Mesirow Financial, Inc. (“Mesirow”) acted as exclusive financial advisor to Michigan Wheel Corporation (“Michigan Wheel” or the “Company”), a Grand Rapids, MI-based designer, manufacturer and distributor of inboard, outboard and sterndrive propellers for the marine industry, in its sale to The Anderson Group, an operationally focused private equity firm, headquartered in Bloomfield Hills, MI.
Founded over 100 years ago, Michigan Wheel has remained a premier provider of high-quality, innovative products with strong brand recognition among its national customer base of original equipment manufacturers and specialty distributors. The Anderson Group acquired the assets through its newly formed portfolio company, Michigan Wheel Operations, LLC in a §363 asset sale pursuant to Chapter 11 of the U.S. Bankruptcy Code.
“Despite complex and challenging dynamics, Mesirow Financial conducted a thorough process and found us an exceptional partner in The Anderson Group. Mesirow worked closely with all of the Company’s constituencies in this transaction, which was punctuated with a spirited auction that achieved a favorable result for the Company’s various stakeholders” said Stan Heide, chief executive officer of Michigan Wheel Corporation. “We are very pleased with the outcome of this successful transaction.”
Jeff Golman, vice chairman of Mesirow Financial, said, “We are pleased to have served as financial advisor to Michigan Wheel Corporation. The Anderson Group’s acquisition of Michigan Wheel, has brought a well-capitalized partner to the business and will enable the Company to continue to provide its long-standing customers with well-branded, high-quality propeller products.”
The Anderson Group is an operationally focused private equity firm with offices in the United States and China. Founded in 1985, the Anderson Group has a long and successful track-record of acquiring and growing companies at the lower end of the middle market. Founded by Barry Shapiro and Tom Gaffney, The Anderson Group has experience investing in a broad range of industries and in a vast array of circumstances. Cumulatively, Anderson’s partners have over 70 years of private equity experience and have acquired over 50 companies.