Raven Industries, Inc. ("Raven") is a diversified manufacturing company headquartered in Sioux Falls, South Dakota. Raven markets and sells its products globally, and its common stock is traded on the NASDAQ Global Select Market. Raven’s Aerostar division, which is operated through its wholly owned subsidiary, Aerostar International, Inc. ("Aerostar"), is the sole supplier of high-altitude research balloons in the country. It also manufactures tethered aerostats, marine navigation equipment and U.S. military parachutes, protective wear, and uniforms.

Raven had the opportunity to acquire Vista Research, Inc. ("Vista"), a leading provider of surveillance systems that incorporate remote sensing and signal processing techniques. Raven approached Maslon's Bill Mower, who had served as counsel for a variety of Raven's previous business acquisitions and general corporate matters, to structure and negotiate the acquisition of Vista. Bill assembled a Maslon team that included Mark Baumann and Leah Fleck to assist with the transaction.

The transaction was structured as a stock acquisition of all of the issued and outstanding shares of capital stock of Vista by Aerostar. Throughout Maslon’s representation of Raven in the purchase of Vista, the Maslon team vigorously worked through complex deal issues to meet Raven’s goals, including unique structuring issues relating to the $33.5 million purchase price and earn-out, and establishment of a plan to provide up to $15 million in revenue-based compensation to employees post-closing. As a result of the successful closing of the Vista acquisition, Raven significantly enhanced the product offerings and customer base of its Aerostar division.