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© Copyright 2018 All Contents Blaige & Company 1
2018 October Meeting
Western Plastics Consolidation:Strategies for Independents to Survive and Thrive
Norwalk, California
October 23, 2018
© Copyright 2018 All Contents Blaige & Company
Agenda
2
Independents: Survive and Thrive Western Plastics Consolidation
I. Global Consolidation Trends (the “Science”)
II. Special Issues in Western Plastics M&A
III. Options in Western Plastics M&A: Financial vs. Strategic
A. Financial Options
B. Strategic Options
Global Consolidators
Privately Held/Family Ownership
Sigma Case Study
JV
IV. Western Plastics M&A Strategies for Success (the “Art”)
Prior to the Transaction
During the Transaction
V. Recommendations & Conclusions
VI. Appendix
I. Global Consolidation Trends
(the “Science”)
3© Copyright 2018 All Contents Blaige & Company
© Copyright 2018 All Contents Blaige & Company
I. Global Consolidation Trends (the “Science”)
4
Plastics Deal Volume Way Up in Past Seventeen Years: Plastics M&A
volume doubled from 2001-2017
Packaging sub-segment (shown in gold) tripled during this period reflecting
the relative attractiveness of packaging vs. raw materials and industrials
96 107148
172203 223 201
274248 263
212 222 202257 249
209182
71 50
125115
126138
140
103 140159
162169
138
158 164211
200
4841
96 72
88 64 8570
92118
94
77
91
121 110 101
89
215198
369 359
417 425 426447
480
540
468 468
431
536523 521
471
0
100
200
300
400
500
600
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Industrial Packaging Raw Materials
Average = 429
Source: Blaige & Co. Proprietary Research
© Copyright 2018 All Contents Blaige & Company
I. Global Consolidation Trends (the “Science”)
5
Sellers Market: Valuation multiples are at record levels
(Mean: 8.7x EBITDA)
Private Equity Buyout Purchase Price Multiples (Deal Size/EBITDA)
6.15.3
4.73.5
4.45.0
4.35.5 5.1 5.4 5.2 5.6
3.7
3.44.1
3.5
3.6
4.2
4.3
3.9 4.34.5 5.2 4.8
9.7
8.7 8.8
7.0
8.1
9.28.6
9.4 9.49.9
10.4 10.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt/EBITDA Equity/EBITDA Valuation/EBITDA
Source: Pitchbook, Large Deal Universe
© Copyright 2018 All Contents Blaige & Company
I. Global Consolidation Trends (the “Science”)
6
Fastest Growth: International (BRIC Geographies)
U.S./ International28%
International/ International
40%
U.S. Only32%
2001
U.S./ International16%
International/ International
49%
U.S. Only35%
2017
215 Transactions 471 Transactions
Source: Blaige & Co. Proprietary Research
© Copyright 2018 All Contents Blaige & Company
I. Global Consolidation Trends (the “Science”)
7
Strategic Motivations: 84% of deals are strategic in nature (strategic buyers
& financial add-ons)
Strategic Buyers85%
Financial Platform
10%
Financial Add-On
5%
2001
Strategic Buyers64%
Financial Platform
16%
Financial Add-On
20%
2017
215 Transactions 471 Transactions
Source: Blaige & Co. Proprietary Research
© Copyright 2018 All Contents Blaige & Company
I. Global Consolidation Trends (the “Science”)
8
Small/Independents Fighting Harder: 75% of plastic processors have
sales of under $50 million while approximately 84% have sales under $100
million
Large Cap
(Sales $100mm-$500mm)13%
Mid Cap
(Sales $50mm-100mm)9%
Small Cap (Sales<
$50mm)75%
Mega Cap
(Sales > $500mm)4%
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I. Global Consolidation Trends (the “Science”)
9
Aggressive consolidation amongst large caps are increasing pressure
on small and mid cap processors, particularly on West Coast
Global Plastics M&A 2001 – 2017
Consolidation of 2001’s Top 50 Companies
80%
78%
68%
66%
64%
62%
Blow Molding
Injection Molding
Film & Sheet
Labels
Pipe, Profile & Tubing
Thermoforming
Percentage of Large Cap Companies Consolidated by Segment (Mean 70%)
Source: Blaige, Plastic News
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II. Special Issues in Western
Plastics M&A
10© Copyright 2018 All Contents Blaige & Company
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II. Special Issues in Western Plastics M&A
11
Western US Less Saturated; Higher Growth Potential
Fewer processors/plants versus other geographies
(open market)
Unique Operating Environment Requires Special
Expertise
Firms want partners with proven success
operating in Western US
Barrier: buying is preferable to building;
difficult to operate West Coast
