Heil Environmental, a subsidiary of Dover Corporation (NYSE: DOV), was looking to divest its division, Heil Truck Equipment Group (“TEG”). TEG was one of the oldest and most prominent names within the dump truck body manufacturing market.
- Heil was no longer considered a core division for its parent
- Management was concerned about confidentiality, which resulted in Anderson LeNeave only approaching financial buyers
- Management would only sub-license the Heil brand for 3 years
- The industry was expecting a significant downturn within 12 months due to a change in standards for emissions
- Anderson LeNeave contacted numerous private equity groups
- The transaction was closed within 40 days after executing a letter of intent at a significant premium to management’s expectations while maintaining a 3 year sub-license of brand