Corporate, Mergers & Acquisitions, and Securities

Stradley Ronon represented Interstate Aerials in connection with the sale of its business to Sunbelt Rentals

Interstate Aerials is one of the largest independently operated aerial equipment rental companies on the East Coast, and works with refineries, power plants, structural steel contractors, general contractors and mechanical contractors.

Stradley Ronon represented Triumph Group in connection with the sale of Triumph Processing to Valence Surface Technologies and Triumph Structures – Los Angeles to Aerospace Systems and Structures. The two divestitures will allow Triumph Group to focus on the company’s transformation strategy to reshape its portfolio to focus on businesses that best fit the strategic direction of the company.

Triumph Group Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. More information about Triumph Group can be found on the company’s website at www.triumphgroup.com.

Stradley Ronon represented Armstrong World Industries, a global leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions, in its acquisition of Steel Ceilings, Inc., a manufacturer of architectural and radiant metal ceilings.

Stradley Ronon represented Intraprise Solutions in its teaming with Health Enterprise Partners (HEP) and BluePrint Healthcare IT to launch Intraprise Health, a provider of customized, secure engagement/CRM solutions and security services that allow providers and business associates to safely and confidently collaborate with patients in a health, wellness and care delivery environment.

Intraprise Solutions is a provider of specifically tailored information technology solutions that create value for large financial services firms and forward-thinking healthcare organizations.

Stradley Ronon’s M&A team assisted Triumph Group with the sale of Triumph Aerospace Structures’ Long and Large (L&L) machining and metal finishing business, and separately, of Triumph Structures – Long Island, LLC. The two divestitures will allow Triumph Group to focus on the company’s transformation strategy to reshape its portfolio to focus on businesses that best fit the strategic direction of the company.

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. More information about Triumph Group can be found on the company’s website at www.triumphgroup.com.

Stradley Ronon represented Capitol Insurance Company, a provider of competitively priced personal motor vehicle insurance, in its sale to Reservoir Capital Group, L.L.C., a privately held investment firm, and Tuscarora Wayne Mutual Group Inc., a specialty property & casualty mutual insurance company.

Stradley Ronon represented UMB Financial in completing the sale of its institutional investment management subsidiary, Scout Investments, to Carillon Tower Advisors, a unit of Raymond James Financial, for $172.5 million in cash. The transaction involved the reorganization of the Scout mutual fund family over to CTA/Raymond James. Scout Investments is based in Kansas City, Missouri, and Columbus, Indiana, and had $27.3 billion in assets under management as of Dec. 31, 2016.

Stradley Ronon represented AIM Academy, a private school with approximately 315 students from grades 1-12 with language-based learning differences, in the purchase of its 4.5-acre campus from an affiliate of the Buccini-Pollin Group. The firm also represented AIM Academy in its initial interim financing with Bryn Mawr Trust Company and its subsequent tax-exempt refinancings through the East Norriton Industrial Development Authority and the West Norriton Industrial Authority.

AIM Academy, located in Conshohocken, Pennsylvania, uses research-based intervention strategies and an arts-based learning environment to provide extraordinary educational opportunities to children with language-based learning differences including dyslexia, dysgraphia, and dyscalculia. https://www.aimpa.org/

Stradley Ronon represented Customers Bancorp Inc. in the sale of BankMobile, its no-fee digital banking unit, to Florida-based Flagship Community Bank for $175 million. Launched in 2015 as a division of Customers, BankMobile provides deposit products to retail customers via smart phone technology. Its revenues are derived primarily from interchange fees paid by merchants when customers use their debit cards. Flagship Community Bank will take over all of BankMobile’s assets and technology, including 1.7 million student checking accounts and around $500 million in deposits. After accounting for all expenses, this transaction is expected to create approximately $100 million of pre-tax gain for Customers. The sale is pending shareholder and regulatory approval and expected to close in the third quarter.

Stradley Ronon represented AmerisourceBergen, a Fortune 12 publicly traded pharmaceutical company, in the sale of its wholly owned subsidiary, World Courier Ground Inc., to a subsidiary of TFI International, a publicly traded Canadian company. World Courier Ground Inc. was the U.S. ground transportation division of AmerisourceBergen.

AmerisourceBergen is one of the largest global pharmaceutical sourcing and distribution services companies, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. With over $140 billion in annual revenue, AmerisourceBergen is headquartered in Valley Forge, PA, and employs approximately 19,000 people.

Stradley Ronon’s corporate team assisted a group of former Valley Green Bank executives, led by former CEO Jay Goldstein, in the formation of Spring Garden Lending Group. The company specializes in short-term loans to help acquire, rehabilitate, construct and refinance investment real estate properties in Greater Philadelphia.

Stradley Ronon’s M&A team assisted Triumph Group with the sale of its subsidiary, Triumph Aerospace Systems - Newport News to Calspan Corporation. Triumph Aerospace Systems – Newport News, which will now operate as Calspan Systems Corporation, is a globally-recognized, industry-leading, engineering, design, analysis and manufacturing firm, specializing in the engineering and manufacture of complex hardware and prototype systems. The divestiture will allow Triumph Group to focus more intently on its core business capabilities. 

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers. More information about Triumph Group can be found on the company’s website at www.triumphgroup.com.

Stradley represented DNB Financial Corp. in its agreement to acquire East River Bank, a startup founded in East Falls by third-generation Philadelphia bankers.

The $49 million stock and cash transaction will take Downingtown-based DNB (NASDAQ: DNBF), the parent company to 156-year-old DNB First Bank, outside of the western suburbs for the first time and into the faster-growing confines of Philadelphia.

Stradley represented REDA Hazard Control, a division of the REDA Group, a service provider and distributor of fire protection equipment and specialty chemicals, in its acquisition of Chief Technologies, a fire-fighting equipment supplier based in Doylestown, Pennsylvania.  

