment options and assisted with analysis, valuations and deal structures. He was also president of Alpine Quarters, a resort real estate company with projects in many of Colorado’s ski markets; held senior-level business development positions for InfoNow Corporation; and was president of a nationally recognize marketing company with clients in over 250 U.S. markets.  Doug began his career managing cable television systems for a Time Warner company.

“The Forbes M+A Group has an excellent reputation in the lower middle market, which is where much of my career has been spent,” said Doug Freyschlag, vice president at The Forbes M+A Group. “The company also has a unique team-based, collaborative approach, which not only delivers better results for clients, but also makes the entire M&A process more enjoyable. Over the years I have built relationships with business owners in a number of industries and I’m looking forward to introducing them to The Forbes M+A Group.”

Mr. Freyschalag holds a B.S. degree in Business Management and Marketing from Colorado State Univesity. He is a Colorado native.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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The Forbes M+A Group Represents Energy-Efficiency Advisory Firm, Populus LLC, in Acquisition by CLEAResult

Greenwood Village, CO, United States (August 6, 2014) – The Forbes M+A Group is pleased to announce the successful acquisition of its client, Populus LLC, by CLEAResult. The Forbes M+A  Group senior advisors, Bill Nack and Jim Johnston, served as the exclusive financial counsel to Populus for this transaction. “Populus is nationally recognized for implementing extremely successful energy advisor programs,” said Bill Nack, Managing Partner of The Forbes M+A Group. “Their unique client-based approach has created a remarkable and compelling business. As part of the CLEAResult solutions portfolio, Populus will be able to expand its reach even further to affect energy usage at a national level. It is a terrific combination and an exciting time for both companies.”

Populus focuses on designing and implementing residential energy efficiency programs for municipalities and utilities that often must meet renewable energy and conservation mandates. Its distinctive approach combines building science, behavioral science, big data analysis and human relationships to achieve high levels of consumer participation.

“Populus chose to work with The Forbes M+A Group because we valued its understanding of the energy and clean tech industry, and we wanted a firm with national reach and a strong Colorado presence,” said Laura Hutchings, Chief Executive Officer for Populus LLC. “The entrepreneurial background and experience of The Forbes M+A Group’s advisors created a strong collaborative relationship. Bill and Jim were unwavering in their advocacy and personally committed to ensuring that we not only received a successful financial outcome, but that we consummated a transaction that was consistent with the long-term goals, culture and vision of the Populus team.”

“With Populus’ success at converting program participants to make investments in energy efficiency upgrades and its people-focused approach, it fits perfectly with our own goal of helping our client’s customers improve how they use energy,” said Glenn Garland, President & CEO of CLEAResult. “The addition of Populus to CLEAResult allows us to offer an innovative and proven approach that helps guide utility customers to achieve greater energy savings through technology-enabled services. Together we will continue to fulfill on our promise of helping change the way people use energy.”

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

The Forbes M+A Group Represents New Tech Machinery in Acquisition by Mazzella Companies

Greenwood Village, CO, United States (June 23, 2015) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, today announced the successful acquisition of its client, New Tech Machinery by Mazzella Companies, one of the largest group of companies in the manufacture and distribution of lifting equipment and architectural metal roofing materials. The Forbes M+A Group served as the exclusive financial counsel to New Tech Machinery for the transaction.

“New Tech Machinery is a worldwide brand leader and regarded as one of the premier machine producers in the metal construction industry,” said Bob Forbes, president of The Forbes M+A Group. “Its solid reputation, customer-focus and high-quality products made it a remarkable and exciting business opportunity. As part of Mazzella’s diverse portfolio, New Tech Machinery will be able to expand its reach even further. It is a solid combination and an exciting time for both companies.”

NTM-Logo-300-dpiNew Tech Machinery is based in Denver, CO with manufacturing facilities in Hermosillo, Mexico. The family-owned business has been manufacturing portable rollforming equipment for the past 24 years and has customers in more than 40 countries. The company engaged The Forbes M+A Group a year ago to assist in developing both a growth strategy and an exit plan.  “When it came time to explore transaction opportunities, we wanted advice and direction from a team with experience navigating the complex transaction process within our industry. Fortunately, we found The Forbes M+A Group,” said Roger Geer, chief operating officer of New Tech Machinery. “They were instrumental in helping us through the entire process. With their assistance, we successfully closed a deal that was in the best interest of all parties.”

