Mergers & Acquisitions

Experience

Refinancing of Original Acquisition Loan for Tri-Arrows Aluminum

Success often brings about new opportunities for businesses, and taking advantage of those opportunities can open the door for further victories. The continuing success of Tri-Arrows Aluminum, an aluminum processing company formed in 2011 and owned by a consortium of Japanese companies, caused them to seek financial avenues that would pave the way for long-term stability and growth. We worked closely with Tri-Arrows to advise them on the $267 million refinancing of their original acquisition loan with a consortium of five lenders. We worked with the client throughout the entirety of the process, including modifying the loan documents to fit the client’s new financial circumstances, which had changed since the original loan. We also addressed numerous compliance issues during the process, including UCC and security requirements. We worked to complete the transaction in just 30 days in order to accommodate the close of the client’s fiscal year. The completion of the refinancing ensured the client was able to free up funds for increased cash flow at lower interest rates, as well as providing for lower capital costs.

Cross-Border Acquisition by Merger and Stock Purchase

Represented a U.S. public company in its acquisition of a Canadian/Swiss sporting goods importer/reseller in parallel Canadian stock purchase and SEC-registered U.S. stock merger transactions.

Strategic Sale of a Provider of Fleet Maintenance Services

We represented a leading provider of fleet maintenance services throughout their sale of a subsidiary that provided logistical and administrative support for government installations to a government service company. We counseled the client at each step of the transaction, including preparing responses to due diligence requests, negotiating terms, preparing documents and handling the closing. The transaction was completed to the satisfaction of our client.

Multiple Bank and Insurance Agency Acquisitions for Peoples Bancorp, Inc.

When Peoples Bancorp sought to expand their geographic footprint, they turned to Dinsmore for counsel. We guided Peoples Bancorp, Inc., the parent company of Peoples Bank, NA, through the acquisition of Sistersville Bancorp, Inc., the parent company of First Federal Savings Bank. We counseled the client through the transaction, beginning with due diligence, assessment of the risks and benefits and the structuring of the transaction. We also negotiated and drafted the documents for the acquisition, which included the merger of the two holding companies and the subsequent merger of the two subsidiary banks, resulting in two additional full-service bank branches for Peoples Bank located in Sistersville and Parkersburg, West Virginia. We also worked with the client to ensure compliance with banking regulators, including the Federal Reserve, the Office of the Comptroller of the Currency and various state organizations, and handled all of the regulatory application filings. We also counseled the client through transitioning and terminating employee benefits plans to ensure legal compliance and compliance with People’s plans. The acquisition, which was completed for aggregate cash consideration of approximately $9.81 million, enables the client to continue their growth into new markets and positively impact their earnings in the near future.

Acquisition of Regional Transportation Businesses

Client: Publicly Traded Transportation Company

Dinsmore & Shohl has acted as lead U.S. counsel for all acquisitions of regional transit companies for one of the largest transit companies in the world.  Our firm has completed a multitude of these acquisitions with a total aggregate value far in excess of $100 million.

Stock Purchase

Client: Publicly Traded Transportation Company

Represented Purchaser in the $18 million stock purchase of a school bus company. Dinsmore assisted its client, the U.S. division of a publicly-traded United Kingdom company, with the acquisition of a Pennsylvania-based school bus company.

Merger

Client: Technology Company

We represented the purchaser of a financially troubled technology company in the construction services industry in a $36 million reverse triangular merger, which included combining two companies with complex capital structures due to multiple rounds of venture capital financing for each entity.

Stock Purchase

Client: Defense Contractor

Dinsmore & Shohl represented a non-U.S. defense contractor in the $25 million stock purchase of another defense contractor whose parent was also a non-U.S. entity.  This transaction included obtaining CFIUS approval from the State Department and due diligence efforts covering several countries.

Asset Sale for Cash

Represented a closely-held venture-funded dry ice blasting equipment manufacturer in the sale of its assets and business to management financed by a private equity fund and commercial bank financing.

