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Key Insights from Sale of Globe Manufacturing

Excellent program Tuesday broke down details about the sale of Globe Manufacturing, a 4th generation family owned business based in New Hampshire. With sales of $110 million, the company was sold for $215 million to strategic buyer MSA Safety in 2017.

Gef Freese and Rob Freese were running the family business and spent eight years positioning it for an ownership change. They made several key points that are worth keeping in mind:

Preparation pays off. They intentionally worked on the business to get it ready, including streamlining manufacturing and reducing delivery time, which went from an average of 120 days to 18 days.

Make it hard to compete. They introduced multiple styles and versions of their firefighter garb, making it difficult for others in the industry to match their continuous innovations.

Improve top and bottom lines. They strategically focused on growing sales while exponentially improving the bottom line. A bigger EBITDA results in a higher multiple which brings a bigger sales price.

The program was presented by the Association for Corporate Development and the Financial Management Association of NH. Also on the panel were Angela Martin of Devine Millimet and Harper Marshall, former attorney with Devine who now does investment banking.

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