Geography Attractive to Far East Based Acquirers
Excellent Pool of Senior Talent
O
P
P
O
R
T
U
N
I
T
I
E
S
W
E
S
T
C
O
A
S
T
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II. Special Issues in Western Plastics M&A
12
Qualified Employee
Scarcity
Environmental and
HR Restrictions
Increased Shipping
Costs in West Coast
Elevated Real Estate
Costs
Energy and Water
Inconsistency
No Straws or Plastic
Bags
Potential Deal Breakers (West Coast Specific)
© Copyright 2018 All Contents Blaige & Company
III. Options in Western Plastics M&A:
Financial vs. Strategic
13© Copyright 2018 All Contents Blaige & Company
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III. Options in Western Plastics M&A: Financial vs. Strategic
14
Sale/Liquidity Deal Structure Options Vary by Buyer Type
A. Financial Options (4)
1. IPO – not practical if earnings less than $100mm (Sarbanes-Oxley, Analyst
attention issues)
2. PE (minority interest) – maintain control and preserve legacy, great for
partner buyouts, but leverage and institutional structure is not for everyone
3. PE (platform) – preserve brand and legacy, retained equity provides upside,
but retirement unlikely for 3-5 years; high leverage and pressure to double
profits in 5 years (not for everyone)
4. PE (add-on) – retire quicker but upside unlikely; brand and legacy may not
be preserved
*Most financial buyers have an institutional mindset and spend other
people’s money, which makes them more prone to walk away or
renegotiate at the 11th hour
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III. Options in Western Plastics M&A: Financial vs. Strategic
15
Western Plastics Headline Deals
Financial Buyers Paragon Films to Wind Point Partners – PE platform builder
Leveraged balance sheet; strong price was not highest bid but management gets
equity, and capital partner to accelerate growth
Plastic Package and Stonehenge Partners to Revere Packaging – PE owned niche
leader
Owner retires, retain legacy/brand, strengthen strategic position with expanded
footprint
Free Flow Packaging International to Pregis – PE owned consolidator
Market share fold in, and legacy at risk
Paragon Label and Ingenious Packaging Group to Resource Label Group – PE owned
consolidator
Strong price but limited equity upside, institutional culture – one of 12 add-on
transactions and none included real estate (sellers held)
Shields Bag and Printing Company to Novolex – PE owned consolidator
Owner retires, retain legacy/brand, strengthen strategic position with expanded
footprint
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III. Options in Western Plastics M&A: Financial vs. Strategic
16
Sale/Liquidity Deal Structure Options Vary by Buyer Type
B. Strategic Options (4)1. Merger With or Sale to Mid-cap Private
May avoid institutional structure
Combining two family businesses may bring management, culture, and legacy
issues (i.e., Shurtape)
2. Sale to Large Private Consolidator
Possibly provide strategic value and strength
With flexibility to get upside, maintaining brand, culture, and legacy issues (i.e.,
Sigma)
3. Sale to Global Consolidator (domestic)
Strategic value and strength
May bring management, culture, legacy and brand conflicts (i.e., Berry)
4. Sale to Global Consolidator (foreign)
Strategic value and strength
May bring more significant Management, culture, legacy and brand conflicts due
to different backgrounds (i.e., Inteplast)
© Copyright 2018 All Contents Blaige & Company
III. Options in Western Plastics M&A: Financial vs. Strategic
17
Western Plastics/Other Headline Deals
Global Consolidator Deluxe Packages and Bemis to Amcor – global consolidator
Max value, but legacy, culture/integration issues, and layoffs
Richmond Holdings to Illinois Tool Works – global consolidator
Max value, but legacy, culture/integration issues, and management motivation
AEP Industries and Atlantis Plastics to Berry Plastics Group – global consolidator
Mid value, but legacy, culture/integration issues, and layoffs
Capri Packaging, Ultra Flex Packaging, Flexstar, Robbie Manufacturing, and Coveris to
TC Transcontinental – global consolidator
Mid value, but culture/integration issues
Peninsula Packaging to Odyssey Investment Partners to Sonoco Products – global
consolidator
Mid value, but legacy, culture/integration issues, and management motivation
