LOS ANGELES, Calif., Oct. 11, 2022 (SEND2PRESS NEWSWIRE) – American Range, a privately owned manufacturer of commercial and residential cooking appliances, has been sold to Hatco, a maker of heating, cooking, sanitizing and cleaning equipment. cooling owned by its employees. KROST CPAs and consultants acted as exclusive financial advisor to American Range in its transaction with Hatco Corporation.
American range was founded over 40 years ago by Shane Demirjian and has become a national brand known for engineering innovation, quality design and excellent customer service in commercial and residential cooking appliances. The company has manufacturing sites in Pacoima, California and Las Vegas, Nevada.
Hatco Corporation, a 100% employee-owned company (ESOP) has offices in Milwaukee and a state-of-the-art manufacturing facility in Sturgeon Bay, Wisconsin. The acquisition of American Range is part of Hatco’s goal to expand product offerings and expand service opportunities for foodservice customers.
American Range has been a KROST customer for five years. During this time, KROST has provided Tax, AccountingAdvice, R&D tax credit, Cost segregationand now Mergers and Acquisitions services. KROST’s service model is designed to guide and support businesses throughout their life cycle – from early growth and development to succession and exit planning.
“When I considered the potential sale of my business, I turned to KROST. They performed the full range of M&A services for me – from finding buyers to setting up a process tender, through organizing management presentations, negotiating the terms of the agreement, performing due diligence and working with the legal team until the closing of the transaction They were instrumental in this transaction and I relied heavily on them,” said Shane Demirjian, Founder of American Range.
“We have been advising American Range, its owners and its management team for over five years, so when they were considering a sale, they turned to us to manage the entire sale process for them. With our knowledge of their business and their market, we were able to understand what was needed to complete a comprehensive job in a timely manner,” said Paren KnadjianM&A and Capital Markets Principal.
The M&A practice at KROST is led by industry veteran, Paren Knadjian, who recently became a director of the company. The M&A team has been involved in over 300 transactions, consisting of outright business sales, business divestitures, recapitalizations, acquisitions, and equity and debt financings with a transaction value of over $2 billion. The firm also offers transactional support services, including buy-side and sell-side earnings quality reports, valuations, and due diligence services.
Contact KROST for more information about KROST’s M&A and Capital Markets services at: https://www.krostcpas.com/ma-contact.
Learn more about KROST services at: https://www.krostcpas.com/services.
About KROST CPAs and Consultants:
Founded in 1939 in Pasadena, California, KROST is a full-service accounting and consulting firm serving clients in a variety of industries. Their goal is to recognize opportunities and create value for clients by equipping them with the tools to make better business and financial decisions for the future. As trusted advisors, clients depend on KROST to provide timely information, innovative solutions and results-driven teamwork to ensure success. In addition to providing traditional services, such as Tax, Accountingand Certification and adviceKROST also provides special services, including Accounts Receivable Services (CAS), Mergers and Acquisitions, Wealth management, Specialized tax servicesand KROST Business Intelligence (KBI).
NEWS SOURCE: KROST CPA and Consultants
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