Daily News: July 11, 2014

SSG Advises Cooper-Booth on Exit Financing Package

SSG Capital Advisors acted as the investment banker to Cooper-Booth Wholesale Company, Cooper-Booth Transportation Company and Cooper-Booth Management Company in the placement of an exit financing package, enabling the company to refinance existing indebtedness and successfully exit Chapter 11 through a plan of reorganization. The transaction closed in June 2014.

SSG was retained as CBW’s investment banker to find a solution for the company to exit bankruptcy, including a sale of substantially all of the its assets or exit financing resulting in a plan of reorganization. SSG conducted a comprehensive marketing process that resulted in a wide range of potential buyers, including multiple strategic and financial parties interested in operating CBW as a going concern business. However, in November 2013, the company settled the seizure warrant investigation with the federal government providing CBW the possibility to refinance existing debt and retain ownership of the business. SSG immediately commenced a financing process, resulting in multiple competitive term sheets. The exit financing of $35 million enabled CBW to confirm a plan of reorganization that paid all creditors in full plus interest. SSG’s knowledge of the industry and flexibility in running concurrent sales and financing processes enabled the company to continue as a going concern and maintain ownership for the family.

Cooper-Booth Wholesale is a convenience store wholesale distributor.