Russell Johns, Inc.
A Clearwater-based 46 year old publishers’ representative whose creditors, for the most part, were the publishers they represented.
Russell Johns had invested heavily into digital platforms in an effort to better position themselves for growth and expansion. This investment resulted in them delaying over $2 million in payments to their creditors, who were also the publishers they represented.
Equity Partners was retained and launched an exhaustive marketing effort that resulted in two offers from groups that were willing to buy all of the assets of the company and pay the customers/creditors in full. provided they agreed to take payments over time and continued to do business with the “NewCo.”
Equity Partners also negotiated payoff agreements with seven key customers/creditors that would pay them in full over time and each of these customers/creditors agreed to continue to do business with the NewCo and the sale transaction closed with no interruption to the business.