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Eddie Schatz
Austin Outdoor


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"It is a new day at Latite as not only do we live to fight another day, with the strength of our new financial partner and the injection of cash onto our balance sheet, we are well-positioned in terms of taking advantage of the improving economy.  I am happy that the deal is closed and I cannot thank the folks at CCG enough for the support, the hard work and the counseling sessions required to get this deal across the finish line!  CCG was the glue that held the process together and I am deeply indebted to them for helping us get through to the other side;  they are top of class in the services they provide, bar none." 

Steve Struve, President
 Latite Roofing and Sheetmetal Company

Latite Roofing & Sheetmetal Company Acquired By Lincolnshire Management

CCG sells Florida's best roofing company to a private equity buyer...again! 

CCG has had the privilege of selling Latite Roofing & Sheetmetal twice - once in 2007 and again in 2010.
Latite Roofing & Sheetmetal
has been acquired by
Lincolnshire Management
Further Information:

 •  Press Release

Contacts:                 
    

 •  Brian D. Corbett
At the time of the initial sale, Latite was the fourth largest roofing business in the United States and was owned by a father and son team, Dave and Steve Struve. The pair decided to sell to a private equity buyer and the deal allowed Dave to cash in his chips and retire. Steve and his team stayed on with a vested equity interest to run and grow the business alongside their new financial partner. CCG maintained a close relationship with the Struve family and the company post-closing.

Unfortunately, in the three years following the deal, the housing market collapsed nationwide and the economy’s weakness caused the Florida roofing business to erode considerably. The debt structure that had seemed reasonable for Latite in 2007 became untenable. Steve led a restructuring effort to help the company survive, but as harsh market conditions continued through 2010, Steve’s investors made a decision either to liquidate to avoid future losses or sell the company if possible. As Latite had turned to CCG in their time of success, they also looked to CCG as a trusted advisor in their time of trouble. Steve and his financial partners asked CCG to determine if a sale would be possible even with considerable current operating losses and no clear signs of a bottom.

CCG worked very quickly under a specific mandate to find a buyer for the company. Together, we identified a large private equity group with a successful history of buying great companies under trying circumstances. A deal was negotiated and closed on a very expedited time frame which allowed the investor to limit its losses and the management team to work out a new deal with their new financial partners. The company, buttressed by new capital, was able to continue with the hope that they had weathered the worst of the storm and would begin to grow and profit again as the economy began to recover.


 

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