Asset Purchase

Represented a closely-held dry ice blasting equipment manufacturer in its purchase of its primary competitor from Canadian parent.

Asset Sale of Dakin Insurance Agency, a Subsidiary of LCNB Corp., to an Ohio Insurance Group

Dinsmore & Shohl represented LCNB Corporation, an Ohio chartered bank holding company, in the sale of its insurance agency subsidiary, Dakin Insurance Agency, Inc., to Rixey-Berry Insurance, Inc.  Our attorneys prepared and negotiated the asset purchase agreement. In addition, we prepared all transfer documents for the assets.  The sale took LCNB Corporation out of the sale and brokerage of insurance products so that it can concentrate on its core financial institution business.

Acquisition of Two Affiliated Swiss Companies

Represented Halma International Limited, the leading safety, health, and sensor technology group, in the acquisition of 100 percent shares of the Swiss corporation Medicel AG, together with its subsidiary Robutec GmbH. Dinsmore attorneys prepared and negotiated the Share Purchase Agreement and related closing documents. These related acquisitions required dual-track due diligence and negotiation of all transactional documents.  Related to the Medicel acquisition was negotiation of tax-planning documentation for a U.K.-based investor.  The purchase, valued at $100 million, further extended the client’s presence in the ophthalmic surgical instrument market.

Acquisition

Acquisition of factory assets and operations in the Peoples Republic of China by our client for an undisclosed amount. The client engages in the design, manufacture, marketing and services of semi-conductor processing equipment used in the fabrication of integrated circuits.

Acquisition

Our firm represented Graeter's in their purchase of fifteen retail stores from Superior Tasting Products, LLC, a former franchisee.

Acquisition

We represented the Purchaser in the acquisition of 100 percent of the shares of PP Medizintechnik GmbH, a German corporation, from Paragon Secondary Partners L.P. and Gerhard Glufke. The purchase price was €55 million ($74 million). Working with the assistance of German local counsel as necessary, we prepared and negotiated the Share Purchase Agreement and all related closing documents, and reviewed all due diligence in this transaction.

Acquisition and IP Clearance

Represented client in the acquisition of a foreign company with particular software expertise. Representation included analysis of IP clearance issues and IP protection strategies.

Acquisition by LCNB Corp. of Eaton National Bank and Trust

We served as deal counsel for LCNB Corp., the holding company of LCNB National Bank, through a stock and cash transaction that enabled it to acquire First Capital Bancshares, Inc., Chillicothe, Ohio, and its subsidiary, Citizens National Bank. We counseled the client through all aspects of the transaction, from pre-transaction planning and due diligence to negotiating deal terms to drafting documents, including advising the client on applicable state and federal application and compliance procedures. The transaction, which is valued at approximately $19 million, enables LCNB to expand its market reach, as Citizens National Bank operated six full-service branches in Ross and Fayette Counties, Ohio.

Acquisition of Global Space & Defense Manufacturer

Ohio counsel to Northrop Grumman in its acquisition of TRW, a global manufacturer headquartered in Cleveland, Ohio, in a transaction valued at approximately $7.8 billion, plus the assumption of TRW's net debt at the time of closing.  The combination positioned Northrop Grumman as the nation's second largest defense contractor and helped them join the ranks of the Fortune 100.

Acquisition of Medical Group

Halma p.l.c., an international group of technology companies based just outside of London, England, has taken advantage of strategic opportunities to become a world leader in health and safety technologies. For over 25 years, Halma has turned to Dinsmore for counsel on a multitude of acquisitions. When the opportunity recently arose to acquire SunTech Medical Group, a supplier of clinical grade, non-invasive blood pressure monitoring products and technologies, Halma enlisted Dinsmore’s help once again.

