The Company

Crown Operations International, Ltd.

A Wisconsin-based prelaminater and converter of interlayers of PVB and anti-solar film for the automotive and architectural glass markets. was in receivership and had gone through an extensive marketing process already.

The Challenge

Royko Enterprises’ process had generated 40 interested groups, and an offer, for which the receiver sought court approval. However, when the shareholder filed for personal bankruptcy, he prevented the sale and raised issues about the efficacy of the marketing process.  The shareholder requested, and the bankruptcy court recommended, that Equity Partners be retained to supplement the Royko process to ensure that value was maximized.

The Process

The receiver retained Equity Partners and scheduled an auction for 30 days out.  The firms worked together, and Equity Partners supplemented the process with print advertising, internet ads with trade publications, contact with more strategic buyers, and contact with its own database of distressed company buyers.  In 3 weeks, 64 additional groups executed confidentiality agreements, and an additional bidder was generated.

The Solution

An auction was held, producing a backup bidder and a price increase, a sale to the original buyer was approved by the state court, and closing occurred shortly thereafter.