Stinson Leonard Street LLP Advised Aslin Group, Inc in its sale to First Business Financial Services
The law firm of Stinson Leonard Street LLP assisted client Aslin Group, Inc. in the closing of its previously announced sale to First Business Financial Services (NASDAQ:FBIZ). The sale included Alterra Bank, which was a wholly-owned subsidiary of Aslin Group.
Effective November 1, 2014, the cash-and-stock transaction is valued at approximately $30.1 million, with 55% of the consideration paid through the issuance of 360,081 shares of First Business common stock, based on First Business’ 10-day volume-weighted average stock price of $45.9825 as of the market close on October 29, 2014, the third trading day prior to the effective date of the transaction.
Cash consideration of approximately $13.5 million for the transaction was funded by $15.0 million in subordinated debt, issued as previously announced on August 26, 2014.
“The entire Alterra team is thrilled to join First Business and eager to combine our resources to achieve even greater outcomes for our clients in Kansas City,” said Pam Berneking, President and CEO of First Business’ new Alterra subsidiary. “We continue to deliver superior solutions for our business clients, and we look forward to sharing synergies and expertise with our new First Business colleagues.”
The Stinson Leonard Street team advising Aslin Group was led by partner Mike Lochmann and included fellow partners Kyle McCurry, Ben Hobert, and Phil McKnight, as well as associate Greg Johnson. The investment banking firm of Macquarie Capital also advised Aslin Group. First Business was advised by the investment banking firm of Keefe, Bruyette & Woods, Inc. as well as the law firm of Godfrey & Kahn, S.C.