Salus to Be Honored at M&A Advisor Turnaround Awards
Salus Capital Partners will be honored at the 8th Annual M&A Advisor Turnaround Awards. The DIP financing of National Envelope was named Restructuring Deal of the Year (Over $50mm to $100mm) and Chapter 11 Reorganization of HMX, LLC was named Chapter 11 Reorganization of the Year (Over $100 mm to $1 Billion).
The M&A Advisor will present the 2014 awards on March 11 in Palm Beach, FL in conjunction with the 2014 M&A Advisor Distressed Investing Summit.
As winner of Restructuring Deal of the Year (Over $50mm to $100mm) – National Envelope (the largest privately held manufacturer of commodity, proprietary and specialty envelopes in North America), Salus structured a $67.5 million debtor-in-possession (DIP) facility to provide the company with working capital as it operated under the protection of Chapter 11 of the U.S. Bankruptcy Code, ultimately facilitating a successful sale process.
As winner of Chapter 11 Reorganization of the Year (Over $100mm to $1 Billion) – HMX, LLC, Salus provided, in the reorganization of HMX Group, a $65 million DIP facility that allowed the company to operate through an orderly sale and bankruptcy process, which resulted in the formation of W Diamond Group Corporation. Salus provided an additional $35 million senior secured credit facility to W Diamond as it continued to manufacture HMX’s brands, including Hickey Freeman, Hart Schaffner Marx, Misook and Bobby Jones.
“Salus is honored to be recognized by the M&A Advisor for these transactions,” said Andrew H. Moser, president and CEO of Salus Capital. “Our team, led by Kyle C. Shonak, believes that each situation demands a unique and creative approach to lending. With both transactions, we took the time to listen and learn and really understand the driving needs of both companies.”
Moser added, “Complex transactions require a team of committed and disciplined individuals and Salus congratulates the attorneys, turnaround managers, bankers and others involved that helped National Envelope and HMX achieve their goals.”