Arandell Finalizes Sale to Private Equity Firm, Successfully Exits Chapter 11 Bankruptcy
Arandell Holdings, Inc. announced that it has finalized an agreement approved by the U.S. Bankruptcy Court for the District of Delaware that calls for Saothair Capital Partners to invest in the business, clearing the way for emergence from Chapter 11 of the U.S. Bankruptcy Code.
“Saothair’s investment is a testament to the overall strength of our business model and market position,” said Brad Hoffman, President and CEO of Arandell. “We’re excited to complete the process and move forward as a company, continuing our recent growth into 2021 and beyond.”
Under the agreement, an affiliate of Saothair, a private equity firm based in the Philadelphia area, will become the controlling shareholder of the Company’s business and assets. The business will retain the same leadership structure, will continue operations at its current location in Southeast Wisconsin, and will emerge strongly capitalized with a conservative balance sheet.
Arandell filed for business reorganization under Chapter 11 in August, driven in large part by industry changes resulting from the COVID-19 pandemic. Since then, the Company has maintained normal operations, preserved more than 500 jobs, steadily increased overall revenue growth, and is on track to return to pre-COVID19 revenue growth in 2021.
As one of the country’s largest and most experienced printers with an efficient mailing distribution network, Arandell presents a strong foundation and world-class team to achieve ongoing growth, factors that led to Saothair’s interest.
“Arandell has been able to achieve its market position by having a strong business model, disciplined leadership team, and a focused workforce, all of which makes them a strong partner,” said Kevin Madden, Saothair’s Managing Partner. “Arandell’s ability to maintain its market position amid the pandemic and reorganization process underscores all the positive attributes that make us believe the business is poised to continue its growth trajectory.”
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of the staff of Printing Impressions.