Case Studies

Sprint to the Finish

Representing a privately owned, regional construction materials and supply company, Greg Beekman assisted the client in completing the acquisition of the Eastern Missouri ready-mix concrete division of a multi-national building materials conglomerate in less than three weeks after the parties executed a letter of intent. Due to the seasonality of the construction materials business and concerns about the local market becoming aware of the deal, the parties needed to close the transaction as quickly as possible. In addition to negotiating and coordinating the acquisition itself, Greg and his team worked day and night to address and resolve the related real estate, labor, environmental and financing issues and were ultimately able to meet the parties’ aggressive deadline.

A Creative Approach

Greg represented the owner of 17 gas stations and convenience stores located in Western New York who had reached an agreement in principle to sell his business to a strategic competitor. The sticking point, however, was that the terms of the client’s real estate financing prohibited an early prepayment of the debt, which made a sale of the land underlying the stores impossible. Working with the client’s accountants and financial advisors, Greg and his partner, Tim Kastner, devised a structure whereby the client transferred title to all of the personal property and fixtures of the company and leased the real estate to the buyer with an option to purchase the land at an agreed upon price after the repayment of the loan.