© Copyright 2018 All Contents Blaige & Company
III. Options in Western Plastics M&A: Financial vs. Strategic
18
Western Plastics/Other Headline Deals
Private Strategic Buyer
Poly Pak Packaging, Western Concord, Mercury Plastics, Apple Plastics,
Orange Plastics, Republic Bag, Santa Fe Packaging Corporation, Excelsior
West to Sigma Plastics Group – Private consolidator
Maintain legacy, culture, and retain ownership
Command Packaging and Encore Recycling to Delta Plastics of the South –
mid cap private buyer
Preserve family culture, expand footprint and recycling capabilities
Syntac to Shurtape – mid cap private buyer
Strong price was not highest bid, but management gets incentives, legacy
preserved with family culture, and partner to accelerate growth
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III. Options in Western Plastics M&A: Financial vs. Strategic
19
Successful Western Plastics Consolidation (8 of 33 Deals) Case Study:
Year Activity Total
1991 Acquired Union Carbide Canadian films business 1
1992 Acquired Great Eastern Plastics 1
1994 Acquired South Eastern Plastics 1
1996 Acquired Essex Plastics 1
1998 Acquired Biostar Films, Bio Industries, and Aargus Plastics 3
1999 Acquired Roll Pak U.S. stretch film business 1
2000 Acquired Poly Plastic Products 1
2003 Acquired Apple Plastics, Orange Plastics 2
2004 Acquired Mid-Atlantic Bag, FlexSol NC plant, Target Plastics, Republic Bag [Blaige & Company] 4
2005 Acquired PCL Packaging Coastal Division [Blaige & Company], Filmtech 2
2006 Acquired Mercury Plastics 1
2007 Acquired Allied Extruders 1
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III. Options in Western Plastics M&A: Financial vs. Strategic
20
*Blaige also involved in 1999 recapitalization of Delta Plastics and Essex Plastics
(Flexsol) and 2002 sale of Epsilon – Opti- Films to Sealed Air
Year Activity Total
2009 Acquired ISO Poly Films [Blaige & Company], Santa Fe Extruders, and FlexSol 3
2010 Acquired McNeely Plastics 1
2012 Acquired Coast Poly Corp 1
2013 Acquired Fordham Poly-Pak's laundry and dry cleaning division; Acquired Southern Film Extruders Ltd. 2
2014 Acquired Excelsior Packaging [Blaige & Company] 1
2015 Acquired Tara Plastics Corporation [Blaige & Company] 1
2016 Acquired Alliance Barrier Films 1
2017 Acquired BJK Flexible Packaging 1
2018 Acquired Poly Pak America, Western Concord, Joint Venture with King Pac forming Sigma Stretch Film of Asia [Blaige & Company] 3
Total 33
© Copyright 2018 All Contents Blaige & Company
III. Options in Western Plastics M&A: Financial vs. Strategic
21
Sigma: USA Bangkok, Thailand: $55mm
Zummit Plastics: Mexico Phoenix, USA
Inteplast: Taiwan Charlotte, USA: $18mm
Scientex: Malaysia Phoenix, USA: $25mm
Global greenfield expansions are affecting the stretch film competitive
landscape, especially in Western Geographies
© Copyright 2018 All Contents Blaige & Company
IV. Western Plastics M&A
Strategies for Success (the “Art”)
22© Copyright 2018 All Contents Blaige & Company
© Copyright 2018 All Contents Blaige & Company
IV. Western Plastics M&A Strategies for Success (the “Art”)
23
Prior to Transaction
1. Start Early: Establish a Five Year Plan Consult with Professionals who have actual operating experience in your industry to:
Evaluate your options, establish your target price, structure and terms
Determine what strategic and tactical actions are necessary to achieve target price
and terms
Don’t wait until you are ready to retire
Realize that you may need to stay on for 1 to 5 years
Develop and implement a succession plan
Identify “perks” in the context of a transaction
title, board seat, office, car, club, compensation, real estate lease, protection
of family members, key management in the business
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IV. Western Plastics M&A Strategies for Success (the “Art”)
24
Prior to Transaction
2. Implement Actions to Create the Most Appeal to Potential Investors Maintain Operations
Don’t milk value out by underinvesting in PP&E
Maintain core infrastructure
Invest to accommodate capacity required over next 2 years
Complete major capital investments 6 months prior to transactions
Benefits can show up in earnings
Invest in technology and systems which are at least comparable to competitors
Establish well developed “metrics” to operate the business, know how you “stack up”
