FinishMaster, a subsidiary of the public holding company Maxco, Inc., had sales of $23 million from 13 locations in Michigan when Hanson & Company was engaged to assist in making acquisitions. As an extension of the management team, Hanson & Company was responsible for all aspects of the acquisition process, from market research to contact initiation through closing, in the execution of the 33 acquisitions in this buildup strategy.
During the acquisition process, FinishMaster completed an IPO, and when sales reached $108 million, Maxco sold the balance of its ownership in FinishMaster to LDI, Ltd., a private investor. Maxco’s gain on the FinishMaster investment was $45 million. FinishMaster remains a publicly traded company today.
“I have done a lot of buying and selling of companies, but hiring Hanson & Company was one of my best decisions. The acquisitions they initiated and the close working relationship with our management team allowed us to achieve FinishMaster’s goal of $100 million in sales volume.”
Max Coon, Chairman and President