Partner Buyout

Gary Platt Manufacturing, LLC – 2004 to present

Company History

Gary Platt Manufacturing was founded in 1998 by three partners who had spent decades together in the specialty furniture business. The company designs, manufactures and markets seating products targeted primarily to the gaming and casino industries. By 2004, the company had become one of the leading suppliers of specialty seating to the growing gaming market. At that time, one of the founding partners had retired and the principal founder was seeking a financial sponsor to buy out the inactive shareholder and facilitate a small estate planning transaction for the remaining founders.

Transaction Description

We structured an equity investment in the company that provided the following:

• A cash buy-out of the inactive partner.
• A partial liquidity event for the remaining founders.
• Maintenance of operational control by the founders and institution of an equity incentive plan.
• Addition of an SEP board-level resource.

Post Transaction Highlights

Since the transaction, Gary Platt has continued to build on its track record of stellar financial performance and reinforced its position as a leader within the industry in product design and customer service. The company has added sales channels throughout the domestic U.S. and Native American gaming markets, and has expanded its customer base to include new international clients in Canada, Mexico and South America.