Minneapolis-based Sunbelt Business Brokers and M&A Group recently brokered the sale of Symtec a Fridley, Minn.-based powersports accessory business.
Symtec, Inc. started in 1989 with thumb warmers and now designs, manufactures, and sells outdoor comfort products for the powersports industry. Products include heated grips, seats, and riding vests, as well as heating system controllers for ATVs and motorcycles. Products are available at dealerships worldwide, as well as online at www.symtec-inc.com and www.heatdemons.com.
Roland Knapton, the founder of Symtec successfully ran the company for more than two decades, but wanted to sell the business to pursue other opportunities.
“During our confidential marketing process we talked to dozens of potential buyers,” says Rick Elliott, the lead broker in the deal. “We had multiple offers but eventually found the right fit in The Harlan Company, Inc. They recognized the foundation that Roland had built and they have some really exciting ideas on how to take the company to the next level.”
Private companies that may have wanted to sell over the last couple of years but stayed on the sidelines because of the soft economy are starting to get back into the game, says Sunbelt VP Chris Jones.
“Owners were afraid to sell a business over the last two years. They were worried they would have to give the company away due to the soft economy,” he says. “But now that the economy is starting to turn, solid companies like Symtec are getting a lot of attention. In fact, we were able to help the sellers secure a favorable deal structure with a large portion of the purchase price as cash. We did this by introducing the buyer to the right banks that know how to get business acquisition financing done and structuring a deal that worked for the seller, buyer and bank.”
Posted by Holly Wagner