Friday, January 4, 2019

Pioneer Cladding & Glazing, LLC Completes ESOP Transaction

Investment Banking

Pioneer Cladding & Glazing, LLC Complete ESOP Transaction | Date: December 2018 | Industry: Commercial Construction

About the Transaction:

Pioneer Cladding & Glazing, LLC ("Pioneer"), a Cincinnati, Ohio-based glazing and curtainwall installer, is pleased to announce the sale of 100% of the Company to an Employee Stock Ownership Plan and Trust ("ESOP"). Hilliard Lyons Investment Banking served as the exclusive financial advisor to the selling shareholders during the transaction.

Hilliard Lyons assisted Pioneer’s owners, Tom Heinold & Tim Hoh, in evaluating the various business transition alternatives available to them. After careful consideration of the various options an ESOP transaction emerged as the preferred alternative. The ESOP transaction will allow the Company to retain its corporate culture and reward its tenured employee base via ownership of the Company, while accomplishing the objectives of the selling shareholders.

Founded in 1999, Pioneer is a vertically-integrated, market-leading custom curtain wall manufacturer and installer. Partnering with general contractors, architects, and building owners, Pioneer designs, fabricates, and installs innovative, unitized curtain wall systems and custom building facades, primarily for commercial projects. The Company is a nationally recognized leader in the industry and was ranked #7 in the 2017 Engineering News-Record’s “Top 600 Specialty Contractors List – Glazing & Curtainwall Firms”.

Pioneer engaged Hilliard Lyons Investment Banking ("HLIB"), an investment banking firm with offices in Louisville, Kentucky and Cincinnati, Ohio, to arrange the transaction and serve as the Company's exclusive financial advisor. In its role as exclusive financial advisor to the Company, HLIB assisted the Company with negotiating deal terms with the ESOP trustee, modeling historical and pro forma financial performance, securing senior and subordinated debt financing, and structuring and closing the transaction. HLIB arranged and led a multi-disciplinary deal team that executed the transaction efficiently while meeting shareholder objectives.

About Hilliard Lyons Investment Banking

Hilliard Lyons Investment Banking employs a full-service model that brings “Wall Street” resources and experience to our “Main Street” clients. With offices in Louisville, KY, Cincinnati, OH, and Charleston, SC, our Senior Investment Bankers focus on advising lower middle-market and emerging growth companies in mergers & acquisitions, capital raising, and business valuation. Hilliard Lyons Investment Banking is a division of J.J.B. Hilliard, W.L. Lyons, LLC, a full-service wealth management firm headquartered in Louisville. Please feel free to contact us if we can be of any service to you.