Described by Chambers USA, the worldwide leader in law firm rankings, as a “marketing-leading practice with substantial experience in a range of M&A matters,” the HSE M&A team represents clients in connection with transactions ranging in value from several million dollars to multi-billion dollars. We do this by knowing our client’s business, goals, and risk tolerance, so we can present a goal-oriented strategy suited for the specific circumstance.
We represent entrepreneurs and start-up organizations, middle-market and publicly traded corporations, private equity firms, and nonprofit organizations on transactions, including:
We guide our clients through every step of a transaction while collaborating with HSE attorneys in specialty practice areas such as employee benefits, intellectual property, labor, real estate, securities, and tax.
Additionally, we frequently coordinate aspects of transactions with special counsel in foreign jurisdictions and in the U.S., where necessary. Similarly, we act as special U.S. counsel to companies and law firms located in and outside of the U.S. in connection with specific aspects of transactions (e.g., employee benefits, environmental, intellectual property).
Where we started: Our client, Transmation, was a manufacturer and distributor of test equipment – micrometers, calibrators, pressure gauges, and similar instrumentation – with annual revenue of approximately $50 million. In 2000, with competitive pressures, the company was in financial distress and needed to restructure to remain viable. HSE’s M&A team was engaged to plot a strategic repositioning.
Our strategy: The first step was to sell two manufacturing subsidiaries. But while preparing the transactions, the 9/11 attacks occurred, inducing a recession and creating significant uncertainty in financial markets. The value of the subsidiaries dropped, as did the company’s revenues, producing acute fiscal challenges which imperiled both the sale of the subsidiaries and the company’s existing financial relationships. Ultimately with creative structuring, the HSE team was able to bring the transactions to closing, solidify the company’s balance sheet and create a future revenue stream as a distributor for one of the buyers.
The outcome: Within a year of the sale, the company was actively pursuing additional transactions as part of a new roadmap to grow the company. Now known as Transcat, Inc. (Nasdaq: TRNS), the company has transitioned from a business focused primarily on manufacturing to one engaged significantly in servicing and calibrating the sorts of equipment it previously manufactured. The once-challenged company has grown annual revenue in excess of $200 million and has increased its share price over 30x since 2001. Transcat now has market capitalization (as of July 8, 2021) of $473. Over the course of those 20 years, the HSE M&A team has advised Transcat on more than 30 transactions and five separate banking deals.