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“Trump Effect” Pushed Capital Markets Higher, but Will It Last…
Since our last commentary, the market has experienced robust performance due in part to what many have titled the “Trump Effect” or “Trump Trade.” Post-election, equity markets soared to all-time highs, with the S&P and Dow indices each up 20% since Election Day. Investors experienced exuberance following the election as President Trump promised heavy tax cuts, deregulation, a protectionist trade policy, and fiscal stimulus. The market viewed this as a major policy shift from monetary easing to fiscal expansion, reminding many of Ronald Reagan’s presidency. Further, lenders expect reduced regulatory pressure (perhaps a reversal of highly leveraged transaction lending requirements) will free up capital for more aggressive lending. As investors have used the presidential transition to position themselves for a higher growth, higher interest rate environment, fixed income yields soared and allowed the Federal Open Market Committee (“FOMC”) to initiate rate hikes of 25 bps in December 2016, March 2017, and most recently, June 2017.
Chartwell Advises on Sale of American Converters, Inc. to Rogers Foam Corporation
MINNEAPOLIS, Minnesota – June XX, 2017 – Chartwell is pleased to announce the successful sale of American Converters, Inc. to Rogers Foam Corporation, a fabricator of foam products for custom applications worldwide. Amcon, a premier fabricator of foam products for industrial manufacturers, had been a long-time 100% employee-owned company through an Employee Stock Ownership Plan (ESOP). As a result of this sale, Amcon created a significant realization of retirement assets for its ESOP participants. Chartwell acted as the exclusive financial advisor to Amcon throughout the transaction, providing comprehensive counsel to Company management and completing the sale on May 31, 2017.
Chartwell Recognized by ACEC
At the 2017 ACEC Annual Convention in Washington, D.C. last month, ACEC recognized Chartwell for the firm's continuous support of ACEC and dedication to its members. Chartwell is the longest standing repeat sponsor of ACEC and has been the anchor sponsor of the CFO Council’s Finance Track for six consecutive years.
Chartwell Advises Challenge Manufacturing Company on Refinancing Existing Indebtedness
MINNEAPOLIS, Minnesota – May 8, 2017 – Chartwell is pleased to announce that its Corporate Finance team recently assisted Challenge Mfg. Company, LLC (“Challenge” or the “Company”) and its Board of Directors in successfully executing a debt recapitalization and refinancing transaction. The newly funded indebtedness and executed structure provide the Company with an improved cost of capital and the capability to generate higher free cash flow, while also creating flexibility to allow for investment in the Company’s continued growth. The financing package includes a revolving credit facility as well as a senior secured term loan.
Chartwell Advises Bernards Holdings, Inc. on the Transition to 100% Employee Ownership
MINNEAPOLIS, Minnesota – April 20, 2017 – Chartwell is pleased to announce Bernards Holdings, Inc. (“Bernards” or the “Company”) has completed the transition to 100% employee ownership (the “transaction”) through a newly established Employee Stock Ownership Plan (“ESOP”). Chartwell acted as the exclusive financial advisor to Bernards throughout the transaction, providing comprehensive counsel on the sale of 100% of the Company’s stock to its employees. Following an efficient, organized ESOP transaction process that exceeded the expectations of all stakeholders, the transition to employee ownership was completed on April 12, 2017.
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Securities transactions may be effected and offered through Chartwell affiliate, CCS Transactions, LLC.