NEW YORK, January 19, 2018 – Gardner Standard LLC, a private investment firm focused on investing in small middle-market companies, announced today that it won the 2017 Transaction of the Year Award from the Minnesota Chapter of the Turnaround Management Association with its investment in the McNally Group.
“It is an honor to be recognized for this award,” commented Michael Healy, Managing Member of Gardner Standard LLC. “This deal was complex, with operating businesses located in three disparate states and a lot of constituencies with different interests. We believe that the out-of-court asset purchase structure we accomplished delivered the best outcome for the senior lender, junior creditors and the McNally Group’s management team and employees.”
The McNally Group today is organized with three independent subsidiaries:
- McNally Industries, LLC designs, reverse engineers and manufactures military-grade pumps, gun components and other products for defense, energy and other industrial applications.
- Pacific Aero Tech, LLC repairs, overhauls and distributes aftermarket cockpit windows for commercial aircraft.
- Sun Country Industries, LLC manufactures and assembles precision components for jet engines used in aerospace applicatons.
“We chose to work with Gardner Standard because we had confidence in the Gardner Standard team’s ability to close on an accelerated basis and deliver the best total value for all stakeholders,” said Alex Smith of Alliance Management, a leading restructuring advisory firm that served as the chief restructuring officer for the McNally Group prior to the sale. “We look forward to working with the Gardner Standard team on future engagements,” Mr. Smith continued.
Gardner Standard and other award recipients were honored on January 11, 2018 at the Minneapolis Club.
About Gardner Standard
Gardner Standard is a private investment firm that invests in small, middle-market companies and traces its origin to a Minnesota-based, family-run business founded in 1884. Gardner Standard considers investments in a wide variety of market segments, including manufacturing, industrial services and engineered industrial products. The fundamentals of a business, particularly its growth prospects and competitive position, are Gardner Standard’s focus rather than a specific market segment. In addition to traditional private equity investments, Gardner Standard targets opportunistic investments in high-quality operating businesses with low-quality balance sheets.
Gardner Standard LLC
885 Third Avenue, Suite 2403
New York, NY 10022
Direct: (212) 398-9139