TrynEx International

Featured | Sell Side Transactions


TrynEx, Inc. Overcomes 2012 Revenue Decline: Sells for 32% Premium Over Fair Market Value

Warm Winter Negatively Affects Company Value

Brothers Charles (“Chuck”) and James Truan, owners of Madison Heights, Michigan-based TrynEx, Inc., had been debating selling their business for some time. TrynEx is a successful global manufacturer of SnowEx® ice-control salt spreaders and liquid sprayers. With products sold through approximately 1,500 authorized dealers across 26 countries, the company held an estimated 33% market share in the ice-control niche, and SnowEx® is the favored brand among commercial contractors in the United States. The company also provides innovative solutions for the lawn and turf care markets, and commercial maintenance industries under the brand names TurfEx® and SweepEx®. Business was booming, and the company enjoyed robust growth every year since the two brothers founded the family business in 1996.

A few companies potentially interested in buying TrynEx approached the owners, including a global leader in turf and landscape maintenance. When their busy season hit in the winter of 2011 – 2012, the Truan brothers decided to postpone their evaluation of possible buyers. They had no way of knowing that particular winter would be one of the warmest in recorded history. In some northern states there was no snow at all, and in the company’s home state, trees blossomed in March under 80-degree temperatures. TrynEx’s revenue plummeted. The company’s capital structure was unprepared for the sudden cash flow decline.

The potential buyers began melting away, putting the owners in a predicament. They still wished to sell TrynEx, and believed that the company they had built for so long deserved to be sold for a premium. But they faced a challenge in achieving this goal with the recent winter’s impact on their company value. In addition, because TrynEx is well known in the industry, it was critical that a buyer search remain confidential. DOWNLOAD THE CASE STUDY to read the full article.



Owners of a global manufacturer of ice-control salt spreaders and liquid sprayers experienced a sudden revenue decline, but still wished to sell their company for a premium over fair market value.


Blue River clarified the seller’s hierarchy of motivations, determined the ideal solution, educated the sellers on industry M & A and negotiation strategies, and facilitated the entire transaction process.


Blue River identified, quantified and justified achievable synergies between the buyer and seller to support premium valuation. TrynEx sold for a substantial 32% premium over FMV.



“When selling a business, there are many issues that can suddenly arise. Blue River balances things and weighs them out. I really appreciate that about the team. I think they did an outstanding job of preparing us for what could happen throughout the process. And many of the things they prepared us for, actually did happen. The Blue River team was always accessible and empathetic, and understood that for our family, this business was like our baby.””

President, TrynEx Inc.

Blue River


William Loftis

William Loftis

Managing Partner


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