Daily News: April 24, 2014

Livingstone Advises Sale of Lexington Logistics to TriEnda

Livingstone announced the sale of Lexington Logistics to TriEnda Holdings, an acquisition entity majority-owned by Kruger Family Holdings. Livingstone served as the exclusive financial advisor to TriEnda. The receivership sale was consummated pursuant to Chapter 128 of the State of Wisconsin Statutes.

Headquartered in Portage, Wisconsin, TriEnda is the largest independent thermoformer in the United States. The Company specializes in single and twin sheet plastic pallets and shipping containers that are reusable for the material handling and packaging industry.

After experiencing tightened liquidity due to a number of legacy factors, Livingstone was retained as the company’s investment banker to conduct a comprehensive sale process. After strong interest and offers from a number of strategic and financial buyers, a receivership process was initiated in early February as a means for effectuating a sale of the company’s assets with an auction scheduled for March 10, 2014. Following a competitive going-concern auction with seven participants, TriEnda’s operating assets were sold to Kruger for $13.6 million cash plus the assumption of certain liabilities.

“This is an excellent outcome for all constituents – but most importantly the Company’s approximately 140 employees and 100+ temporary labor staff,” said Livingstone Partner Joseph Greenwood. “The Krugers are very committed to this industry and this manufacturing facility.”

The sale to the Kruger family follows other recent Livingstone transactions with family offices. Livingstone recently completed sales to family offices Orchard Holdings and Ambassador Enterprises.