SSG Capital Advisors acted as the investment banker to Coyne International Enterprises on the sale of substantially all of its assets to Cintas Corporation No. 2, Prudential Overall Supply, Clean Rentals and Pendera Holdings.

The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Northern District of New York and closed in December 2015.

Coyne operated for more than 80 years and grew into one of the largest privately-owned industrial laundry companies in the U.S. The majority of the company’s recurring route-based revenue is derived from its garment rental business. The company offers an extensive portfolio of products and services: Coyne rents, leases, sells, and launders textile products including workplace uniforms, career apparel, protective garments, shop towels, reusable absorbent socks and pads, floor mats, treated dust mops and wet mops.

In 2013, Coyne experienced a decline in revenue and profitability due to the loss of certain key customers. In response, management implemented personnel and operational initiatives focused on increasing revenue, reducing costs and improving efficiencies throughout the organization and subsequently retained SSG to evaluate strategic alternatives.

SSG conducted a comprehensive marketing process which resulted in a wide range of interest from potential strategic and financial parties. The process resulted in eight qualified bids for the assets in whole and/or in part. To best maximize value, SSG and Coyne’s professionals selected four buyers to form a combined bid for substantially all of Coyne’s assets.