BDO Capital Advisors Announces the Sale of Schnee-Morehead, Inc. to Illinois Tool Works, Inc.
BDO Capital Advisors, LLC (“BDO Capital”) is pleased to announce the sale of Schnee-Morehead,
Inc. (“Schnee-Morehead”), a leading manufacturer of adhesives and sealants to Illinois Tool Works, Inc. (NYSE: ITW), a Fortune 200 $11.7B company. As the exclusive financial advisor to Schnee-Morehead, BDO Capital prepared a confidential offering memorandum, identified a highly targeted list of potential buyers, created a competitive bid process and structured and negotiated the transaction.
BDO Capital’s Boston office conducted an aggressive marketing campaign contacting numerous strategic companies and financial sponsors. BDO Capital received numerous Letters of Interest and Letters of Intent. BDO Capital engaged in negotiations with multiple parties, successfully delivering the shareholders a favorable transaction structure with ITW.
Schnee-Morehead is a privately owned Company, headquartered in Irving, Texas. The Company, which was founded in 1948, offers a comprehensive sealant solution consisting of more than 320 high quality sealants and adhesives including butyl products, acrylics, polyurethanes and waterborne sealants. The Company has cultivated long-term relationships with a premier base of over 1,200 customers. The Company markets its products primarily through direct channels and leading distributors and manufacturer’s representatives. ITW, headquartered in Glenview, Illinois is an $11.7 billion diversified manufacturer of highly engineered components and industrial systems. A Fortune 200 company with more than 90 years of history, ITW consists of approximately 650 decentralized operations in 45 countries and employs some 49,000 people. The Company designs and produces an array of highly engineered fasteners and components, equipment and consumable systems, specialty products and equipment for customers around the world.
ABOUT BDO CAPITAL ADVISORS, LLC
BDO Capital Advisors, LLC is a leading middle market investment bank that focuses on mergers and acquisitions advisory, capital raising, and board advisory with offices located throughout the United States. The firm has deep industry knowledge, extensive cross-border transaction experience, and superior execution capabilities. BDO Capital Advisors, LLC provides sell-side and acquisition advisory, ESOP advisory, private placements, fairness opinions, and capital markets advisory. The firm has broad industry expertise and contacts having closed transactions within the Manufacturing & Distribution, Consumer, Food & Retail, Healthcare & Life Sciences, Business Services, Energy & Natural Resources, and Technology, Media & Telecom sectors. Our seasoned investment bankers have collectively advised on hundreds of transactions for a variety of clients including family-owned businesses, entrepreneur-led companies, public corporations, and leading private equity firms.
The firm has worldwide access to buyers, sellers, and offshore investors via the Corporate Finance practices of BDO International’s network of independent member firms which have been ranked collectively as a Top 5 global M&A midmarket advisor based on total deal volume announced in 2016, according to Thomson Reuters SDC. BDO International Corporate Finance firms operate in approximately 60 countries with over 2,000 professionals who are able to meet the investment banking needs of clients across the globe.