Market Leadership
Clearly define your niche, communicate internally and externally
Strengthen position and maximize share of core market niche
Establish meaningful presence in new markets
Concentrate on growing markets
Minimize Customer and Supplier Concentration
Establish customer integration and intimacy – deep knowledge and broad contacts across
both organizations
Establish sole source positions, value versus price orientation, high switching costs
Obtain written contracts
© Copyright 2018 All Contents Blaige & Company
IV. Western Plastics M&A Strategies for Success (the “Art”)
25
Prior to Transaction
3. Capture Value Typically Realized by Buyers
Create Internal Liquidity, Efficiency
Aggressively manage working capital
RE sale/leaseback, unload marginal operations
Pay down as much debt as possible
Consider Acquisition Opportunities
Identify, visit and create “warm” acquisition opportunities
Opportunistically acquire a competitor, product line or technology
© Copyright 2018 All Contents Blaige & Company
IV. Western Plastics M&A Strategies for Success (the “Art”)
26
During Transaction
1. Establish and Stick to a Strict Marketing Strategy Don’t Do It Yourself
Negative signals: appearance of weakness and lack of sophistication to professional buyers Distracting: focus on maximizing performance of the business Effective execution essential: can add millions to the price
Hire a firm that understands your business and deliver the best buyers/investors Ego factor: all owners “negotiate every day”, “personally know the best buyers”, don’t want
to be “on the market”, and already have a “staple of buyers”, who can “quietly” do a “quick deal”
Don’t Assume that competitors, employees, and most likely buyers will provide the best deal
Do Most Likely Buyers Pay Top Price?
No
87%
Yes
13%
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IV. Western Plastics M&A Strategies for Success (the “Art”)
27
During Transaction
2. Create Competition Through a Highly Orchestrated Process Put yourself in charge of selecting your partners, not vice versa
Establish position of strength in negotiations
Minimize risk of “broken deals” after the LOI is signed
LOI best case scenario: only to be reduced as due diligence proceeds
Purchase agreement contains one line indicating what you receive, 50+ pages indicated
what you may give in return
Lack of Competition = “Broken Deals” at Worst Times
Seller
Buyer
ManagementPresentation
MultipleOffers
LOINegotiation
Exclusivityto Buyer
Closing
Lev
erag
e
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IV. Western Plastics M&A Strategies for Success (the “Art”)
28
During Transaction
3. Effective Positioning is Critical
Detail strengths and opportunities in a thoughtfully prepared Confidential
Memorandum
Focus on the future potential and synergies, not past history
Involve key managers – they must “own” the process as much as you do
to maximize value
Identify and address the negative issues up front
Prepare a compelling Management Presentation to showcase your team’s
vision and capabilities
Absolutely do not miss your budgets during the process
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IV. Western Plastics M&A Strategies for Success (the “Art”)
29
During Transaction
3. Effective Positioning is Critical
Franchise value can far exceed financial value
M&A
Valuation
Lowest
Highest
Valuation
Multiples
Lowest
MultiplesHighest
Multiples
Market Share Fold-ins
Key Customer Relationships
Geographic Market Expansion
Complementary Products
New Product or Market Beachhead
New Brands or Franchises
New Technologies
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IV. Western Plastics M&A Strategies for Success (the “Art”)
30
During Transaction
4. Do Not Establish an Asking Price
The party which mentions price first is disadvantaged
An asking price establishes a ceiling on value
Franchise value can far exceed financial value
Non cash, deferred consideration and retained ownership can provide
opportunities to achieve the highest overall price
Negotiation of soft value issues should be done early in the process
Real estate may be an issue, especially on West Coast
Negotiation of escrows, indemnification caps, baskets and survival
periods should be done prior to signing an LOI
