PadillaCRT, a Minneapolis-based public relations/communications firm with offices in New York City, Richmond, Los Angeles, Washington D.C. and Norfolk.
Close financing for an acquisition in less than two weeks.
Fidelity Bank combines a personal approach, agility, and familiarity with ESOP companies to arrange financing in time for closing.
• Acquisition closes to meet client’s aggressive schedule.
• Fidelity wins a new client.
• New client wins a bank committed to its growth and easy to do business with.
What happens when you have a short time frame to secure financing for a strategic acquisition? Locate a bank that will quickly understand your needs and your timeline.
If you ask Tim Briggs, Padilla’s CFO during the acquisition, he explains, “Coincidentally, we were on Fidelity Bank’s radar and they reached out to us at the perfect time. They acted like true business partners, who understood our business perspective. We were impressed with how quickly they responded and their understanding of how the debt was going to affect the transaction.”
Today PadillaCRT is owned by 192 employees and is one of the top 12 independent public relations/communications firms in the country.
Joe Bauer, Fidelity Bank vice president who worked on financing the acquisition, said, “Working in the fluid field of media (all types) as PadillaCRT does require great agility, which is exactly what they needed in a bank. One of the differentiators of Fidelity is the direct access to decision makers. As a result, we were able to learn about the companies, get the details on the proposed transaction, and circle back to the parties with a proposed structure shortly after.”
Fidelity works with many ESOP-owned companies like PadillaCRT, and had a strong relationship with PadillaCRT’s ESOP and acquisition advisor. Bauer adds, “We were able to collaborate with all parties through the structuring, financing, documentation, and funding in order to meet their timeline for closing.”
Bottom line: Fidelity Bank structured financing that made sense for everyone, and did it in exceptionally short order.