October 22, 2007
Croft & Bender Advises Arcapita in Transportation Safety Technologies Sale to Riverside Manufacturing
Atlanta Business Chronicle
ATLANTA, Oct. 22 /PRNewswire/ -- Croft & Bender, an Atlanta-based investment banking firm, announced today it represented the management team of Atlanta-based Arcapita, Inc., a leading private equity investment firm, during negotiations associated with the recently announced sale of Transportation Safety Technologies (TST) in Indianapolis, Ind., to Riverside Manufacturing of Fort Wayne, Ind.
In addition to advising the seller, Croft & Bender also helped Riverside arrange financing for the transaction through Cratos Capital Partners, an Atlanta-based commercial finance company.
Commenting on the transaction, Arcapita's Director of Corporate Investment, Jack Draughon, said, "The Croft & Bender team, headed by Bo Briggs, did an excellent job of holding tough on negotiations and represented Arcapita exceptionally well."
"This transaction would not have resulted in such a successful closing without their outstanding work," Draughon said.
TST designs, manufactures, and sells vehicle safety and control products for commercial delivery, local service, and emergency fleet vehicles. The company has two manufacturing plants, a 34,000 square foot facility in Indianapolis and a 26,000 square foot plant in Fort Payne, Ala.
Riverside designs and produces wire harnesses, LED lighting, panel assembly, cables, switches and electro-mechanical products for harsh environments and military applications.
AFS Investments, Inc. was the financial advisor to Riverside and David A. Foster of Baker & Daniels, LLP, was the company's legal advisor. Both are located in Indianapolis, Ind. Jay Harris of King & Spalding in Atlanta represented TST.
The combined companies have more than 500 employees and annual revenues in excess of $60 million.
Arcapita is a global investment group with offices in Atlanta, Bahrain, London and Singapore, through which it sources investments for its corporate (private equity), real estate, asset based and venture capital lines of business. Arcapita's corporate investment line of business was founded in 1997 and operates out of Atlanta, London and Bahrain. To date, Arcapita has completed 60 transactions with a total value of more than $19 billion. More information on Arcapita is available at www.arcapita.com
About Croft & Bender
Croft & Bender LLC, based in Atlanta, Georgia, is an investment banking firm focused on providing M&A, private equity and financial advisory services to middle-market and emerging growth companies in the Southeast. The firm also sponsors the C&B Capital private equity funds, with $44 million under management. For more information on Croft & Bender, visit www.croft-bender.com or contact the firm at (404) 841-3131.
SOURCE Croft & Bender