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IV. Western Plastics M&A Strategies for Success (the “Art”)
31
During Transaction
4. Do Not Establish an Asking Price
A single offer is likely to converge at 70% of the final price
Imperfect Market
Serious Indications of Interest
(typically 10 data points)
0%
15
%
30
%
45
%
60
%
75
%
90
%
Valuation (% of Final Transaction Price)
Nu
mb
er o
f B
uy
ers
Final Transaction Price
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V. Recommendations &
Conclusions
32© Copyright 2018 All Contents Blaige & Company
© Copyright 2018 All Contents Blaige & Company
V. Recommendations & Conclusions
33
“The merger business is 10%
financial analysis and 90%
psychoanalysis”
- Financier: The Biography of André
Meyer: A Story of Money, Power, and
the Reshaping of American Business
The Art Versus the Science of Deal Making
© Copyright 2018 All Contents Blaige & Company
V. Recommendations & Conclusions
34
Summary Recommendations: Western Plastics M&A
Have Succession Plan in Place
Pursue Niche Leadership, Differentiated Business Model
Family Funding May Require to Double or Triple Down to Stay Competitive
Vertical, Horizontal, Geographic Integration Trend May Affect Margins and
Growth
Focus on “Glass Half Full” Buyers Who View Your Business as
Complementary (to expand, not take it apart)
Never Pursue “One-off Deals”, Create Options and Select the Best Overall Fit
© Copyright 2018 All Contents Blaige & Company
VI. Appendix
35© Copyright 2018 All Contents Blaige & Company
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VI. Appendix: Blaige & Company
36
Pure Focus: Award Winning Business Model
Blaige and Company has been a sponsor for the Plastic News Processor of the Year
Award for over a decade. 2018 marks the most recent year Blaige & Company was the
exclusive sponsor of the Plastics News Processor of the Year Award and participated in
the judging panel and analyzed each of the finalist’s financial performance and strategies.
With our specialization in the industry, Blaige & Company possesses the industry
knowledge and is uniquely qualified to evaluate companies qualitatively, strategically, and
quantitatively as well as advocating the companies benefits to others.
Petoskey Plastics Inc. Plastic Components, Inc. Innovative Injection
Technologies
2018 Processor of
the Year Award
© Copyright 2018 All Contents Blaige & Company
VI. Appendix: Blaige & Company
37
Pure Focus: Award Winning Business Model
© Copyright 2018 All Contents Blaige & Company 38
Thomas E. Blaige, Chairman & Chief Executive OfficerEstablished by Mr. Blaige in 2003, Blaige and Company is an international investment
banking firm dedicated exclusively to the plastics, chemicals, and packaging. Mr. Blaige has
over 30 years of transaction experience, has completed over 200 transactions, and has visited
over 600 plastics, packaging, and chemical operations in all parts of the world. Blaige Plastics
M & A Deal research sets the industry standard. On average, Blaige and Company
proprietary research department compiles and analyses over 500 worldwide plastics,
packaging, and chemical industry transactions annually. U.K. based magazine Acquisition
International named Mr. Blaige Sector Focused C.E.O. of the Year in 2015, and Blaige and
Company was Sector Focused Investment Bank of the Year in 2013, 2015, and 2017. Blaige
and Company sponsored the coveted 2017 Plastics News Processor of the Year Award, and its
involvement dates back to 2007.
Mr. Blaige’s transactions experience includes strategic combinations with large global consolidators; the sale, acquisition
and recapitalization of family owned companies and corporate divisions; corporate divestiture and spin-off transactions;
and private equity portfolio divestitures and acquisitions. Prior to founding Blaige & Company in 2003, over two decades
he was a leading senior transaction professional with Lazard Middle Market, Lincoln International and a middle market
M&A unit of a Wall Street investment bank. He was also a private equity investor with Prudential Capital Group where he
specialized in management buyouts and buildups of privately held businesses and corporate divisions and worked with
several early pioneers in private equity.
Tom is a member of the Western Plastics Association, Plastics Industry Association, and the Society of Plastics Engineers.
