Hooven-Dayton Corp. Completes Sale of Assets to The Branford Group
DAYTON, Ohio - July 20, 2018 - Hooven - Dayton Corp. has completed a sale of its assets to The Branford Group. Maryland-based Equity Partners HG served as investment banker for the seller. Hooven - Dayton Corp. retained Partners HG as the exclusive broker to find a joint venture partner, equity investor or buyer for the 50-year-old, 100% minority owned, narrow-web converter and specialty printer offering digital and flexographic label printing, coupons and flexible packaging. The company was profitable until one of its larger customers went to pre-printed wraps and in-mold labeling, and at the same time demanded aggressive price concessions on the balance of their business.
The combined effect significantly impacted top line revenue resulting in net losses. Equity Partners conducted an exhaustive marketing process that resulted in 62 groups proceeding to conduct due diligence, with 12 groups visiting the facility and meeting with the management team. A UCC foreclosure sale was ultimately noticed by the secured creditor and five groups submitted qualified offers. After numerous rounds of bidding on various bid lot combinations, The Branford Group submitted the highest offer.
Other professionals who worked on the transaction include:
- Calvin Bufford, Dinsmore & Shohl, counsel to Hooven-Dayton Corp.
- Tom Coughlin, Jaffe Raitt Heuer & Weiss, P.C., counsel to Crestmark Bank
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 Printing Impressions.