As an example, The Charter Group was enlisted to review a $12.5 million buyout proposal of a regional distribution company who had been approached by a national competitor.
Their valuation showed the company was worth significantly more, so The Charter Group pursued additional buyers, prompting five additional letters of intent and a final transaction value in excess of $18 million, 50 percent higher than the original offer.
The Charter Group has announced the formation of a dedicated Furniture Practice led by Andrew Williams. The Grand Rapids, Mich.-based merger and acquisition advisory firm said the move reflects growing activity and demand for buy, sell and capital raise transactions in the office furniture, residential furniture and home furnishings markets.
Charter made the announcement in Chicago at Neocon, North America's largest furniture and commercial interiors exposition featuring more than 700 showrooms and exhibitors.
Grand Rapids may be known around the world as "Furniture City," but it is also recognized as "Beer City USA." The story of this community's love affair with craft brewing is told in Quenching The Thirst, available for immediate download by clicking here.
The Charter Group has been serving clients from the office and contract furniture industry since 1989 and has closed furniture transactions spanning OEMs (original equipment manufacturers), component suppliers, and dealers ranging from small businesses to national manufacturers and leading brands. The Charter Gropu has also rolled out a comprehensive succession planning advisory package specifically designed to meet the needs of the office furniture dealer community.
"We've gained a solid benchmark on the value drivers of businesses in the furniture sector, and we have the expertise and relationships to maximize the fit and financial outcomes for our clients," said Andrew Williams, CM&AA and vice president, business and transaction management for The Charter Group. "The combination of our track record and the continuing uptick in the industry warrants this expansion into a full practice area, and we hope to continue to offer additional niche service lines in the future."
The Charter Group also served as exclusive merger and acquisition advisor to library and educational contract furniture manufacturer, The Worden Company of Holland, Mich., initiating, negotiating and closing the successful sale of the company.
"As the leading M&A advisory firm in the global headquarters of office furniture, Grand Rapids, Michigan, we have a unique breadth of experience," said John Kerschen, managing director of The Charter Group. "We look forward to the potential for our Furniture Practice and for other specialty areas as the M&A market improves and we continue to grow our reputation nationally."
The Charter Group is a merger and acquisition advisory firm focused on buy, sell and capital raise transactions in the $10 million to $100 million value range. Founded in 1989, Charter is recognized as one of the Midwest's premier M&A advisory firms, with offices in Michigan and Indiana. Charter's track record of success delivering value for clients includes 400+ successful transactions for businesses ranging from $1 million to $100 million+ in revenue. For more information on The Charter Group, please visit www.charter-group.com.
The Charter Group has also been a part of the effort to change the way the world sees Grand Rapids, and as a result, the way Grand Rapids sees the world.
Autographed editions of Last Chance Mile are available at Schuler Books & Music and West Coast Coffee in Grand Rapids, as well as at www.rodkackley.com
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