Morgan Corporation

Morgantown, Pennsylvania

has been acquired by

J.B. Poindexter & Co.

Houston, Texas

Capital Alliance Corporation initiated
this transaction and assisted in its closing.

Morgan Corporation

The Selling Company: Morgan Corporation is the largest manufacturer of truck bodies in the U.S. with annual production of over 15,000 truck bodies, over $90 million in annual revenues, five nationwide plants, and over 900 employees. Truck bodies are mounted on purchased chassis and offered in refrigerated and dry freight versions. Typical applications are local deliver and rental trucks.

Why the Company Was Sold: The company’s chairman/founder wanted financial liquidity and a way to immediately phase out of company operations as he neared retirement.

Capital Alliance’s Performance: In less than four months after engagement, Capital Alliance generated visits by five screened acquirers, established serious price discussions with seven acquirers, and negotiated a mutually signed letter of intent with the ultimate acquirer. The transaction closed five months later due to audit considerations. Key to this outstanding performance was a thorough understanding of the selling company’s operations coupled with Capital Alliance’s substantial M&A experience and knowledge of acquirer activity in the selling company’s industry.

Terms of the Transaction: The shareholders received over 95% of the purchase price in cash at the closing for their stock. The company’s chairman/founder immediately phased out of the company after the closing.

The Acquiring Company: J.B. Poindexter & Co. is a privately-held holding company with nationwide manufacturing and service operations involving over $500 million in annual sales. Their approach is to allow company management to operate on an autonomous basis.