Rippe & Kingston Capital Advisors Guides Mackinac Island Acquisition CINCINNATI – July 29, 2010 – Rippe & Kingston Capital Advisors (RKCA) served as the exclusive Capital Advisory firm to Jim Wynn, a Michigan attorney in a recent transaction. Mr. Wynn, along with an investor group, recently purchased the Arnold Transit Company, Union Terminal Piers, Straits Transit Company and associated real estate in northern Michigan. Wynn, who lives in Petoskey, Michigan chose RKCA to assist him in arranging the financing for the purchase. “I was introduced to Rippe & Kingston by mutual friends and business associates in the Cincinnati Area. RKCA went above and beyond the usual duties of capital advisors. This transaction would not have come to fruition without RKCA’s extraordinary efforts.,” Wynn says. As a registered broker-dealer, RKCA was able to offer additional financing solutions. They arranged senior bridge financing with backing from a guarantor group so Wynn was able to acquire both the Arnold Transit Company and other entities. Arnold is the largest of three ferry service providers and the major freight transport to and from Mackinac Island, Michigan.
While preliminary discussions regarding this sale had occurred as early as 2001, 9/11 put them on hold until 2007. Once the talks became serious, external factors created an abbreviated time frame. This was an obstacle that RKCA embraced and helped Wynn to overcome. They worked closely with Wynn and his attorney, offering advice based on years of experience. The two groups will maintain their partnership in the future. “We will continue to offer further advisement on this acquisition moving forward,” says Brent Rippe, Vice President of RKCA and a member of the deal team. “Jim’s purchase is the first step in ensuring a smooth transition of ownership…there are a lot of moving parts”. A Part of the Rich Mackinac Tradition Mackinac Island has approximately 500 year round residents, but is a popular tourist destination, playing host to around one million visitors a year. With a large State Park and a number of buildings on the National Register of Historic Places, tourists flock to enjoy all the 3.8 square mile community has a lot to offer. The Island is also known for its affluent culture and political ties. It hosts the Mackinaw Island Conference, drawing names such as Mitt Romney, Rudy Giuliani and Newt Gingrich. Arnold Transits’ Ties to Mackinac The Arnold Transit Company has a rich history intertwined with Mackinac Island. The ferry company has been serving the area since 1878 and is the oldest, longest operating ferry line on the straits. Until Mr. Wynn’s purchase, only two families had been involved with the company throughout its 132 year history. Wynn has known the Brown family, from whom the company was purchased, for about 40 years. Members of the family will continue to play integral parts in the firm’s operations. About Rippe & Kingston Capital Advisors, Inc. Rippe & Kingston Capital Advisors, formerly Winton Associates, is the leading tri-state capital advisory firm, specializing in mergers and acquisitions, growth and recapitalization, financing and distressed advisory for regionally based businesses in national and international markets. A registered broker-dealer since 1986, Rippe & Kingston Capital Advisors serves middle-market companies and their owners across a variety of industries. Learn more at www.rkca.rippe.com. About Rippe & Kingston Rippe & Kingston is a family of companies that provide an array of products and professional services including accounting, information technology and capital advisory. They have been a part of the Greater Cincinnati region since 1976. For more information, please visit www.rippe.com. ###
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