Modular Assembly Innovations, LLC (“MAI”) has completed the acquisition of North American Assemblies, LLC (“NAA”), a South Carolina-based provider of assemblies to the recreational and ATV industries. Footprint Capital, LLC (“Footprint”) acted as the exclusive sell-side advisor in the transaction and GBQ’s TAS practice provided sell-side due diligence support.

NAA was founded in 2003 under the ownership of TAG Holdings (, an operationally focused holding company. NAA was later sold in 2012 to Tolston Holdings, which is about the 50th largest African American-owned business in the United States. When James Tolston decided to exit NAA, he indicated that “Modular Assembly Innovations was the most logical buyer due to their history, strong relationship with Honda, and excellence in providing similar assemblies.”

“As a past client of Footprint Capital, I had confidence that Josh would be the right person to lead this acquisition of NAA. Footprint coordinated all aspects of this challenging transaction and I am confident it would not have been possible without the knowledge of Josh and his team. They exceeded my expectations”, said Billy Vickers, President & CEO of MAI.

Additionally, Mr. Vickers commented, “The financial due diligence work completed by Ben Forquer and GBQ’s TAS practice was essential to finalizing our purchase price, the terms of the transaction, and securing the most advantageous financing.”



GBQ’s Transaction Advisory Services (TAS) team has the broad expertise and years of experience to ensure success in all aspects of transactions: liquidity options, tax structuring, valuation, due diligence, profitable growth and much more. We leverage the strength of the entire GBQ team as well as our independent alliance with the transaction professionals at the BDO Alliance USA to offer consultative depth unmatched in central Ohio. Click here for more info on GBQ’s TAS practice or here to view our TAS leadership team.

About Footprint Capital

Footprint is a boutique investment bank focused on advising owners and operators of privately held companies in the middle market. Footprint’s services include sell-side and buy-side merger and acquisition advisory, private equity and family office deal origination services, ownership transition planning, capital raising, and strategic management consulting. For more information, visit: