& W Fire Apparatus Sold in Model Deal
new owner of M & W Fire Apparatus in Vinton is moving forward
with plans to continue the company's growth. Raymond Plunkett,
who had been an engineer and plant manager for a Greensboro
company that assembles fire extinguishers, recently bought
M & W Fire Apparatus from majority owners Barry Mays and Doug
& Company was the principal broker in the sale of M & W, and
both seller and buyer attribute the successful transaction
to the professionalism and experience of the Bundy team.
Seller Doug Widner said, "Bundy & Company maintained
complete confidentiality and facilitated clear communication
and understanding throughout the process. Their efforts helped
ensure a successful sale."
M & W manufactures, services, repairs and distributes fire
apparatus and emergency equipment for fire and rescue agencies
throughout the eastern United States. The company specializes
in the manufacture and sale of high quality fire trucks and
Mays and Mr. Widner, who had worked for Grumman Emergency
Products in Roanoke, started M & W in 1992 after Grumman closed.
They grew the company rapidly and within ten years annual
sales exceeded $5 million. Although M & W was positioned for
even more opportunity, the owners decided they would prefer
a sale of the company and a new management team to move the
company to its full potential.
M & W was listed with Norris Ford, Senior Broker with Bundy
& Company, who first did an independent valuation to arrive
at the optimum sales price. Norris also prepared and implemented
a marketing plan to fully expose the company to potential
buyers while at the same time being sure that employees, vendors
and others in the region and in the industry would not be
aware M & W was for sale.
through Bundy & Company's nationwide network of business buyers,
Raymond Plunkett was located and contracted to buy the company.
Norris Ford worked with the sellers' CPA to structure the
transaction to achieve the best results for his clients. Also,
Norris and the other business broker involved helped arrange
financing for Mr. Plunkett by connecting him with loan officers
at CIT, an SBA preferred lender.
In getting an SBA guaranteed loan, the new owner gained two
key advantages to ensure future success. First, the loan had
a longer amortization term and thus lower monthly payments
than available with a standard bank loan. Second, he was able
to gain a substantial amount of working capital as part of
Raymond Plunkett, "Bundy & Company's knowledge and experience
helped make my purchase of M & W a smooth and satisfying process.
And, with their help, I was able to gain a quick start on
continuing the company's growth"