Reynolds Advisory Partners provides private and public company Boards of Directors, investors, trustees, and other organizational leaders or fiduciaries with an array of advisory services to assist in fulfilling their fiduciary duties. We provide fairness opinion services in conjunction with our mergers & acquisitions, capital raising, and other services or independently to support important strategic and financial decisions. Clients count on Reynolds Advisory Partners to provide the highest standards of integrity, independence, objectivity, and financial expertise.
Our bankers average over 25 years of investment banking experience with major firms issuing over $30 billion of fairness opinions encompassing a wide range of industries and transaction types. We approach every Fairness Opinion with rigor and independence performing a comprehensive analysis of the proposed transaction as well as exploring alternative transactions which allows our clients to make fully informed business decisions. In our process, we determine the projected impact of the transaction on the organization and its owners. Importantly, our extensive due diligence efforts clearly identify the key assumptions inherent in the analysis. Our internal Fairness Opinion Committee reviews and approves the final recommendations of each banking team to ensure all issues and viewpoints have been appropriately considered. This detailed analysis is then presented to the fiduciaries along with a comprehensive report that provides an excellent decision-making tool, documents the fiduciaries’ adequate consideration of the proposed transaction, and supports the appropriate exercise of fiduciary duties.
Our Fairness Opinion is typically formalized with a letter to the Board or other fiduciaries which generally can be used in its entirety in materials distributed to shareholders or to other owners for their approval of the transaction.
Examples of Selected Fairness Opinion Transactions
| Company Name | Size ($ in mm) | Description |
|---|---|---|
| 3D Systems Corporation | 45 | Merger with DTM Corporation |
| Advanced Communications Systems, Inc | 30 | Buyside advisory |
| AG Edwards, Inc | 12 | Advised the company on the acquisition of CPI Corp |
| AO Smith (Data Systems) | 150 | Sale to Deluxe Check Printers |
| AP Green Industries, Inc. | n.a. | Hostile defense |
| Avnet | 485 | Acquisition of Hall Mark Electronics (Freeman Spogli) |
| Bergen Brunswig Corp | n.a. | Defense/strategic advisor |
| Blackstone | 135 | Acquisition of Great Lakes Dock & Dredge |
| Boatmens Bancshares, Inc. | 455 | Fairness Opinion on acquisition of Centerre Banccorporation |
| Broadway Stores (Zell/Chilmark) | 1,700 | Sale to Federated Department Stores |
| Carey Institutional Properties | 140 | Special committee |
| Carson Pirie Scott | 825 | Sale to PA Bergner in hostile defense |
| Chromalloy American | 600 | Merger with Sun Chemical |
| Citation Computer Services, Inc | 18 | Fairness opinion on merger with Cerner Corporation |
| Continental Circuits Corporation | 218 | Sale to Hadco Corporation |
| Crosstex Energy Inc. | n.a. | Strategic alternatives analysis leading to Initial public offering |
| Denny's Inc | 750 | Financial advisor to Board of Directors in leveraged buyout |
| DLJ/Sefinco | 200 | Acquisition of Loehmann's from May Company |
| Drury Inns Inc | 10 | Special committee |
| Durr Orthopedic (Bergen Brunswig) | 50 | Sale of subsidiary acquired through hostile takover |
| EDO Corporation | 100 | Merger with AIL Technologies Inc. |
| Enbridge Energy Partners, L.P. | 820 | Special committee |
| ExecuStay Corporation | 25 | Buyside advisory |
| ExecuStay Corporation | 128 | Sale to Marriott Corporation |
| Fleming Companies Inc | 600 | Acquisition of Malone & Hyde (KKR) |
| Fleming Companies Inc | 1,085 | Acquisition of Scrivner |
| G. Heileman Brewing Company | 1,350 | Advisor in hostile takeover by Alan Bond |
| Gemaire (Nortek) | 50 | Sale to Watsco |
| Geodynamics Corporation | 5 | Exclusive sale |
| Herberger's | 155 | Sale to Proffitts |
| Inergy L.P. (Kansas City Equity Partners) | 92 | Advised the company on acquisition of Independent Propane Company |
| Inter-City Gas Corporation | 1,850 | Reorganization: sale of utility, propane & natural resource subsidiaries |
| Ioptex | 250 | Sale to Smith and Nephew plc |
| JC Penney | 285 | Acquisition of Fay's Drug Stores |
| Kinder Morgan Energy Partners, L.P. | 300 | Opinion: acquisition of pipeline assets from Kinder Morgan |
| Kmart | 75 | Acquisition of a division of Venture Stores |
| M&H Drugs (Fleming) | 150 | Sale to Vestar |
| Macy's | 4,100 | Chapter 11 sale to Federated Department Stores |
| McGraw Hill | 125 | Sale to joint venture with Nikkei |
| Meridian Insurance Group, Inc. | 253 | Sold to State Auto Financial Corporation |
| Merisel (European Operations) | 150 | Sale to CHS Electronics |
| Microsemi Corp | 24 | Fairness opinion |
| Monolithic System Technology Inc | 432 | Fairness opinion |
| MSC Software Corporation | 90 | Acquisition of Advanced Enterprise Solutions Inc |
| MSC Software Corporation | 71 | Follow on offering |
| Patina Oil & Gas Corporation | 40 | Special committee |
| Protective Life Corporation | 180 | Advised the company in acquisition of United Dental Care, Inc. |
| Quality Food Centers (Zell/Chilmark) | 360 | Acquisition of Hughes Family markets |
| R&B Inc | 43 | Acquisition of the Dorman Products Division of Sun Distributors |
| Ralcorp Holdings | n.a. | Fairness opinion to Board of Directors |
| San Diego Research Center | 42 | Sale to Argon ST., Inc |
| Sears Roebuck & Co. | 90 | Acquisition of minority share of MaxServe |
| Sears Roebuck & Co. | 415 | Acquisition of Orchard Hardware Supply (Freeman Spogli) |
| Snapple | 150 | Sale to Thomas H Lee |
| Stop & Shop (KKR) | 2,900 | Sale to Royal Ahold NV |
| TeleTech Holdings, Inc | 5 | Fairness opinion |
| The Registry Inc. | 46 | Buyside advisory |
| The Registry Inc. | 85 | Acquisition of Application Resources |
| The Titan Corporation | 40 | Buyside advisory |
| The Titan Corporation | 95 | Acquisition of Jaycor, Inc. |
| The Titan Corporation | 218 | Financial advisory |
| Thomas & Betts | 430 | Acquisition of American Electric (Forstmann Little) |
| Ultrasystems Inc. | n.a. | Exclusive sale |
| UniGroup, Inc. | 120 | Acquisition of Mayflower Transit |
| University Industries | n.a. | Exclusive sale |
| Vitramon (Thomas & Betts) | 185 | Sale to Vishay |
| Walco International, Inc. | 120 | Sale to Bain Capital |
| Waste Management | 1,800 | Reorganization of Waste Management to form Rust International |
| Wausau Paper Mills, Inc. | 450 | Merger of equals with Mosinee Paper Corp |
| West Publishing Company | 3,425 | Sale to Thompson Corporation |
| White Swan (Fleming) | 50 | Valuation for sale to Merrill Lynch Capital Partners |
| Woolworth (Canada) | 300 | Sale to Wal-Mart |
| Xrite, Inc. | 180 | Acquisition of Pantone, Inc. |
| Xrite, Inc. | 280 | Acquisition of Amazys Holding AH |
| Total | 30,437 |