Mazzella Companies acquired New Tech Machinery to add to its already diverse product offerings, which include a full range of rigging products, the manufacturing and servicing of overhead cranes, and engineered overhead lifting devices. “The acquisition of New Tech Manufacturing will enhance Mazzella Companies’ international manufacturing capabilities and help solidify our leadership in the architectural metal roof and wall industries,” said Tony Mazzella, chief operating officer of Mazzella Companies.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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The Forbes M+A Group Represents Summit Sports, Inc. in Successful Sale to Digital Fuel Capital

Greenwood Village, Colo., United States (June 9, 2015) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, announced the successful acquisition of its client, Summit Sports, Inc., a consumer sporting goods retailer, wholesaler and manufacturer. Summit Sports, based in Bloomfield Hills, Mich., was purchased by Digital Fuel Capital, a private equity group focused on e-commerce and digital marketing investments. The Forbes M+A Group senior advisors, Jim Johnston and Bob Forbes, served as the exclusive financial counsel to Summit Sports for this transaction.

ski logo 1Summit Sports has been in the sporting goods industry since 1990 and was an early pioneer in bringing ecommerce to the industry. In addition to its retail stores and wholesale and manufacturing operations, the company owns and operates a number of successful ecommerce websites including Skis.com, Snowboards.com, InlineSkates.com, WaterOutfitters.com, CampGear.com and SummitOnline.com. Initially started as a 9-location Michigan retailer, Summit Sports has expanded to become a predominantly online business known for delivering exceptional customer service, industry expertise and significant value to customers worldwide.

The Forbes M+A Group initially was engaged a few years earlier by Summit Sports to complete a strategic planning exercise, providing valuation and marketability guidance. “The Forbes M+A Group opened my eyes to how the acquisition process worked and the many factors involved in maximizing your business valuation,” said Steve Kopitz, president of Summit Sports. “Bob and Jim spent a significant amount of time helping me prepare for a transaction and, consequently, were able to time the market right to attract a much broader universe of buyers. The best part of working with The Forbes M+A Group advisors was their honest, straightforward approach. I felt they were working for me in all situations, doing what was best for the deal, not just telling me what I wanted to hear.”

The buyer, Digital Fuel Capital, based in Newton, Mass., is an investment firm focused on investing in Internet retail and digital marketing technology and services businesses. Digital Fuel Capital has invested in a number of e-commerce platform companies that are consolidating their respective industries and Summit Sports will be pursuing acquisitions of other leaders in action and outdoor sports.

The Forbes M+A Group specializes in providing senior-level advice to lower and middle market businesses. “Summit Sports is the perfect example of how to prepare correctly for and execute a transaction that met the goals of everyone involved,” said Jim Johnston, managing director at The Forbes M+A Group. “By engaging with us early on, we were able to work together to time a transaction properly, develop a buyer market strategy and growth plan, and then engage multiple industry and financial buyers. The company’s visionary leadership, combined with its advanced ecommerce websites, made it possible to find a great buyer match and we are proud to have represented our client’s interests throughout the process.”

About The Forbes M+A Group
The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

The Forbes M+A Group Advises RMS Cranes in Sale to TNT Crane & Rigging, Inc.

Greenwood Village, CO (June 4, 2015) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, announced today that Rocky Mountain Structures, Inc. and its subsidiaries including RMSCranes and RMS Rigging have been acquired by TNT Crane & Rigging, Inc., one of the largest crane service providers in North America.

The Forbes M+A Group served as exclusive financial advisor to Rocky Mountain Structures (RMS) for this transaction. “As one of the largest crane and rigging service companies in the Rocky Mountain Region, RMS has built an extensive customer base with deep ties to the area and a strong reputation for outstanding services,” said Gary Grange, managing director at The Forbes M+A Group. “We were pleased to work closely with the owners to facilitate a transaction that met their strategic goals and expanded a valuable crane and rigging resource for the region.”

FouRMS Cranesnded in 1977, RMS serves the manufacturing, industrial, cell tower, power, commercial and construction markets, as well as other end markets throughout the Rocky Mountain Region. Headquartered in Denver, CO, with offices in Colorado Springs and Windsor, CO, the company has a long-standing reputation for quality, safety and services, which is why customers throughout the region turn to it for their critical hoisting and rigging service needs.

