Siena Lending Group acted as agent and lender and Great Rock Capital Partners served as lender on financing to support Saothair Capital Partners’ acquisition of Arandell.
Saothair invested in partnership with Ocean Avenue Capital Partners, while Jenner & Block provided legal counsel.
Saothair Capital Partners is a private equity firm focused exclusively on investing in lower middle market manufacturing and industrial companies.
Saothair acquired the business and assets of Arandell Corporation through a newly-formed affiliate. Saothair completed the transaction after partnering with existing lender Farragut Capital Partners to be named stalking-horse bidder pursuant to a 363 sale of assets under Chapter 11 of the U.S. Bankruptcy Code.
Based in Menomonee Falls, WI, Arandell is a provider of catalog and brochure printing, mailing and logistics. Bradley Hoffman will continue to serve as president and CEO.
“Arandell is exactly the sort of business Saothair was created to invest in — a fundamentally strong company that is highly valued by its customers and a leader in its industry but one that has been held back by an over-leveraged balance sheet and beset by the historic, unprecedented challenges of the COVID-19 pandemic. We are grateful for the support of the International Brotherhood of Teamsters and Arandell’s talented workforce for their confidence in us to be stewards in the next chapter of the company’s success,” Kevin Madden, co-founder and managing partner of Saothair, said.
“We are excited to be partnering with Mr. Hoffman and his leadership team to invest behind Arandell’s further growth as a leader in the U.S. catalog printing industry. We see tremendous opportunity to take what is already a high-quality printer and, by bringing the necessary financial resources, create an even more enduringly competitive operation,” Richard Lozyniak, co-founder and operating partner of Saothair, said.
“Saothair’s investment is a testament to the overall strength of our business model and market position,” Hoffman said. “We’re excited to have completed the restructuring process in a timely fashion and to begin working with Kevin and Rich to move forward as a company, continuing our recent growth into 2021 and beyond.”
