And his name's Robert Wolf. And Robert Wolf is mainly known for being the longtime CEO of the Americas for ubs. Also a lot of people known for his, his political focus.
Acquiring Minds
Started Mid-Career, Grew to $38m in 3 Years
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He's, he's the, he's the liberal guy on Fox News. So if you tune into Fox News, you'll, you'll see him a couple times a week, you know, with all, yeah, with all the conservatives. But he was a great partner.
He covered all of the search expenses when I, when I was searching and, and really was a, was an invaluable, you know, partner and part of the process. And then when we bought Mitten, we went out and raised equity. And so we raised about $6 million from, from outside investors.
And Robert and I put in an equal amount. We each put in 250,000 to buy mitten. So we, you know, used six and a half million in equity and then we put call it just over three times EBITDA in leverage on the business split between mezzanine debt, as well as, you know, a term note, term debt and a line of credit.
The second deal that we did, Frank Merkin Products, we had grown the business so much in that first year, which we bought Frank Merkin September 18, 2023. So about, call it 10 months after we bought Mitten, that was an all debt deal, actually. The seller rolled some equity and then the majority of that transaction was funded with additional debt that we took out on Mitten.
And then Fast forward to December 3, 2024. So about 10 months ago, we bought Flynn MA Rubber and Plastics. And initially we set out to raise another 2 million.
We had such, such, I don't want to say demand, but so much interest that we, we ended up raising about four and a half million from the existing Mitten investors. And then, and then put a little bit of debt, additional mes and additional senior debt on the balance sheet to buy. To buy. Flynn. We haven't used SBA financing.
It's been all through term debt through a senior lender, you know, a cash flow loan mez. And then, and then through our line of credit.
Sorry. But Flynn Mawr, you did raise more equity.
We did, yeah. Yeah. So we, we raised another four and a half million on top of the six and a half for Mitten. The small amount of rollover equity with the second company that we had. And then, and then Flynn Maher was another four and a half million.
Right, okay, great. And the going back to the original structure of Mitten, the Mitten acquisition. So your investor Wolf paid for your search expenses, so he funded your search. And then you guys went in 50, 50 on additional skin in the game, additional equity in, into the project.
And then, so what. And then raised, as you said, $6 million from other investors. What did your ownership stake end up being? Can you share that?
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