Sanderson Plumbing Products, Inc. – SC&H Capital was retained to sell this 130-year-old toilet seat manufacturer after the company had seen its revenues decline from over $50 million a year to less than $30 million and was losing more than $200,000 per month. SC&H’s mandate was to quickly find a buyer for the business before it was forced to shut down.
More than 100 groups executed confidentiality agreements and reviewed an exhaustive data room on the company and eleven separate groups traveled to visit the plant and meet with management. Within ten weeks of retention, SC&H named a stalking horse bidder and scheduled a going concern auction. Seven groups qualified to bid at the auction and, following more than 15 rounds of bidding, SPP Acquisition Group, Inc. was named the successful bidder at a price substantially higher than the initial stalking horse bid.