FOR IMMEDIATE RELEASE
April 30, 2014
Ashley Elevator Has Been Acquired By Area Access, Inc.
Richmond, VA –Transact Capital Partners is pleased to announce the acquisition of Ashley Corporation by Area Access, Inc. of Manassas, VA. Transact Capital served as the exclusive financial advisor to Ashley on the transaction.
Ashley Corporation, DBA Ashley Elevator, owned and operated by Ann and Leo Hergenreder since 1975, provides a full line of top-quality elevators and lifts to both residential and commercial customers. Area Access, Inc. is excited to expand its existing operations and will continue to offer the same quality product sales and service for which Ashley has been known for almost 40 years.
Ann and Leo Hergenreder worked closely with George Sydnor, Senior Vice President of Transact Capital, during the entire transaction to effect their desired exit strategy. Selling the company which they ran for 38 years was emotionally difficult, but commented that Transact assisted them with a high level of professional integrity in accomplishing their desired goals.
Scott Hobson, President of Area Access, commented, “Ashley is an ideal fit for our organization strategically, complementing our Manassas, Virginia Beach, and Raleigh locations with its high quality product lines and experienced service technicians”.
Sydnor had this to say about the transaction, “We were very conscious during this transaction that Ann and Leo, like most small business owners, had a lifetime invested, both in time and money, in Ashley, and we wanted to ensure that they were pleased and felt a high degree of satisfaction with the execution of their desired exit strategy and move into retirement. Sydnor, who brokered the deal for Transact Capital Partners, has over 15 years of mergers & acquisitions advisory experience and over 35 closed transactions. Sydnor has an extensive knowledge of the manufacturing, mining and distribution industries.
Transact Capital Partners is a full-service business brokerage, mergers and acquisitions advisory firm headquartered in Richmond, VA with offices in Roanoke and Tidewater, VA, Lexington, KY, and Orlando, FL. Transact focuses on the needs of small privately held companies in the lower middle market with enterprise values under $50 million. With extensive experience in owning, running, or investing in private companies or divisions of public companies, the firm’s principals are able to help many business owners exit their companies or explore other opportunities. Security transactions are offered through Transact Capital Securities, LLC. Member FINRA and SIPC.
To learn more about Transact Capital, please call Steve Zacharias at 804-323-6868 ext. 102 or send an e-mail to him at Steve@TransactCapital.com.
Transact Capital Partners
7400 Beaufont Springs Dr.
Richmond, VA 23225