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Nolan & Associates is pleased to announce that it exclusively advised PlaneTechs in its Sale to TrueBlue

“Show me the money!” 

Ian Rollo, Former Owner & CEO, PlaneTechs, LLC

“Nolan’s pick and shovel matchmaking efforts brought PlaneTechs to our front door at the time we were rebranding our Company.  PlaneTechs is the perfect fit for TrueBlue, Inc. as a part of our strategic plan going forward.”

Robert Breen, Executive Vice President, TrueBlue, Inc.  (NYSE:TBI)

Decatur, IL (March 1, 2008) –  Nolan & Associates is pleased to announce that it exclusively advised PlaneTechs, LLC on its cash sale of 100% ownership in the Company to TrueBlue, Inc. (NYSE:TBI).

Our Client: PlaneTechs

  • PlaneTechs, based in Oak Brook, IL, is a leader in global staffing of aircraft and bus mechanics.
  • The Company caters to aircraft manufacturers, MROs, airlines, and bus transportation companies.

Objectives of PlaneTechs

  • Prior to engaging Nolan, the two owners of PlaneTechs sought out another investment bank to assist them with the sale of their business, ultimately to no avail.
  • The owners were adamant about not taking a penny less than their asking price.
  • Nolan was hired to not only assist with the sale of the business, but also deliver on the promise of not settling for less than the owners desired.

Solution: Sale to TrueBlue

  • In the marketing efforts of PlaneTechs, Nolan emphasized PlaneTechs’ reputation for quality, reliability and in-depth understanding of the markets they serve in order to generate acquisition interest.
  • Of the six potential strategic buyers, Labor Ready, Inc., a company going through a rebranding process to focus on “Blue Collar” staffing, acknowledged PlaneTechs as an ideal acquisition opportunity.

Sell Side Process Results

  • Within four months of the initial meeting between Nolan and PlaneTechs, Labor Ready issued a Letter of Intent to purchase PlaneTechs for more than double the owners’ asking price.
  • Sixty days later, the closing of the deal was publicly announced simultaneously with Labor Ready’s new name and logo, TrueBlue, Inc.
  • The Nolan sell side process created a sense of scarcity, competition and momentum which convinced all buyers to put their best foot forward and ultimately delivered the best valuation result the market had to offer for PlaneTechs.

About Nolan & Associates

Nolan & Associates is a boutique investment banking firm providing Mergers & Acquisitions and Capital Raise advisory services to middle market business owners and buyers.  Founded in 1976, Nolan is broadly recognized as a leading investment banking firm with Midwestern roots and global reach.  The Nolan team has completed hundreds of transactions in the middle market while working collaboratively from its offices in St. Louis, MO and Decatur, IL.

Securities offered through Middle Market Transactions, Inc.  Member: FINRA/SIPC.