Mustang Capital Runs Successful Campaign at Furmanite Corporation

SRZ represented Mustang Capital Management LLC in a shareholder activist campaign at Furmanite Corporation, one of the world’s largest specialty industrial services and engineering project solutions companies. In an agreement with Mustang announced May 6, 2015, Furmanite added three independent directors nominated by Mustang to its board, including Mustang’s principal John Linnartz, and its chairman resigned. After agreeing to form a transaction committee to oversee a potential sale of the company, Furmanite announced in November that it had agreed to be sold to Team Inc. for $335 million. The deal is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2016.

Co-heads of SRZ’s global shareholder activism practice Eleazer Klein and Marc Weingarten represented Mustang Capital Management.