LOS ANGELES, Calif., Oct. 11, 2022 (SEND2PRESS NEWSWIRE) — American Range, a privately held manufacturer of commercial and residential cooking appliances, was sold to Hatco, an employee-owned manufacturer of warming, cooking, sanitizing, and cooling equipment. KROST CPAs & Consultants acted as the exclusive financial advisor to American Range in its transaction to Hatco Corporation.
Image Caption: KROST CPAs & Consultants.
American Range was founded over 40 years ago by Shane Demirjian and has become a national brand known for engineering innovation, design quality, and excellent customer service in commercial and residential cooking appliances. The company has manufacturing locations in Pacoima, California, and Las Vegas, Nevada.
Hatco Corporation, a 100% employee-owned (ESOP) company has corporate 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 broaden product offerings and expand opportunities to service customers in the food service industry.
American Range has been a client of KROST for five years. During this time, KROST provided Tax, Accounting, Consulting, R&D Tax Credit, Cost Segregation, and now Mergers & Acquisitions services. KROST’s service model is designed to guide and support businesses throughout their lifecycle – from early-stage growth and development to succession and exit planning.
“When I was considering the potential sale of my business, I turned to KROST. They performed the full range of M&A services for me – from finding buyers, running a competitive bidding process, hosting management presentations, negotiating deal terms, running due diligence, and working with the legal team through the close of the transaction. They were a vital part of this transaction, and I relied on them enormously,” 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 run the full sell-side process for them. Because of our knowledge of their business and market, we were able to understand what was needed to get a comprehensive job done on a timely basis,” said Paren Knadjian, M&A and Capital Markets Principal.
The M&A practice at KROST is led by industry veteran, Paren Knadjian, who recently became a Principal at the firm. The M&A team has been involved in over 300 transactions, consisting of outright sales of businesses, corporate divestitures, recapitalizations, acquisitions, and equity and debt financings worth over $2 billion in transaction value. The practice also offers transactional support services, including buy-side and sell-side quality of earnings reports, valuations, and due diligence services.
Contact KROST for more information about KROST’s Mergers & Acquisitions and Capital Markets services at: https://www.krostcpas.com/ma-contact.
Learn more about KROST’s services at: https://www.krostcpas.com/services.
About KROST CPAs & Consultants:
Established in 1939 in Pasadena, California, KROST, is a full-service Certified Public Accounting and Consulting firm serving clients across various industries. Their focus is on recognizing opportunities and creating 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 result-driven teamwork to ensure success. Along with providing traditional services, such as Tax, Accounting, and Assurance & Advisory, KROST also provides special services, including Client Accounting Services (CAS), Mergers & Acquisitions, Wealth Management, Tax Specialty Services, and KROST Business Intelligence (KBI).
News Source: KROST CPAs and Consultants