For Immediate Release
Cleveland, OH – February 22, 2024 – Midtown Capital Advisors LLC ("Midtown"), a premier Cleveland-based investment banking firm, is proud to announce the successful sale of Cleveland Oak, Inc. to a highly motivated individual, taking a significant step towards entrepreneurial ownership through acquisition. This transaction marks the culmination of Cleveland Oak's storied history as the last remaining division of its 107 year old parent company, originally founded by the seller's great-grandfather and a long-time cornerstone of the industrial clutch and brake market.
Throughout its engagement, Midtown has meticulously managed the sell-side process, guiding Cleveland Oak, from valuation and strategic positioning to marketing the opportunity, negotiating transaction terms, and introducing the senior lender. As stewards to this venerable brand, Midtown’s sell-side services, including proprietary buyer research, created the ideal market conditions for a successful sale.
"We believe a transaction like this underscores the power of bridging past and future, helping long-standing businesses transition seamlessly into their next chapter," said Sean M. Ward, President of Midtown Capital Advisors. "We are proud to have facilitated this important transfer of ownership, ensuring that the business remains an invaluable asset to the industry it serves. Most importantly, a dozen or so people remain employed in Northeast, Ohio.”
We also appreciate the professional advisory services provided by Apple Growth Partners to the buyer, which have been integral to understanding the financial landscape of this acquisition. Their insightful analysis and support have been invaluable throughout this process.
Lastly, our commendation goes to WesBanco for their role in providing the senior financing that facilitated the completion of this transaction. Their commitment to empowering growth and enabling business objectives made this acquisition possible.
Midtown Capital Advisors LLC celebrates the successful conclusion of this transaction and looks forward to hosting future deals that honor the rich history of companies while embracing the forward-looking vision of new proprietors.
For further inquiries, please contact:
Sean M. Ward
About Midtown Capital Advisors LLC:
Midtown Capital Advisors LLC is a Cleveland-based, privately held investment bank specializing in personalized strategic financial advisory services, including mergers and acquisitions, capital raising, and financial restructuring.