NEW YORK, June 14, 2016 /PRNewswire/ -- CSG Partners announced that it advised Cornerstone Controls, Inc. on its sale to an Employee Stock Ownership Plan.
Headquartered in Cincinnati, Ohio, Cornerstone Controls is a leading distributor of Emerson Process Management engineering solutions and products. The company is the exclusive representative and sales agent for Emerson in Southern Ohio, Kentucky, Indiana and Michigan.
The ESOP transaction closed on the 90th anniversary of Cornerstone being in business, and following the transaction the company is 100% owned by its employees.
"The transition to ESOP ownership is aligned with Cornerstone's values of taking care of our employees and customers," said Kasey Kulhman, CEO. "Our team members have always acted as ambassadors of the company, and the ESOP structure provides a continued incentive to innovate and achieve. I am very appreciative of the expertise and guidance CSG Partners provided during this exciting change. They delivered an excellent outcome and provided tremendous value."
The CSG Partners team consisted of George Thacker III, Richard Harmon, and Graham Kadar. "We're pleased that we were able to structure and close an ESOP transaction for Cornerstone that will enable the business to operate more efficiently from a cash-flow perspective, provide a valuable employee benefit, and poise the company for future success," said Thacker. "We are grateful to work with a market-leader like Cornerstone Controls," added Harmon.
Greenberg Traurig served as company counsel, led by shareholder Jeff Kahn. PNC Bank provided the financing to support the transaction, led by senior vice president Chris Belletti.
The ESOP transaction for Cornerstone Controls is a continuing trend of leading companies in Southwest Ohio converting to ESOP ownership. CSG Partners recently closed ESOP transactions for Henny Penny in Eaton and an undisclosed 90 year old distribution business in Cincinnati.
About CSG Partners
CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. Our clients have spanned the full middle-market spectrum, with values ranging from $10 million to $1 billion. Founded in 2001, the firm has built a reputation of having the nation's preeminent ESOP investment banking practice. CSG Partners was named the "Boutique Investment Banking Firm of the Year" by both The M&A Advisor and ACG New York. CSG Partners operates from offices in New York, San Francisco, and Washington DC.
Contact - firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/csg-partners-advises-cornerstone-controls-on-esop-300284419.html
SOURCE CSG Partners, LLC