We are pleased to announce the sale of Goode Industries., Inc., dba M. Cooper Supply Co., ("M. Cooper" and the "Company") to a subsidiary of WinWholesale^® ("Win"). M. Cooper Supply is a leading full-service plumbing products and supplies distributors in the Chicagoland area, servicing commercial and residential contractors and service providers.  M. Cooper's customers benefitted from the Company's route delivery and distribution infrastructure, as well as its superior customer service and competitive pricing.  According to Industrial Distribution's 2014 "Big 50" List, WinWholesale is a $2.2 billion industrial products distributor and is ranked No. 16 on the List.  Win has become a leader in the plumbing products wholesale distribution industry through numerous acquisitions and organic growth.  

M. Cooper was well-served by Fort Dearborn in the transaction.  The Company had been approached over the past few years by several suitors, including Win.  FDP formalized the sales process with potential buyers, created and defended an earnings analysis that became the basis for valuation discussions, negotiated competing letters of intent allowing the seller to evaluate multiple offers on a comparable basis.  As a result of this preparation, and the credible threat of a robust marketing process and auction, Win paid full price for the Company, exceeding the Seller's expectations. 

While specifics are confidential, through our deep operating experience and knowledge of the Company, we credibly argued and defended earnings which were heavily restated for numerous non-recurring expenses and other acquisition synergies, achieving an implied multiple on the high end traditionally paid for like companies.  We then used our experience to quickly guide M. Cooper through due diligence and assisted in the negotiation of purchase contracts to ensure the deal closed on substantially the same terms as originally negotiated with minimal exposure to  potential post-closing adjustments.  In fact, FDP's negotiations resulted in the seller retaining assets that were not part of the initial valuation discussions resulting in an increase of approximately 15% in sale proceeds.

While the details of each engagement vary, this transaction was typical of our investment banking focus of representing sellers of privately-held, middle market companies with valuations in excess of $10 million.

Please keep us in mind for proven middle market investment banking expertise, especially in "story" transactions where our operating skills lend additional value.  We look forward to working with you.