Blue Raven Announces Agreement to Sell to Leading Ridge Capital
Blue Raven Technology, Inc. announced that it has entered into an agreement to sell substantially all its assets to Leading Ridge Capital Partners. The assets acquired from Blue Raven Technology will be deployed within a holding company focusing specifically on providing reverse logistic services. Blue Raven’s management and employees will be offered positions within the new company.
Blue Raven Technology is a provider of repair services in North America for consumer and commercial electronics products, including computers, tablets, projectors and embedded systems. Blue Raven Technology provides its customers with a full suite of Reverse Logistics Services.
In connection with the transaction, Blue Raven Technology voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Massachusetts and will seek court approval of the asset sale to Leading Ridge Capital Partners under section 363 of the U.S. Bankruptcy Code.
“The company made the voluntary bankruptcy filing in order to facilitate a restructuring of debt and relieve cash flow pressures,” says Glen A. Kashgegian, president, Blue Raven Technology. “We anticipate emerging from this process quickly as a stronger, better capitalized and more competitive organization. It is important to emphasize that Blue Raven Technology’s customers and operations will not be adversely affected by the bankruptcy process. We believe a transaction with Leading Ridge Capital Partners will be highly strategic to both companies.”
Blue Raven Technology is being advised by investment banking firm Business Capital Exchange, Inc and law firm Madoff and Khoury LLP.
Leading Ridge Capital Partners is a private investment firm specializing in positioning logistics and distribution companies nationwide for long-term growth.