SSG Advises Ovalnnovations in the Sale to Veos USA

SSG Capital Advisors served as the investment banker to Anada, OvaInnovations and Crimson in the sale of substantially all its assets to Veos USA. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Western District of Wisconsin. The transaction closed in November 2024.

After multiple years of growth and profitability, OvaInnovations faced external challenges in 2023 that included a class-action lawsuit related to odor emissions, and other litigation related to intellectual property. The company was required by the city of Adrian and the state of Michigan to limit its operating hours until the alleged odor issue was resolved. This curtailed the plant’s operations, significantly reducing volume and sales. Additionally, a settlement of the intellectual property litigation burdened the company with a significant amount of indebtedness. In an attempt to preserve operations, the company elected to file for relief under Chapter 11 to pursue a sale of its assets.

SSG was retained to conduct a marketing process and solicit competing offers to the stalking horse bid from potential strategic and financial acquirers. After extensive marketing and discussion with numerous interested parties, the stalking horse bid submitted by Veos was determined to be the highest and best offer for substantially all the company’s assets. SSG’s Chapter 11 transaction experience and industry knowledge resulted in a process where value was maximized in an expedited time frame.

Other professionals who worked on the transaction include:

• Kristin J. Sederholm and Colton J. Chase of Krekeler Law, S.C., bankruptcy counsel to OvaInnovations

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• Barry S. Sackett and Channing M. Burd of Goosmann Law Firm, corporate counsel to OvaInnovations

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• Louis F. Solimine and Daniel Glass of Thompson Hine, co-counsel to Veos USA

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• James D. Sweet of Swanson Sweet, co-counsel to Veos USA

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• John J. Stockdale, Jr. of Schafer & Weiner, counsel to the Crimson unsecured creditors committee

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• Marc N. Swanson and Ronald A. Spinner of Miller, Canfield, Paddock and Stone, co-counsel to the OvaInnovations’ unsecured creditors committee

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• Michael P. Richman of Richman & Richman, co-counsel to the OvaInnovations’ unsecured creditors committee

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