Timec, Inc.
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TIMEC was composed of five complementary and integrated energy subsidiaries servicing the refining industry.
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TIMEC had several members of its management team holding minority equity positions in the individual subsidiaries as its founder and CEO, Briggs Wood, was reaching retirement age.
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The TIMEC management team negotiated a letter of intent with Mr. Wood while engaging an investment banker to run a process to identify capital providers and create the optimal capital structure for TIMEC to complete an MBO transaction.
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With the assistance of a private equity group, TIMEC’s management team completed the management buyout and consolidated TIMEC into a single company with three wholly-owned subsidiaries.