DALLAS - (Business Wire) Allegiance Capital Corporation, a full-service investment banking firm based in Dallas, announced the successful closing of an innovative financial transaction for OMi Holdings, Inc., a company formed to acquire OMi Crane Systems, Inc. and Hoist Parts, Inc.
OMi Holdings, was formed to help facilitate this recapitalization transaction. The transaction included a combination of debt and equity provided by Main Street Capital Corporation (MAIN) of Houston, Texas. Mike Bunnel, Tom Codiana and Kevin Picklo, former owners of OMi Crane Systems, Inc. and Hoist Parts, Inc. also invested in OMi Holdings. John R. Sloan, vice chairman and Fred D. McCallister, vice president of Allegiance Capital represented the previous owners in the sale and arranged the financing for the transaction which closed on April 1, 2008.
A full-service manufacturer of overhead material handling equipment, OMi manufactures and services overhead cranes, jib cranes, monorails and related equipment from their facility in Royse City, Texas. Known for providing quality equipment at competitive pricing, OMi is the largest, most reliable, overhead crane service company in north Texas.
“The OMi Crane transaction is a win-win for all parties,” said David Mahmood, founder and chairman of Allegiance Capital Corporation. “Investment banking transactions like OMi, don’t get much better than this. The original owners of the company received a substantial financial gain, while retaining control of the company. This experienced and solid management team, backed by a savvy group of financial investors, gives OMi the ability to realize substantial growth.”
“OMi is a textbook case that clearly demonstrates how a well structured recapitalization allows business owners the flexibility of liquidating a substantial portion of their equity, retain a significant ownership stake along with management control and create a stronger, more vibrant company,” noted McCallister.
About OMi Cranes
For more than 30 years, OMi Cranes has been designing, manufacturing, installing, servicing and modernizing bridge cranes, runway systems, monorails, jib cranes and hoists. OMi is a true crane manufacturer. End trucks, wheel assemblies and the complete crane are manufactured under the OMi roof, ensuring complete quality and availability of spare parts. The company provides complete systems integration from initial conceptual layouts through installation and startup. From OMi’s 70,000 square foot plant outside Dallas, the company provides total manufacturing control from engineering through fabrication. For additional information, visit www.omicranes.com.
About Main Street Capital
Main Street is a specialty investment company providing customized financing solutions to lower middle market companies, which operate in diverse industry sectors targeting companies with annual revenues ranging from $10 to $100 million. Main Street seeks to partner with entrepreneur, business owners and management teams and generally provides “one stop” financing alternatives to these business partners and portfolio companies. For more information visit www.mainstcapital.com.
About Allegiance Capital
Allegiance Capital Corporation is a full-service investment banking firm specializing in the middle market (companies with revenue from $10 million to $500 million), with offices in Dallas, New York, Minneapolis/St. Paul, Vancouver, British Columbia, Shanghai and Tel Aviv. Through its worldwide network, Allegiance Capital assists companies in every aspect of selling and financing a business, including debt structuring, mezzanine financing, strategic partnering, consulting and other related services. Allegiance Capital differentiates itself by having deep industry knowledge, extensive contacts with potential investors, heavy investment in educating sellers and obtaining premium valuations for clients. Visit www.allcapcorp.com for more information on Allegiance Capital Corporation.
Allegiance Capital Corporation
David Lonsdale, 214-217-7723
President/Managing Director
dlonsdale@allcapcorp.com
or
Michael A. Burns & Associates, PR
Jennifer Green, 214-521-8596
Senior VP
jgreen@mbapr.com
or
Virginia Stuart, 214-521-8596
Director
vstuart@mbapr.com
