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COLUMBUS, OH (August 8, 2014) – On July 28, 2014 an investor group led by Crowe Horwath LLP, RSM McGladrey, senior management and a group of regional CPA firms throughout the United States sold 100% of the equity of Creative Financial Staffing (“CFS”) (and its affiliates) to a leveraged Employee Stock Ownership Plan (“ESOP”).
Western Reserve Valuation Services (“WRVS”) served as the exclusive financial advisor to the CFS ESOP Trustee in conjunction with the Transaction. WRVS rendered a fairness opinion to the Trustee that the Transaction was fair, from a financial point-of-view, to the ESOP. The CFS Transaction marks the fourth deal in 2014 for which WRVS has rendered an opinion for ESOP transaction purposes.
“The CFS ESOP Transaction was truly a win-win for both the buyer and seller in this leveraged deal. It showed that ESOPs and the resultant employee ownership are often a tremendous alternative to the third party sale of a business. Our firm and its principals have been advising Trustees and closely-held business owners in perpetuating employee ownership and achieving partial and complete monetization of family businesses for more than 25 years,” said Mr. Callanan.
Rounding out the team of ESOP advisors was the law firm of ESOP Plus®: Schatz Brown Glassman Kossow LLP, who served as counsel to the ESOP Trustee.
“It was a true pleasure working with the Western Reserve team throughout the CFS Transaction. Their extensive ESOP experience manifested itself in this deal. WRVS’ technical expertise to the ESOP Trustee team is among the highest quality financial advisors we have worked with at ESOP Plus®,” said Rob Brown, Partner, ESOP Plus.
About Western Reserve Valuation Services LLC
Western Reserve Valuation Services LLC, based in Columbus, Ohio, is a leading provider of valuation services and financial opinions relating to corporate finance transactions, corporate tax planning and compliance, succession planning and wealth preservation, employee stock ownership plans (“ESOPs”), financial reporting and portfolio / fund valuations. For more information, visit www.wesresvaluation.com or call (614) 448-3700.
Western Reserve Valuation Services is an affiliate of Western Reserve Partners LLC, a FINRA-member investment banking firm offering financial advisory services relating to mergers and acquisitions, capital raising and financial restructuring. For more information on Western Reserve Partners, please www.wesrespartners.com or call (216) 589-0900.