What’s the Deal? January 2013
Tuesday January 22, 2013
What’s the Deal?
Doing Business in Chicagoland and Beyond
Wynnchurch Capital announces its acquisition of the assets of Northstar Aerospace Inc. in September 2012. Northstar, which filed for bankruptcy protection in Canada and in Delaware to accomplish the sale, is in the aerospace and defense sector and manufactures flight-critical and non-flight-critical parts for military and commercial aircraft applications. Northstar’s new management team is renewing the company’s focus on performance improvement and value creation and is committed to working closely with all key constituents to improve service levels and lower costs.
Fort Dearborn Partners recently served as the exclusive financial advisor on three different sell-side M&A transactions with total deal value exceeding $45 million. Fort Dearborn represented an industry-leading food processing company, a large regional construction and landscaping company, and a distributor of aftermarket appliance replacement parts.
Concord Financial Advisors LLC announced the closing of three deals: (1) $9.865 million of senior credit facilities for a specialty metal fabricator, located in Bloomingdale. The company exclusively retained Concord to search for and secure a long-term banking relationship with a new institution. Concord closed the deal with a fellow TMA member; (2) the closing of a $4.75 million senior secured acquisition facility for a private equity sponsor that was making its first acquisition. The target was an automotive parts supplier in the upper Midwest; and (3) the closing of a $7 million senior secured asset-based credit facility for a heavy equipment services company to refinance existing debt and support working capital. The company was in the special assets division of its bank. The transaction was financed by a fellow TMA member.
Jonathan Friedland and Lisa Vandesteeg of Levenfeld Pearlstein are representing several bidders for assets in §363 sales in bankruptcy proceedings, including in Dynegy Holdings LLC in the Southern District of New York, Peregrine Financial Group Inc. in the Northern District of Illinois, and Hess Industries Inc. in the District of Delaware.
Jake Miller of Oak Point Partners announced the purchase of a portfolio of default judgment in the TOUSA Inc. case in the Southern District of Florida. The portfolio included more than 400 judgments with a face value of approximately $43 million. Oak Point purchased the assets on largely an as is, where is basis.
HYPERAMS assisted the bankruptcy of MF Global Inc. in selling the remaining artwork and memorabilia through an online auction sale. HYPERAMS is also conducting the store closing sales of two Lord & Taylor Home stores through March 2013.
William Kaye, liquidating trustee of the Duke and King Acquisition Corp. Liquidating Trust, through his legal counsel, Sugar Felsenthal Grais & Hammer LLP, filed a complaint against Nath Companies Inc., Kinderhook Industries LLC and certain affiliated entities and former insiders seeking damages of up to $28 million, including the return of $23.5 million in fraudulent transfers associated with the acquisition by Duke and King Acquisition Corp. of an 88-store Burger King franchise portfolio from Nath in November 2006.
Monroe Capital LLC announced the funding of a $46.5 million unitranche credit facility to support the recapitalization of Conisus LLC by private equity sponsor, Webster Capital. Based in Atlanta, GA, Conisus offers innovative, scientific-oriented promotional marketing and education solutions to a diverse group of biopharmaceutical companies to assist in the promotion and education of oncology drugs and therapies. The company is led by a seasoned management team with deep experience in oncology that spans medical education, global marketing, sales, and clinical practice.