Situation
The Spencer Turbine Company, based in Windsor, CT, is a market leader in the air and gas handling systems market, offering high-end blower, vacuum, and gas booster solutions to industrial, commercial, municipal, and institutional customers.

Founded in 1892, Spencer had developed a large and mature shareholder base in excess of 100 individual shareholders.

Objective
The Board of Directors sought a full liquidity event for all shareholders through a 100% stock sale, while maintaining the Company’s key management and employee base.

Solution
Matrix identified and contacted strategic and financial buyers in a process that included both domestic and international acquirers. Confidential memoranda were distributed to interested parties and indications of interest were received.

After completing management presentations, the Board of Directors selected Alliance Holdings as the acquirer due to their favorable valuation and deal terms, enthusiasm for the business, and willingness to retain the Company’s name, management team, and employee base going forward.