A&S Engineers has Completed a Management Buyout with Senior Debt Financing Provided by Frost Bank
14.11.2023
HOUSTON, TEXAS (November 14, 2023) – Statesman Business Advisors, LLC (“Statesman”) is pleased to announce A&S Engineers, Inc. (“A&S” and / or the “Company”), has completed a management buyout (MBO) with senior debt financing provided by Frost Bank (“Frost”) and subordinated debt provided by former A&S shareholders. Statesman served as the exclusive financial advisor to A&S throughout the transaction, which closed August 28, 2023.
Based in Houston and founded in 1999, A&S is a professional municipal and land development engineering firm whose clientele includes municipalities, developers, and production home builders throughout Texas and contiguous states.
Statesman assisted the Company in structuring an MBO, agreeable to all parties. The MBO will facilitate an increased ownership position among a broad group of A&S employees, accomplishing a highly desired objective of founding shareholders Jim Ainsworth, P.E., Dan Sherwood, P.E., and Troy Bordelon, P.E. Troy remains a shareholder and key member of the management team.
2024 will mark the 25th year of operations for A&S. The continuation of the business under the direction of key employees both favorably positions the Company for future growth and serves as a wonderful legacy to Jim Ainsworth who served as President of A&S up until his passing earlier this year.
Bill Baird, P.E., President of A&S, commented, “Completing this management buyout with its many moving parts, in a challenging economic environment, is a testament to our team including the late Jim Ainsworth. Frost Bank recognizes the value and sustainability of our business, and we look forward to continued growth together. We have been banking with them for over 10 years.” Troy Bordelon added, “Statesman was highly instrumental in getting this done, and we appreciate their partnership throughout the entire process.”
About the other transaction participants
Statesman Business Advisors, LLC (Houston, TX) is one of Houston’s premier financial advisory firms serving middle-market businesses. Statesman specializes in merger and acquisition advisory services (both sell side and buy side), management buyouts/recapitalizations, business financing and capital sourcing, and accredited business valuations. Additionally, Statesman provides due diligence services and government guaranteed loan packaging for financial institutions. The Statesman team advising on this engagement was led by Managing Member Scott Actkinson and Director Gary Canon. Securities transactions are completed through Statesman’s affiliate, Statesman Corporate Finance, LLC, a FINRA registered broker-dealer..
Frost Bank (San Antonio, TX) is a $48 billion bank with over 160 locations throughout Texas. Established in 1868, Frost offers a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, treasury management services, insurance, and investments. Frost Bank’s parent company, Cullen/Frost Bankers, Inc., is also based in San Antonio and trades on the New York Stock Exchange under the ticker symbol ‘CFR.’