RMS Cranes owners were seeking seasoned advisors to assist with developing a growth strategy and exit plan. The Forbes M+A Group was selected based the specific knowledge and industry experience of its senior level advisors. “When it came time plan for an exit, I knew we needed help navigating the complex transaction process, which is why we turned to The Forbes M+A Group,” said Cody Gilliland, chief executive officer and owner of RMS. “Gary and Bob were instrumental in managing the entire selling process for us. With their assistance, we successfully closed a deal that met our financial and growth goals, but they also found a buyer that matched our philosophy of valuing employees. They had the right combination of professionalism, experience and honesty, which helped us get through each step of the process. I’d highly recommend them to other sellers.”

TNTFounded in 1985, TNT Crane & Rigging, Inc. is one of the largest crane service providers in North America utilizing hydraulic truck, all terrain and crawler cranes with lifting capacity of up to 1,300 tons, plus a comprehensive inventory of gantry jacks, forklifts, rigging equipment, and tractor trailers. With the addition of RMS, the company now has over 1,500 employees working from its 38 strategically positioned branch network with a fleet in excess of 620 cranes. “We believe RMS is the ideal candidate to expand our U.S. presence further west into the Rocky Mountain region. This acquisition reinforces TNT’s commitment to partnering with best-in-class operators to better serve our clients. We are very excited to welcome RMS to the TNT family and are enthusiastic about our prospects for the future,” added James Turner, director of corporate development at TNT Crane.

“Based on our knowledge of the industry, we were able to connect RMS with a synergistic buyer that shares its growth goals and vision for the future,” said Bob Forbes, president of the Forbes M+A Group. “The newly joined organization is well positioned to be a national powerhouse and we are very pleased to have helped make this acquisition possible.”

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Forbes Mergers and Acquisitions Overhauls Branding to Reflect Growth, Showcase Attributes

GREENWOOD VILLAGE, CO June 3, 2015 – Forbes Mergers and Acquisitions (www.forbesma.com), a leading M&A transaction advisory firm, today announced that it has completed a major rebranding initiative that includes the creation of a new company name, “The Forbes M+A Group,” a new tagline, “EVERY DETAIL COUNTS,” a redesign of the firm’s website and other collateral, and an entirely new design and build-out of significantly larger corporate offices.

In conjunction with the company’s 10th anniversary, Forbes elected to assess clients’ and partners’ perception of its brand and to move it forward in a way that celebrates the company’s success and heritage.

Bob Forbes, the firm’s founder and president, explained: “We wanted to signal to the outside world the transformational growth and success that is underway here, and at the same time signal our pride in the hallmarks that make us so special. That effort starts with recognizing the tremendous senior talent we have here, as well as the unique team approach we take to our work.”

Mergers and acquisitions transactions have grown in number, scale and complexity. These trends have heightened demand for senior advisors’ attention and for more-thorough execution. In recent years the Forbes M+A Group has attracted top transaction professionals and brought them into a highly collaborative work environment with team-driven processes. This has resulted in many transaction successes, which in turn has led to widespread recognition and numerous awards. The addition of the word group to the new brand name draws attention to the high level of involvement that multiple senior advisors brings to each transaction.

The new brand identity also reflects the commitment and passion the company brings to every engagement. David Roth, a partner with the Denver-based brand staging firm Get Stirred Up, who led the rebranding initiative, added: “We spoke to past and present customers, private equity groups, attorneys, CPAs and other trusted advisors. What we heard over and over was that these guys engaged at a much deeper level than their competitors, and worked much harder to get deals across the finish line. They were clearly different, and we wanted to reflect that in the new tagline, which uses a unique typographic treatment that reinforces two interdependent concepts: Every detail counts and every deal counts.”

The homepage of the company’s new website, www.forbesma.com, provides examples that illustrate the ways preoccupation with detail influences every deal.

The Forbes M+A Group’s updated brand assets extend beyond its new corporate identity and redesigned website and collateral. They also are brought to life in the firm’s new headquarters. All the decisions that were made regarding layout, use of color, selection of furnishings and fixtures, and overall organization of the space reflect the firm’s culture and new brand, including its updated color palette, preoccupation with details, and emphasis on team-oriented operations.

Bob Forbes added: “We’ve been delighted by the tremendous engagement and excitement generated in the market as we prepared for this launch of a new ‘Forbes’, and the opportunity it affords us to remind our clients, partners and team of the value and impact of our work.”

About The Forbes M+A Group
The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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