March 30, 2023
MDR & Associates completes transaction of large scale manufacturing business, HUGHES TANK COMPANY. Ms. Vickie Hughes engaged MDR & Associates in the first quarter of 2022. The firm quickly found a suitable buyer in May 2022 and begin the due diligence process. After months of due diligence, the CEO & Founder, Michael Rubin cancelled the LOI with the initial buying group in August of last year. The MDR team regrouped, spent significant time updating and verifying the current EBITDA and began the process once again in September of last year. One month from beginning the process all over again, the perfect buying group emerged and was selected after receiving 6 different offers, the MDR team and Ms. Hughes decided to select The MAG Group out of Dallas, TX and the due diligence process kicked off once again.
Like any large complex transaction, there were many ups and downs, twists and turns, but ultimately, the transaction for the real estate and the business both closed simultaneously on March 31, 2023. The MAG group has embraced the current management, led by Bobby Hughes and is currently on site to begin the process of taking Hughes Tank to the next level while carrying on the legacy of what Vickie Hughes has built over the last four decades. MDR & Associates was truly honored to represent her and held true to her original request of helping her get to the next season of life!
