Bang Printing to Acquire Hess Assets
BRIMFIELD, OH—Hess Print Solutions and its subsidiaries (HPS), a print provider of catalogs, books, publications and educational products, announced that HPS has entered into an agreement to sell substantially all of its assets to an affiliate of Bang Printing for about $19.2 million, Bloomberg Businessweek reported.
To facilitate the sale of assets, HPS has commenced a prepackaged voluntary Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware. HPS has obtained debtor-in-possession financing with certain of its existing secured lenders, which, along with the company’s cash flow, is expected to provide the working capital necessary to meet its ongoing obligations while the company pursues approval of the sale.
According to court filings, Hess lists assets of about $50,000 and debt of about $100 million.
HPS has filed a number of motions with the court requesting authority to keep the business operating as usual. The immediate relief being requested includes a request to pay all wages, salaries and commissions, as well as honor the employee benefits programs, and to continue existing customer programs.
“The strategic decision to pursue a financial restructuring through a sale will allow us to proactively and quickly improve our financial position and ensure we have the resources to meet the needs of our clients, suppliers, employees and other business partners going forward,” said Jerry Haywood, interim CEO of HPS.
Bang Printing has more than 100 years of experience in the book and commercial printing industry. Corporate offices are located in Brainerd, MN, with facilities in both Minnesota and California. It offers complete printing, binding and fulfillment services.
“Bang Printing is excited to announce this opportunity to acquire Hess Print Solutions. The combination of Bang Printing’s extensive product line and the strong reputation of HPS will allow us to offer our customers one-stop solutions to their print and marketing needs,” said Chris Kurtzman, president and CEO of Bang Printing.