Confluence Advisors Represents Ibis Tek, LLC in Sale to Investor Group

Confluence Advisors represented Ibis Tek, LLC in the sale of substantially all of the assets of Ibis Tek, LLC, Ibis Tek Properties, LLC, Verbuck, LLC, and Ibis Apparel, LLC (collectively, "Ibis Tek").  An investment group including DJH Management and Rockwood Equity Partners acquired the business of the former Ibis Tek reincorporating as Ibis Tek, Inc. (the “Company”).  Industry veterans Vince Nardy, a former executive with Hunter defense Technologies and Phillip Won each joined the Company as CEO and CFO, respectively, effective January 1, 2017.

Ibis Tek had been under a long-running investigation of the former officers of the company dating back to activities prior to 2009 related to an isolated program.  The pending nature of the charges were the driving force behind the leadership changes and the sale of the company.

Per Vince Nardy “"We look forward to having this matter having to do with former company executives behind us. Our company was cleared in the related investigation which dates back to activities eight years ago, and we, the over 250 employees of the new Ibis Tek, continue forward on our mission which is toproudly serve the warfighter and our various government customers. Our new ownership and management teams have sterling reputations and we look forward to driving the new Ibis Tek, Inc. into the future.”  Mr. Nardy also shared, “Chris Harsh and the team at Confluence Advisors did a great job in getting the transaction completed given a number of challenging dynamics.  We believe the Confluence team did an excellent job of balancing the needs and interests of the sellers, buyer, employees and customers to create a win-win-win-win outcome for all involved.”

Confluence Advisors Assists Chrislynn Energy Services, Inc. in a Shareholder Recapitalization

Wexford, PA – Confluence Advisors, LLC (“Confluence”) is pleased to announce that Chrislynn Energy Services, Inc. (“Chrislynn” or the “Company”) has completed a shareholder recapitalization transaction.   Based in Pittsburgh, PA, Chrislynn is a leading energy management consulting firm serving businesses throughout the United States.

Confluence served as exclusive financial advisor in the placement of a financing package which enabled Chrislynn to buyout certain shareholders, refinance existing indebtedness and generate additional liquidity for growth.  Byline Bank provided the credit facilities.  Confluence's experience in identifying the lender and running an expedited financing process resulted in a solution for the Company.

About Chrislynn Energy Services, Inc.

Founded in 1986, Chrislynn has helped its clients save millions in energy costs over its history.  The Company has grown into a leading and reliable partner in the energy industry and is also a Pennsylvania state licensed electric generation supplier for commercial, industrial and governmental entities.  In addition, the Company is a PUCO Licensed Retail Service Provider in the state of Ohio. 

About Byline Bank

Byline Bancorp, Inc. is a full service commercial bank offering distinct service and a full array of banking products and services to retail and business customers throughout the Midwest and upper-Midwest.  Based in Chicago, Byline Bank operates more than 65 locations and has assets of more than $3.2 billion.

About Confluence Advisors

Confluence helps owners maximize the sale of a business or non-core division, raise optimal funding, or acquire a business.  With over 80 years of combined deal experience and more than $1.5 billion in transactions, our team works every day to help companies and their stakeholders through critical business transitions.

PNC Riverarch Capital Leads Recapitalization of Steelite International

Confluence Advisors is pleased to announce the recapitalization of Steelite International (“Steelite” or the “Company”), by PNC Riverarch Capital and John Miles, Steelite’s Americas division President.  Steelite is a leading designer, manufacturer, and distributor of tableware, glassware and other tabletop products to restaurants, hotels and other foodservice operators around the world.  The recapitalization includes a significant reinvestment by Steelite executive John Miles who will lead the company going forward.

“Having worked in the business for 20 years and having served as president of the Americas division for the past 11 years, it fills me with immense pride to have made this personal investment alongside PNC Riverarch,” said John Miles.  “Steelite International is known as the leader in the hospitality tableware industry and our goal is to continue that leadership through the introduction of new, creative and innovative products.  We will continue the investment in the manufacturing sector to improve efficiencies, service levels and provide value added to our customers.  I look forward to working with our management team to grow and improve the business.”

Steelite is headquartered in Stoke-on-Trent, U.K. and New Castle, PA.  The Company’s core chinaware products are manufactured at its factory in Stoke-on-Trent, one of the most modern and efficient production facilities in the world.   The New Castle headquarters includes the primary distribution facility for the Americas operation.   Steelite has approximately 1,000 employees and revenues are about $150 million.

Confluence Advisors served as the exclusive financial advisor to John Miles in the transaction.  Senior financing was provided by the Bank of Montreal and The Private Bank.

About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately-held companies.  The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of leveraged and management buyouts, recapitalizations, corporate divestitures and growth financings.  PNC Riverarch is a division of PNC Capital Finance, LLC, a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC). Since 1982, PNC has invested over $1.0 billion of equity capital in more than 100 companies.

About Confluence Advisors, LLC
Confluence helps business owners maximize the sale of a business or non-core division, raise optimal funding, or acquire a business. With over 80 years of combined deal experience and more than $1.5 billion in transactions, the Confluence team works every day to help companies and their stakeholders through critical business transitions.

Safety Works is Acquired by Protective Industrial Products

Confluence Advisors, LLC (Confluence Advisors) is pleased to announce the acquisition of Safety Works, Inc. (Safety Works), a rapidly-growing provider of safety products that services the consumer and retail market, by Protective Industrial Products (PIP), an Albany, NY-based provider of personal protective equipment. Safety Works was a joint venture between MSA Safety, Inc. (NYSE: MSA) and MCR Safety. Confluence Advisors represented the sellers in the transaction.

“With this acquisition, PIP strengthens its position in the retail-ready safety product market while giving Safety Works LLC access to PIP’s globally integrated logistics and sourcing operations in the U.S. and Hong Kong,” said Joe Milot, President and CEO of PIP. Mr. Milot added, “We are excited about the synergies created by this acquisition as we believe the retail market for safety and hand protection strongly predicts the future trends within the industrial safety market that we also serve.”
“PIP’s product line strengths mesh well with our retail customers’ needs,” noted Safety Works CEO, Harry Kunze, “and we are excited about the opportunities PIP will bring to us and our customers.” According to John Quinn, Safety Works’ Vice President of Sales, “PIP has extensive strengths in products, logistics and supply chain excellence, all of which are core to servicing the large volume, consumer packaged safety products segment.”

Safety Works LLC will operate as a subsidiary of PIP under the new name Safety Works, Inc. It will retain its current sales strategy and sales team, along with its current address, phone numbers and email domain.

About Protective Industrial Products
PIP is a privately-held company that manufactures and sources a broad range of industrial safety products globally. PIP has grown to $250 million in sales over the last 30 years.

About MSA Safety, Inc.
Established in 1914, MSA is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. With revenues of over $1.1 billion, MSA employs approximately 5,000 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia, and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. The company is traded on the New York Stock Exchange under the ticker MSA.

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