Franchard, Mastan, and Lee National are prime examples of ADCO’s
forward thinking orientation and dynamic implementation.

Franchard/Mastan/Lee National

In the 1960's, the Franchard Corporation was one of the first major publicly held real estate companies owning and operating properties throughout the United States and Canada. ADCO Chairman, Alvin Dworman, began purchasing Franchard shares, eventually obtaining a controlling interest in the company which continued to grow and prosper during his tenure.

In 1967, Mr. Dworman negotiated Franchard's acquisition of The Mastan Company, another public company based in NY and one of the 50 largest commercial finance companies in the U.S. Known for creative and flexible asset based commercial lending, under ADCO leadership Mastan's financial services capabilities and its sophisticated real estate transactions, in particular, became the industry standard.

In 1969, Mr. Dworman obtained a controlling interest in the public Lee Tire and Rubber and later that year merged Franchard, Mastan, and Lee Tire and Rubber to form a new public entity, Lee National Corp. In 1972, Lee National purchased 21% of Kansas City Southern Railroad and in 1974 exchanged this interest back to KCSR in a very favorable transaction acquiring substantial cash, assets, and 1,200 acres of land in Kansas City, MO. Through a tender offer in 1978, Mr. Dworman and Artoc Bank and Trust privatized Lee National and its subsidiaries. In 1980, Mr. Dworman acquired Artoc's interest, becoming the sole owner of Lee National.