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Equity Partners HG brokers sale of Hooven-Dayton Corp. assets to The Branford Group

 

For Immediate Release | July 19, 2018

Hooven – Dayton Corp. (“the Company”) has completed a sale of its assets to The Branford Group. Maryland based Equity Partners HG served as investment banker for the seller.  Hooven – Dayton Corp. retained Equity Partners HG as the exclusive broker to find a joint venture partner, equity investor or buyer for the 50 year old, 100% minority owned, narrow web converter and specialty printer offering digital and flexographic label printing, coupons and flexible packaging. The Company was profitable until one of its larger customers went to pre-printed wraps and in-mold labeling, and at the same time demanded aggressive price concessions on the balance of their business. The combined effect significantly impacted top line revenue resulting in net losses. Equity Partners conducted an exhaustive marketing process that resulted in 62 groups proceeding to conduct due diligence with 12 groups visiting the facility and meeting with the management team. A UCC foreclosure sale was ultimately noticed by the secured creditor and 5 groups submitted qualified offers. After numerous rounds of bidding on various bid lot combinations, The Branford Group submitted the highest offer.

Professionals who worked in the case include:
• Calvin Bufford, Dinsmore & Shohl, counsel to Hooven-Dayton Corp.
• Tom Coughlin, Jaffe Raitt Heuer & Weiss, P.C., counsel to Crestmark Bank