Tiger Group to Conduct Addco Assets Sealed Bid Offering
Tiger Group’s Remarketing Services division is conducting a sealed bid offering of assets of St. Paul-based traffic safety and control equipment manufacturer Addco. Its product lines included permanent dynamic message signs (DMS) and portable changeable message signs built for Intelligent Transportation System (ITS) and traffic control.
The assets will be sold off in groups of 10 lots through a U.S. Bankruptcy Court-ordered sealed bid sale, with all bids due by 4:00 p.m. EST on March 21. Lots offered in the sealed bid lot catalog range from all assets to machinery and equipment; specific product lines; the company’s entire inventory, including raw materials, components, finished goods and demo units; intellectual property and various vehicles.
Addco filed for voluntary Chapter 7 bankruptcy on January 11, 2013 in the U.S. Bankruptcy Court for the District of Delaware. Tiger is conducting the sale on behalf of Chapter 7 Bankruptcy Trustee George Miller.
“We are working in cooperation with Addco’s former management team to facilitate a sale comprised of lots that will appeal to competitors, dealers and distributors, and end-users,” said Jeff Tanenbaum, president of Tiger Remarketing. “This process is designed to identify the highest and best bidders, while maintaining large enough lot packages to preserve enterprise opportunities. In other words, a bidder interested in servicing Addco’s in-field equipment may only be interested in purchasing the company’s parts inventory lots. By the same token, a company interested in stepping into Addco’s shoes as a manufacturer could extend their bid to include the intellectual property and machinery and equipment lots. The sale will be awarded in consideration of the highest and best combination of bids.”
Tanenbaum added that the process includes a provision for a round of live bidding in the event that comparable bids for various lots are received from different parties. This phase would be conducted through a telephonic auction on March 25.
For more information about this sale, click here.
Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale and industrial clients.