With 1,700 employees worldwide, the company plans to continue expanding in the United States.

Stradley Ronon represented The Johns Hopkins Health System Corporation in the merger of its subsidiary, Sleep Services of America Inc., with MedBridge Acquisition Corporation. 

Sleep Services of America Inc. provides a variety of sleep diagnostic services across seven states in the mid-Atlantic region. MedBridge is the second-largest provider of sleep diagnostic services and respiratory therapy services in the United States.

Stradley represented LastPass, the popular single-sign-on and password management service in its $125 million acquisition by LogMeIn. A high-growth business with millions of loyal users and an award-winning product line, LastPass will immediately bolster LogMeIn's position in the multibillion-dollar identity and access management (IAM) market, while accelerating one of the company's key strategic growth initiatives.

Stradley Ronon represented Customers Bancorp and Customers Bank in connection with its $42 million agreement to acquire the higher education disbursement business of Higher One Holdings. The disbursement business includes a service that streamlines the financial aid refund-disbursement process for more than 800 college and university campuses.

Stradley Ronon represented ISWG LP in its multimillion-dollar acquisition of a 45-acre industrial site on the Delaware River just north of the Commodore Barry Bridge. The client is under common ownership with the operating entity, which operates an extensive warehousing and shipping company at the property. The transaction involved traditional financing through a commercial loan along with SBA financing.

Stradley Ronon represented McCormick & Company, Incorporated in its $100 million acquisition of the stock of One World Foods, Inc., the maker of Stubb’s barbeque sauces, rubs and marinades. The acquisition of Stubb's complements McCormick's range of grilling items with the addition of authentic, craft barbeque sauces. McCormick is a global leader in flavor – manufacturing, marketing and distributing spices, seasoning mixes, condiments and other flavorful products.

Stradley Ronon represented MFP Strategies in its acquisition by CAPTRUST Financial Advisors, one of the nation's leading independent and retirement-plan advisory firms. The transaction allows MFP Strategies to both broaden and strengthen its menu of services while helping to accelerate its growth.

Based in Bethlehem, Pennsylvania, MFP Strategies has deep experience in wealth management and capital preservation strategies for private clients, investment advisory services for institutions, and investment and retirement plan advisory services for institutional plan sponsors.

Stradley Ronon’s corporate & securities team closed Delta Star’s purchase of Alstom’s transformer manufacturing facility in Quebec, Canada. The acquisition positions Delta Star to become a significant player in the Canadian transformer market.

Headquartered in Lynchburg, Virginia, Delta Star, Inc. is a leading producer of medium power transformers and the premier manufacturer of mobile substations in North America. Stradley assisted Delta Star in completing the deal transaction in July.

Goldman Sachs Asset Management acquired Pacific Global Advisors solutions business with total assets under supervision of over $18 billion. Stradley Ronon’s corporate team represented Pacific Life in the sale.

Pacific Global Advisors is a New York City-based advisor providing customized investment and risk management solutions as well as implementation services for institutional clients, predominately large pension plans. Pacific Global Advisors began in 2005 within J.P. Morgan's investment bank. It was acquired in 2011 by Pacific Life, a prominent insurance company with over 145 years of history.

Stradley represented the Buff family in the acquisition of rePlanet, one of California’s largest recyclers of aluminum, glass and plastic containers. Stradley also advised the Buff family with regard to the restructuring of rePlanet and other Buff affiliated companies into rePlanet Holdings, which controls a series of platform companies that focus on recycling post-consumer materials and use recycled material in the manufacture of food packaging products. As part of the corporate restructure, Stradley represented rePlanet Holdings with equity raises and debt financing.

Stradley represented long-time client Triumph Group (NYSE: TGI) in the sale of its subsidiary Triumph Aerospace System - Wichita Inc., which designs aircraft windows and other aircraft parts, to former owner Lee Aerospace.

Triumph Group Inc., headquartered in Berwyn, Pennsylvania, is a global leader in manufacturing and overhauling aerospace structures, systems and components. Operating in 70 locations worldwide, Triumph designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems.

Stradley’s financial institutions and public company team advised Atlantic Coast Financial Corporation, a Jacksonville, Florida-based holding company for Atlantic Coast Bank, in its $48.3 million underwritten public offering of common stock.

Beneficial Bancorp Inc. completed the conversion of Beneficial Bank from the mutual holding company to the stock holding company form of organization, including the related stock offering conducted in connection with the conversion. The shares of company common stock trade on the Nasdaq Global Select Market under the trading symbol BNCL.

Stradley served as legal counsel to Sandler O'Neill & Partners, L.P., the marketing agent for Beneficial Bank in connection with the institution’s offering and company form conversion. Stradley also has served as counsel to Beneficial for more than four decades.

Stradley’s financial institutions and public company team advised Valley Green Bank, a Pennsylvania-chartered commercial bank that had $422 million in assets, $384 million in deposits and $367 million in loans, to Univest Corporation of Pennsylvania, a financial conglomerate with more than $2 billion in assets and $3 billion in assets under management.

Stradley Ronon represented Customers Bancorp (Nasdaq: CUBI), the holding company for Customers Bank, in its $103.5 million underwritten public offering of voting common stock. Customers intends to use the net proceeds from the offering to fund organic growth, and for working capital and other general corporate purposes.

Stradley Ronon acted as legal counsel in Bryn Mawr Bank Corp's $109 million acquisition of Continental Bank Holdings Inc. The acquisition dramatically expands the Corporation’s distribution network in attractive Montgomery, Chester and Philadelphia counties by adding 10 branches. Bryn Mawr Trust Company will now have 29 full service branches.