In late 2014, Tonkon Torp represented a privately held heavy industrial equipment manufacturer in a complex transaction that included selling business assets and real property, and leasing other related business property. The selling company is a long-term client of the firm.
The transaction occurred following the unexpected loss of the company’s CEO and primary salesman. The remaining family owner sought Tonkon Torp’s counsel to evaluate her options with regard to the transition of company business operations.
Tonkon Torp created a multidisciplinary team to explore alternative buyers, bridge loans for continuing operations and other solutions. The decision was made to sell the company’s assets to a company executive, who would also lease other related business property. This course of action achieved the client’s goal of paying off debt, divesting assets and transitioning ongoing company operations.
Jeff Cronn led the sale transaction, Kimberlee Stafford worked on lease issues and Leon Simson handled banking issues.