M & W Fire Apparatus Sold in Model Deal

The 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 Widner.

Bundy & 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 specialized pumpers.

Mr. 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.

Ultimately, 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 the loan.

Said 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"