Ward Leonard Acquires Houma Armature Works

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May 15, 2015

Southport, CT - Morse & Mathias ("CMM") is pleased to announce that its long-standing client, Ward Leonard CT LLC ("Ward Leonard"), based in Thomaston, Connecticut, has acquired Houma Armature Works, based in Houma, Louisiana, a maintenance, repair and overhaul (MRO) company specializing in motor and generator systems.  Carter Morse & Mathias served as Ward Leonard’s exclusive financial advisor for the transaction, which closed on April 23, 2015.  Terms of the transaction were not disclosed.

Ward Leonard is a global industrial technology company that develops highly engineered motor, generator, control and MRO solutions for a diverse range of energy, heavy industry and government customers worldwide. For more than 120 years, their products and services have harnessed power to solve complex, mission-critical infrastructure applications, and enabled their customers to achieve benchmark performance, productivity and uptime in the world's most demanding environments.

Houma Armature Works’ comprehensive technical capabilities, 24/7 field service, test facilities and deep experience with marine solutions will broaden Ward Leonard’s best-in-class offerings. Combined, the companies will have over 250 employees.

"Achieving greater efficiencies and productivity is the goal of all our customers and the infrastructure industries we serve," said Jon Carter, Chairman and CEO of Ward Leonard. "By providing comprehensive, single source lifecycle motor, generator and service solutions, we will now be able to focus our resources on building cohesive programs that drive down their overall costs and increase uptime."

Frank Morse, Managing Director of CMM, explained, "We began working with the management team at Ward Leonard nearly 10 years ago on a variety of strategic and financial initiatives.  This transaction represents the culmination of a thoughtful and deliberate corporate growth program, and provides the company with an exceptional platform for future growth.  We have truly enjoyed working with the extraordinary Ward Leonard team and look forward to continuing our long term relationship."

Other transaction advisors for Ward Leonard included Martin LLP, who served as legal advisors and Marcum LLP, who provided due diligence and accounting services.  Financing was provided by Bank of America.

About Carter Morse & Mathias

Founded in 1987, Carter Morse & Mathias, based in Southport, Connecticut, is a full service investment-banking boutique that provides the highest quality corporate finance advisory services to outstanding closely-held entrepreneurial and middle-market companies. CMM provides a full range of investment banking services, including sell-side advisory, raising capital, buy-side advisory, and valuation services. CMM is a charter member of AICA, an international network of M&A professionals in over 20 countries in the Americas, Europe, Asia and the Middle East. CMM's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC. For more than 27 years, CMM professionals have helped hundreds of business owners to conceive, initiate, structure and close M&A and capital transactions.

About Carter Morse & Goodrich

Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $25 million and $250 million. While CMG provides a full range of investment banking services, our primary focus is representing owners who are pursuing their once-in-a-lifetime M&A transactions. CMG specializes in advising leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. CMG fully understands and appreciates the unique dynamics of closely-held businesses and the importance of owner legacies. For 35 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners.

CMG's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.

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