- Tadao Otsuki, Chairman, Novations Group, Inc.
Recent Transaction
Troy Mills’ West Virginia Operations Sold to Management-led Buyout Group
Contact:
Jameson Grant
Location: West Virginia
Date: Mar 21, 2003
Boston, MA, Mar 21, 2002 - Mirus Corporate Recovery Services announced today that they have successfully completed the sale of Troy Mills’ operations in Harrisville, WV to Troy LLC, a management-led buyout group backed by Mountaineer Capital of Charleston, WV.
Troy Mills retained RCW Mirus to sell the Company following a downturn in the automotive manufacturing industry. Troy Mills is one of the oldest textile manufacturers in the United States tracing its origins to 1865 when it began as a manufacturer of woven horse blankets. The Company had operations in Troy, NH and Harrisville, WV and was one of the leading suppliers of needle-punched non-woven fabrics serving the automotive industry as well as a leader in technical products serving specialty niche markets.
Mirus Corporate Recovery Services, a group within Mirus, Inc. that specializes in assisting distressed companies with mergers, acquisitions and recapitalizations, was retained in late November to assist the Company with finding buyers for its operations in West Virginia and New Hampshire.
By late December, Mirus had brought several buyers into the sale process, and had put the management team in Harrisville in touch with several private equity firms, including Mountaineer Capital. Mirus received several competing offers for the Harrisville Operations, and ultimately, Troy LLC produced the most favorable bid, and proceeded to a closing that was completed today.
“This transaction represents a positive outcome for the Company and its creditors,” said Jamie Grant, the Managing Director for Mirus Corporate Recovery Services. “In addition to getting a cash return from the proceeds, creditors will also benefit from the forthcoming sale of the New Hampshire operations”. Mr. Grant indicated that a sale of the operations in Troy, NH would likely be completed in April.
This transaction represents Mirus’ fourth closing of 2002, and the second closing for Mirus Corporate Recovery Services in two weeks.
About Mirus, Inc.
Based in Boston, MA and with clients throughout North America, Mirus provides investment-banking solutions to middle market corporations in targeted technology and manufacturing industries. Mirus delivers merger advisory, private placements, fairness opinions and valuation services to entrepreneurs, private equity groups and corporate clients. Mirus Corporate Recovery Services specializes in assisting distressed companies with mergers, acquisitions and recapitalizations. Information about the firm is available on Mirus' web site at http://www.merger.com
Recent Transactions