Nolan Advised PlaneTechs in its Sale to TrueBlue

DATE: December 03, 2007

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Who is Our Client?

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

Why Did PlaneTechs Hire Nolan?

  • 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.

What Value Did Nolan Deliver?

  • 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, a company going through a rebranding process to focus on “Blue Collar” staffing, acknowledged PlaneTechs as an ideal acquisition opportunity.
  • 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. (NYSE:TBI).

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