Press Release

Mesirow Financial Advises Wheeler Bros., Inc. on its Sale to VSE Corporation

Mesirow Financial acted as the exclusive financial advisor to Wheeler Bros., Inc. ("Wheeler" or the "Company"), a supply chain management company, in its sale to VSE Corporation ("VSE"), a publicly traded, diversified federal services company.

Wheeler, headquartered in Somerset, PA, is a value-added distributor of automotive repair parts to various agencies of the U.S. government, including the United States Postal Service ("USPS") and the United States Department of Defense ("DOD"). In addition to its supply chain management services, the Company has developed an expertise in reverse-engineering and manufacturing parts that are no longer supported by the original equipment manufacturers. For the year ended September 30, 2010, Wheeler recorded revenues of approximately $158 million.

Wheeler started as a parts supplier to commercial trucking companies. In 1960, the Company transitioned into the DOD market, providing automotive repair parts for the DOD’s wide range of tactical and combat land vehicles. In 1989, Wheeler began selling to the USPS. The USPS has the largest commercial vehicle fleet in the world and Wheeler supplies parts to each type of vehicle in the fleet. The Company has received multiple service awards from the USPS, including its fifth USPS Quality Supplier Award in 2009 by the Postal Supplier Council.

Dave Wheeler, CEO and President of Wheeler, commented, "The Mesirow Financial team was a driving force in bringing our two companies together. Mesirow worked closely with the Wheeler team in this transaction to identify a strategic partner that would allow us to build on the foundation we had started and take Wheeler to the next level in terms of growth and capabilities. Our family and employees could not be more pleased with Mesirow’s work and with the match we found in VSE."

Rocky Pontikes, Managing Director of Mesirow Financial, said, "It was a sincere pleasure working with the Wheeler family and the Company's senior management team on this transaction. Our goal from the start of this process was to identify alternatives that created significant value for the shareholders and also continued the legacy that the Wheeler family had built over several generations. This very exciting and transformational transaction with VSE creates a world class business and provides a strong platform for future growth for the combined company."

The transaction represents another successful assignment completed by Mesirow Financial's Investment Banking group.

About VSE Corporation
VSE Corporation was established in 1959 with a mission to provide engineering and technical support services to reduce the cost and improve the reliability of DOD systems and equipment. Today, VSE is a broadly diversified company focused on creating, sustaining and improving the systems, equipment and processes of government through core competencies in legacy systems sustainment, obsolescence management, prototyping, reverse engineering, technology insertion, supply chain management, foreign military sales, management consulting and process improvement. Its expanded mission now includes providing innovative services and technologies to help its customers succeed in the engineering, energy, environment, information technology and defense services markets.

VSE Corporation is a publicly traded (NASDAQ: VSEC) professional services company. It has been ranked among the top 100 defense contractors, top 10 foreign military sales contractors and top 50 Navy contractors in the nation.

 

Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s). Mesirow Financial, Inc. is not affiliated with Wheeler Bros., Inc., VSE Corporation or their affiliates. Past performance is not indicative of future results. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. Securities offered through Mesirow Financial, Inc. member FINRA, SIPC.

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