He is also a member of the Association for Corporate Growth and the Turnaround Management Association. Tom earned
a Master of Management degree, with Distinction, from the Kellogg Graduate School of Management at Northwestern
University, where he was elected to Beta Gamma Sigma, and a Bachelor of Business Administration degree from Loyola
University in Chicago. He has been certified as FINRA Series 24 Securities Principal and a Series 7 and 63 Registered
Representative.
VI. Appendix: Blaige & Company
© Copyright 2018 All Contents Blaige & Company
VI. Appendix: Client Testimonials
39
“We hired Blaige and Company after entertaining a preemptive offer for Paragon Films. Not only did the Blaige
team achieve a result which significantly exceeded the preemptive offer, but it also exceeded our expectations based
upon traditional market valuation metrics. Thoughtful positioning of the unique features of Paragon and the
potential to significantly expand upon them in the future led to a maximum valuation and the opportunity for key
management to become owners. The Blaige team also secured a multitude of attractive offers and permitted our key
management team to select the partner which best matched our values, had experience to perpetuate the legacy of
Paragon, and to take the Company to the next levels of success in years to come.”
Mike Baab, Founder and former President & CEO of Paragon Films, Inc.
“Following a thorough search for an industry expert, Shield Pack management and their Private Equity partners
chose the Blaige & Company team to evaluate our strategic options. The result of the process far exceeded our
expectations due to a great extent to their deep understanding of the packaging industry and very effective
positioning of our operational and product opportunities. We could not have been better prepared or more
professionally represented in our marketing efforts and our negotiations with the winning bidder, Bemis, the largest
flexible packaging company on the continent. I would highly recommend the Blaige & Company team to those
seeking quality execution and extraordinary results.”
George Smith, Chief Executive Officer of Shield Pack, LLC (a portfolio company of Tuckerman Capital & Pegasus
Capital Group)
“My experience with Tom Blaige covers over 15 years and involved more than 25 transactions. In every event, Blaige
& Company delivered outstanding results and exceeded my client’s expectations!”
Maryann Waryjas, Senior Vice President, Chief Legal Officer and Secretary of Herc Holdings, Inc.
“Hiring Blaige not only allowed us to achieve the top of our target valuation range, but also increased the certainty
of closing the deal by bringing in multiple competitive bids.”
Jim Kaye, Chairman of Plastic Package Inc
© Copyright 2018 All Contents Blaige & Company
VI. Appendix: Client Testimonials
40
“As a privately held, family company, we at Commodore were not seeking to sell. Over time we had received several
preemptive offers that held some interest for us. We decided we needed professional guidance, and turned to the
Blaige team. Blaige was instrumental in helping us position the company and create a competitive process which
eventually generated an excellent offer. The final result was a deal structure which was excellent for our family and
our employees, and met our expectations in every regard.”
Brad Braddon, Chief Executive Officer of Commodore Plastics, LLC & Commodore Technology, LLC
“Hiring Blaige & Company was one of the best decisions of my life. The team’s work ethic, energy, and knowledge
of the market were invaluable in achieving a result that significantly exceeded my expectations, and would not have
been achieved without professional representation by the Blaige & Company team.
Kurt Ross, Owner and Chief Executive Officer of Grayling Industries
“The transaction we completed with Blaige & Company couldn’t have gone more smoothly nor closed more
quickly. All involved on both sides, worked extremely well together as a result of the Blaige & Company methodical
process. The Blaige & Company team did a great job in working with all parties to orchestrate the sale.”
Patrick Whelan, Managing Director of Pegasus Capital
“We hired Blaige & Company after entertaining several one-off proposals from potential partners and investors.
The Blaige & Company process involved a very methodical and thoughtful approach to positioning our company
and resulted in multiple offers from a variety of investors, and ultimately a final offer that significantly exceeded our
expectations, and with a local partner we would have never found on our own.”
Lewis Farber, Owner & President of Farber Plastics, Inc.
© Copyright 2018 All Contents Blaige & Company
VI. Appendix: Contact Information
41
Thomas E. Blaige | [email protected]
Chicago
One Magnificent Mile
980 N Michigan Ave., Suite 1080
Chicago, IL 60611
(312) 337-5200
Miami
Brickell Arch Plaza
1395 Brickell Ave., Suite 800
Miami, FL 33131
(305) 290-4650
www.Blaige.com
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