Transactions
Wisconsin Gas Leasing Services
Bringing multiple parties together for a win/win/win/win …
“Mertz is a full-service firm. They are not only well connected, but they also dug in and did the detailed work necessary to get this job done. I am pleased I chose Mertz and would hire them again.”
– Greg Kirste, V.P. Corp. Dev. & Planning, Wicor
“We have worked with many intermediaries and Mertz is the cream of the crop. Without them this transaction never would have happened.”
– Dave Shryock, Partner, SB Partners
“I love getting calls from Mertz because I know there will always be something of substance to talk about. I sincerely look forward to the next time we can work together.”
– Gregory A. Larson, Sr. Vice President, Associated Bank
“Wisconsin Gas Leasing Services (now called Wisconsin Leasing) is the perfect fit for SB Partners and me. Mertz did an outstanding job introducing us to the opportunity.”
– Lynne Robinson, President, Wisconsin Leasing
Situation
When Wisconsin Energy Corporation merged with Wisconsin Gas, it became the largest electric and natural gas provider in Wisconsin. Wisconsin Gas Leasing Services was no longer a strategic fit, so Mertz was retained to sell the operations.
Wisconsin Gas Leasing Services is the largest lessor of hot water heaters in Wisconsin.
Scope of Mertz’s role
Mertz Associates not only provided typical sale advisory services (prepared offering materials, designed marketing program, contacted potential purchasers, evaluated proposals and participated in negotiations), it also brought together four parties to make this transaction happen.
SB Partners a private equity group, had an interest, but only if a woman or minority ran the operations.
Mertz introduced Lynne Robinson, a seasoned leasing executive with an entrepreneurial background.
Because leases are month-to-month, most banks were uncomfortable financing based on cash flow. Yet, Wisconsin Energy wanted all cash and SB wanted to limit its equity.
Mertz interviewed several banks and screened as appropriate. Three banks expressed interest, even in a tough banking environment. SB could select from the best.
Mertz’s value add
Without all the parties (Wisconsin Energy Corporation, Lynne Robinson, SB Partners and Associated Bank), this transaction would not have closed. Because Mertz is well connected the winning combination came together.