Heritage Capital Group Announces the Sale of Drummac, Inc.
March 2012 - Heritage Capital Group is pleased to announce the sale of Drummac, Inc., a rail services company, to Moran Environmental Recovery LLC.
Drummac, headquartered in Jacksonville Beach, Florida, is the leading provider of mechanical maintenance, inspection, repair, and cleaning services to the passenger rail industry. The company also provides equipment and supplies to its customers. Drummac currently services long haul, intercity, and commuter lines operated by Amtrak, RailPlan International, and Keolis in 11 states, primarily located in the Southeast and Northwest.
Moran Environmental Recovery LLC (MER) is an integrated environmental and industrial services company, and provides specialized services to the energy and industrial, marine, pipeline, and rail industries. The company operates from 11 locations along the United States east and gulf coast regions, and is also nationally recognized for its emergency response capabilities.
Heritage Capital Group, an investment banking firm headquartered in Jacksonville, Florida, provided merger and acquisition advisory services to Drummac, which included valuation advisory, transaction structuring, marketing, and negotiation. The transaction team was managed by Don Wiggins, president, and included Bill Sorenson, senior analyst.
Ashley Rea, president of Drummac stated, “The Heritage Capital team put together a comprehensive marketing package that perfectly explained our unique business and, more importantly, identified new opportunities and growth potential to prospective buyers. They were extremely helpful throughout the due diligence process, and worked tirelessly to assist me, my staff, and my other advisors to make the process run smoothly. There were bumps in the road, but Heritage always remained focused on the deal and provided the expertise and professionalism to get the deal closed.”
Don Wiggins commented, “Drummac is an excellent niche service company, and we were pleased to identify Moran Environmental Recovery as a great strategic fit with the resources to successfully complete the transaction and grow the company moving forward.”