Novela Law Assists Client In Acquisition Of Erie Pennsylvania Based Kold Draft

MIAMI - June 19, 2013 - PRLog -- The law firm Novela Law, represented The Legacy Companies as counsel in negotiating and closing the acquisitions of Kold Draft, an Erie Pennsylvania based manufacturer of ice makers and related products.

The Legacy Companies is an international manufacturer and distributor of commercial-grade kitchen, restaurant and wellness equipment, with a presence in over 120 countries. Neal Asbury, President and CEO of Legacy, sought out Novela Law’s expertise with the acquisition.  Daniel Novela, partner at Novela Law, was lead coordinating counsel in the acquisition.  

To fund the acquisition, Novela concurrently negotiated and closed an increase in Legacy’s senior line of credit with PNC Bank and an increase in its mezzanine credit facility with a separate lender.  

Legacy’s plans for Kold Draft include the expansion of their manufacturing facility in Erie Pennsylvania, which will be responsible for the manufacturing of branded ice maker products.  

Novela noted, “The client had a tight timeline to close.  Additionally, negotiating with two lenders, while negotiating and closing the acquisition, all while coordinate with our local and opposing counsel made for a challenging transaction.  We were able to close it on schedule and on budget, producing a great result for the client.  This has become a hallmark of our firm”.

About Novela Law
Novela Law is a boutique Miami law firm focused on complex business and real estate transactions requiring innovative legal solutions.  The firm’s practice includes both domestic and international asset and stock purchases, merger agreements, corporate, project and acquisition finance, commercial finance, commercial and residential real estate and counseling high net worth individuals and families on ideal offshore corporate and trust structures and in the acquisitions of real estate, aircraft and yachts.

The firm is headquartered at its 1390 Brickell Ave. office in Miami, FL. More information can be found on the web:  http://www.novelalaw.com