White Castle Sells Coating Division to Proline Finishing

Josh Curtis
Managing Director
Footprint Capital
jcurtis@footprintcapital.com
Phone 614.327.8746

230 West Street
Suite 700
Columbus, OH 43215

TRANSACTION INFORMATION

Footprint Capital (“Footprint”) acted as the exclusive sell side advisor to White Castle Systems, Inc. (“White Castle” or the “Company”) in the divestiture of the power and e-coating division of its PSB Company (“PSB”) to Proline Finishing, Inc. (“Proline”). This divestiture was a strategic decision by White Castle, in order to allow management to focus on the Company’s core restaurant business and fast growing frozen foods division.  The transaction bolstered Proline’s customer base, enhanced its capabilities, and added another facility to its operations.

Dave Rife, Assistant Vice President, White Castle System, Inc. commented, “Footprint Capital took the time to really get to know us and to fully understand our goals. Their complete commitment to achieving our objectives was very evident throughout the entire process – from our first meeting, until the day the sale was complete and all the follow up afterward.”

ABOUT WHITE CASTLE

White Castle is a family-owned business based in Columbus, Ohio, that owns and operates over 390 restaurants in 12 states. The company was founded in Wichita, Kansas, in 1921 and is America’s first fast-food hamburger chain. PSB Company is a division of White Castle and was founded in 1934 for the purpose of fabricating and manufacturing stainless fixtures, food processing, and food service equipment for the parent company’s restaurant operations. For more information, visit: www.whitecastle.com.

ABOUT WHITE CASTLE’S PSB COMPANY

PSB Company is a division of White Castle System, Inc. and was founded in 1934 for the purpose of fabricating and manufacturing stainless fixtures, food processing, and food service equipment for the parent company’s restaurant operations. During World War II PSB’s expertise expanded in fabricating and manufacturing components and parts for amphibious vehicles. Its operations further expanded in the 1950’s when the Company began to manufacturer lawn fertilizer and ice melt spreaders. Throughout the years the Company served the following industries: restaurant, building, appliance, automotive, as well as lawn and garden. For more information visit: www.psbcompany.com.

ABOUT PROLINE FINISHING

Proline, based out of Dayton, Ohio, is an ISO-9001 certified custom coating, painting, fabrication and assembly company. Proline is a leading supplier of coatings for the military, appliance, industrial, agricultural, and commercial industries and operates out of three-state-of-the-art locations with 110,000 sq. ft. of facility space. For more information, visit: www.prolinefinishing.com.

ABOUT FOOTPRINT CAPITAL

Footprint is a boutique investment bank focused on advising owners and operators of privately held companies in the middle market. Footprint’s services include sell-side and buy-side merger and acquisition advisory, ownership transition planning, capital raising, and strategic management consulting.