Richmond BizSense has learned more about the Anderson Strudwick sale to Tennessee-based Wunderlich Securities.
According to an employee at the company who spoke on condition of anonymity, Anderson Strudwick was not as profitable as in years past but was still making money. The brokerage/investment house was employee-owned, and the source was involved in meetings where the deal was discussed.
RBS was unable on Friday to reach George Nolde, the chief executive at Anderson Strudwick.
The book value was almost $4 million, and Wunderlich paid $5.9 million, or $43 a share. Of that, $32.25 a share will be paid at closing and up to $10.75 in 18 months, according to the source.
More than 90 percent of the employees voted in favor of the deal. Most employees owned the company stock in their retirement accounts.
From the balance sheet: On Sept. 30, 2008, Anderson Strudwick had $3.5 million in cash
Assets $8.4 million
Liabilities: $3.5 million
Stockholders equity: $4.8 million
2008 Revenue: $21.8 million
First quarter 2009, ended Dec. 31, 2008
Assets: $5.6 million
Liabilities: $1.7 million
Stock holders equity: $4.0 million
Revenue $3.4 million
Several firms had offered to buy Anderson Strudwick over the decades. Indeed, Wunderulich had tried to purchase the firm 12 years ago. Its offer at the end of 2008 was closer to $65 a share, but it lowered the offer to $43 a share as the economy soured.
Richmond BizSense has learned more about the Anderson Strudwick sale to Tennessee-based Wunderlich Securities.
According to an employee at the company who spoke on condition of anonymity, Anderson Strudwick was not as profitable as in years past but was still making money. The brokerage/investment house was employee-owned, and the source was involved in meetings where the deal was discussed.
RBS was unable on Friday to reach George Nolde, the chief executive at Anderson Strudwick.
The book value was almost $4 million, and Wunderlich paid $5.9 million, or $43 a share. Of that, $32.25 a share will be paid at closing and up to $10.75 in 18 months, according to the source.
More than 90 percent of the employees voted in favor of the deal. Most employees owned the company stock in their retirement accounts.
From the balance sheet: On Sept. 30, 2008, Anderson Strudwick had $3.5 million in cash
Assets $8.4 million
Liabilities: $3.5 million
Stockholders equity: $4.8 million
2008 Revenue: $21.8 million
First quarter 2009, ended Dec. 31, 2008
Assets: $5.6 million
Liabilities: $1.7 million
Stock holders equity: $4.0 million
Revenue $3.4 million
Several firms had offered to buy Anderson Strudwick over the decades. Indeed, Wunderulich had tried to purchase the firm 12 years ago. Its offer at the end of 2008 was closer to $65 a share, but it lowered the offer to $43 a share as the economy soured.