| FOR IMMEDIATE RELEASE | 3/6/2001 |
| Local Firm Re-Establishes Unit to Assist "Old Economy" Companies Navigate the Current Economic Storm | |
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PITTSBURGH ? March 6, 2001 ? As leading economic indicators continue to forecast a significant downturn in the economy, a local company is reconstituting a business unit, originally created in the late 1980s, to directly address the issues facing Old Economy companies in this highly demanding market. Renaissance Partners, Inc., an ancillary service of DKW Law Group, was originally created in the sluggish economy of the 1980s when companies were forced to divest themselves of non-profitable divisions in order to achieve profitability and stability for the future. The uniqueness of Renaissance Partners stems from the coordination of investment banking, legal and management consulting services under one umbrella. Clients of Renaissance Partners no longer need to dedicate valuable time and resources to locating and coordinating these services through multiple providers and can ultimately minimize the inherent problems of employing multiple professionals charged with forwarding the corporate goals. "One of Renaissance Partners' first transactions in 1989 was the creation of Freedom Forge Corporation out of the Allegheny International bankruptcy," advised Lee Keevican, Managing Director of both the law firm and Renaissance Partners. "We were originally engaged to ascertain the viability of certain units as standalone entities. Ultimately, however, we assisted the management buy-out group obtain financing, renegotiate contracts and retain crucial management," he added. "Through our negotiations with the unions and the management buy-out group, we were able to significantly reduce employment costs which allowed the standalone company to run as a profitable unit," added William L. Doepken, head of the firm's Employment department and the key labor negotiator on the project. Freedom Forge Corporation is now the world's largest manufacturer of forged railroad wheels and axles with operations in the United States, France and Belgium. Renaissance Partners provides those companies considering the feasibility of a management buyout the business and financial tools to make the right decision. "Our turnkey management buyout program can obtain a price for a business unit higher than liquidation value, avoid closure costs and advance corporate restructuring," added James F. Bauerle, a principal in both entities. DKW Law Group, a business law firm established in 1988, offers its clients "one-stop solutions to legal and business needs." The firm, in conjunction with its other ancillary services groups -- FiCap Strategic Partners and Concord Health Partners -- provides its clients with legal, investment banking, financial and healthcare consulting resources. DKW Law Group maintains offices in Cleveland, Detroit, Harrisburg, Pittsburgh and Washington, D.C. Its professionals focus on a full range of commercial matters, including corporate mergers and acquisitions, corporate finance and securities, banking, real estate, tax and succession planning, intellectual property, complex civil litigation, labor and employment relations, employee benefits, environmental law, government relations, franchising, and creditors' rights and bankruptcy. |
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