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New West Petroleum

Sale of the largest independent distributor of gas/diesel fuel in the Western USA, creating a market entry vehicle for Japanese refiner, Idemitsu Kosan*

Situation Overview:

Global sale process and balance sheet restructuring

Our Client:
  • Gas/diesel wholesaler to Western US rack customers through a network of pipelines and 14 Western US storage terminals; 1+ MM barrels per month; $1+ billion annual sales
  • The most attractive market entry vehicle into the refined petroleum market in the Western USA
The Goal:
  • Strengthen balance sheet to satisfy the Company’s lenders
    • We crafted a forward game plan which the lenders supported
    • We managed a dual track process to restructure the balance sheet, while marketing NWP globally
  • Attract a sophisticated strategic partner to help NWP capitalize on growth opportunities
    • We generated active interest from conglomerates and trading companies in the USA and six European and Asian countries
The Outcome:
  • NWP became Idemitsu’s US market entry platform
  • Idemitsu Kosan Co., Ltd. (TSE:5019): A Japanese global energy company engaged in crude oil shipping, large scale petrochemical refining, industrial coal and fuels, renewable energy, and the operation of 4,300+ service stations in Japan

* This transaction was managed by a Riverbrook principal while the principal was engaged at a prior firm.

NTP Distribution

Strategic sale of NTP Distribution to Keystone Automotive, creating a distribution powerhouse in the RV parts industry

Situation Overview:

M&A-driven business strategy that maximized shareholder value

Our Client:
  • Second largest distributor of RV after-market parts in the US; operated out of 5 facilities throughout the USA
  • 25-year veterans of the RV industry; outstanding reputation and deep customer relationships
The Goal:
  • Position NTP strategically to become the dominant RV parts distributor in an industry that was undergoing consolidation
    • We helped NTP identify several game changing merger opportunities and then sequentially pursued them
  • Create a business combination that changes the nature of competition within the industry, enhancing NTP’s value proposition and competitive position
The Outcome:
  • NTP became the RV division of Keystone Automotive, allowing Keystone to instantly become a major player in RV parts distribution
  • Combination merged NTP’s deep customer relationships and market knowledge with Keystone’s 300+ trucks/trailers and national cross-dock logistics system
Fiesta Concession

Leveraged recap financing to support the buyout of the Company’s majority shareholders

Situation Overview:

Two of the Company’s four shareholders wanted to liquidate their ownership positions. The other two shareholders did not want to sell.

Our Client:
  • 40+ year old family-owned company
  • One of the largest plush toy manufacturers selling into museums, zoos, aquariums, theme parks and specialty gift shops
  • Owned by three family members and an outstanding industry CEO who was not a family member
The Goal:
  • Help the CEO achieve the majority shareholders’ goal of selling their shares
  • Maximize the value for selling shareholders, while simultaneously allowing the CEO to choose his future partner
The Outcome:
  • After evaluating numerous purchase offers from a diverse mix of investors, we helped the CEO and one family shareholder secure the acquisition financing necessary for the Company to repurchase the shares of two major shareholders
  • Deal structure allowed insiders to retain ownership control

Separation of the business interests of two founding partners

Situation Overview:

The operating partner of Tumbleweed Educational Enterprises wanted to explore the financial and operational viability of buying out her business partner, who managed the financial function but was not involved in daily operations.

Our Client:
  • TEE is one of the largest bus transportation companies serving private schools in the greater Los Angeles metropolitan area
The Goal:
  • Determine the working capital and financial requirements necessary to successfully buy out one of the founding partners
  • Identify a transaction structure that would be better for all parties than selling the Company to a third party
  • Negotiate the terms of a separation agreement
  • Develop long-term strategies for enhancing free cash flow and shareholder value
The Outcome:
  • Our client successfully negotiated the separation of business interests and became the sole owner of the Company