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February 5 2007
COLUMBUS, Ohio—GBQ Consulting, LLC (GBQ) announced today the sale of its client, Atmosphere Annealing, Inc. (AAI), a subsidiary of Maxco, Inc. (NASDAQ: MAXC), to Quanex Corporation (NYSE: NX).
Maxco engaged GBQ to manage the sale process of its AAI division based on the firm's strong reputation in the middle market and its knowledge of the Midwest manufacturing marketplace.
AAI is a metal heat treating company with four plants located in the Midwest and fiscal 2006 sales of $46.6 million. Considered one of North America's leading heat-treating companies, AAI specializes in high volume, ferrous heat treating services for customers focused on automotive applications. AAI is based in Lansing, MI.
"AAI has been very successful since we purchased it in 1997 and our board of directors believes that selling the business at this time will deliver maximum value for our shareholders," said Max A. Coon, Maxco Chairman and President.
"GBQ was able to deliver value for Maxco and its shareholders by facilitating the sale of the AAI division to a strategic buyer in an orderly and timely manner," said Rob Stutz, Director of GBQ Consulting.
"The purchase of AAI builds upon MACSTEEL's ability to provide its Tier 1 and Tier 2 automotive customers with additional value added services and one-stop shopping. AAI, which focuses primarily on vehicular powertrain, steering and brake system components, serves many of the same customers as MACSTEEL," said Raymond Jean, Quanex chairman and chief executive officer. "In addition, half of AAI's new business is with the automotive transplant manufacturers, which should boost MACSTEEL's penetration of this growing market."
GBQ Consulting provides merger and acquisition services to middle market companies and their owners. GBQ's professionals are experts in mergers and acquisitions, management buyouts, and financial restructurings. GBQ Consulting is a subsidiary of GBQ Partners, a Columbus, OH based accounting and consulting firm. For more information, please contact Andy Hays or Rob Stutz at (614) 221-1120 or visit www.gbq.com.
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Media Contact:
Sara Clunk
500 S. Front Street
Columbus, OH 43215
(614) 883-3858
sclunk@gbq.com
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