Our team was instrumental in assisting Halma through this challenging $46 million acquisition. The involvement of England-based shareholders selling SunTech enabled us to work on a parallel track alongside Halma’s London counsel. While London counsel negotiated key provisions of the share purchase agreement, we handled all of the due diligence for SunTech’s U.S.-based operating company and its two Chinese subsidiaries. We drafted the key transactional agreements and relevant corporate documents for the three operating companies. We continuously obtained and reviewed updated disclosure documents and responded to new information and client inquiries. Our team negotiated and drafted documents which met Halma’s needs and which reflected the different corporate cultures and approaches of the operating companies and shareholders. Constant communication with local counsel and business officials in London, Shenzhen and Hong Kong, coupled with a thorough understanding of Halma’s procedures, ensured we achieved Halma’s goals.

The successful closing of this transaction enabled Halma to strengthen its Health and Analysis Sector, which already includes Riester, a medical equipment company that supplies blood pressure and vital signs monitors. With Dinsmore’s assistance, Halma continues to take advantage of opportunities to remain an industry leader in health and safety technology.

Acquisition of Ophthalmic Surgical Product Company

Halma p.l.c., an international group of safety, health, and environmental technology companies based just outside of London, England, continues to pursue strategic growth opportunities, strengthening its position as a world leader in health and safety technologies. For over 25 years, Halma has turned to Dinsmore for counsel on a multitude of acquisitions. When the opportunity recently arose to acquire Microsurgical Technology, a Washington-based company that designs, manufactures and markets ophthalmic surgical products, Halma enlisted Dinsmore’s help once again.

Our team was instrumental in structuring this stock purchase for $57 million in initial consideration with additional payments of up to $43 million, contingent upon future earnings. Because of the size of the transaction, we worked to get Federal Trade Commission approval through filing pre-merger notification in accordance with the Hart-Scott-Rodino Act. During the statutory waiting period, our team of attorneys negotiated and drafted the key transactional agreements and relevant corporate documents while managing comprehensive legal due diligence. Our due diligence efforts, which included extensive intellectual property, benefits, and employment reviews, provided a high level of security over the sellers’ warranties. Our collaborative approach toward negotiating the transactional agreements protected Halma’s interests while helping to maintain goodwill between Halma and the sellers, many of whom will continue to operate the business in Redmond, Washington. Our thorough understanding of Halma’s procedures and goals ensured we achieved the best outcome for our client.

The successful closing of this transaction enabled Halma to further strengthen its Health and Analysis Sector, which includes other market-leading ophthalmic device businesses: Accutome, Keeler, Medicel, Reister and Volk. With Dinsmore’s assistance, Halma continues to take advantage of opportunities to remain an industry leader in health and safety technology

Acquisition of Silicon Growing and Fabrication Assets

Assisted Lam Research Corporation in its acquisition of the silicon growing and fabrication assets of Bullen Ultrasonics.  Bullen, headquartered in Eaton, Ohio, was a privately held supplier of precision machined components to the semiconductor, aerospace, automotive and other industries.  Lam acquired all assets related to Bullen's silicon growing and fabrication business utilized in supplying chamber-critical components for Lam tools.  Following the closing, the silicon growing and fabrication related business became Bullen Semiconductor, a division of Lam.  The cash transaction was valued at approximately $175 million.

Ambulatory surgery center sale to hospital

We represented an ambulatory surgery center in its sale to a hospital.

Asset Purchase

Represented Tier 2 automotive parts manufacturer in $23,000,000 purchase of automotive plastic plating business.

Asset Purchase

Structured and negotiated employee purchase of the assets of a printing facility from its publicly traded owner.

Asset Purchase

Our firm assisted Procter & Gamble's in-house counsel with the acquisition of the Max Factor brand from Revlon.  This transaction increased the client's participation in the beauty and healthcare business in a cost effective fashion.

Asset Purchase

Represented the purchaser of assets of the manufacturer of environmental containment equipment for gas stations which was embroiled in a patent infringement dispute with a hostile third party.

Asset Purchase

Represented a private equity fund working with management of a loan defaulted business to buy assets in foreclosure and start a new business.

Asset Sale

Represented the seller of a signage manufacturing business to a private equity fund.