TIMEC was composed of five complementary and integrated energy subsidiaries servicing the refining industry.
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.
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.
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.