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Equity Partners HG brokers sale of Cosmos Granite (Central), LLC to Justh Holdings, LLC

 

For Immediate Release | October 15, 2019

Cosmos Granite (Central), LLC (“COSMOS”) has completed a going concern sale transaction with Justh Holdings, LLC of Kent, Washington. Justh Holdings operates a similar business to COSMOS’ primarily in the northwest and southeast United States. COSMOS was operating in a receivership and Equity Partners HG, a Maryland-based investment banker, served as intermediary for the Receiver.

COSMOS was founded in 2007 with the aim of providing its customers (primarily natural stone fabricators/installers) with superior quality materials at competitive prices and services. Quality and service have always been its founding principles and with the knowledge and experience of its industry experts, COSMOS become a leading distributor in the upper Mid-West.

COSMOS had seen a reduction in its revenues over the past few years and was no longer profitable. As a result of that, combined with a dispute among some of the owners, COSMOS entered into a Receivership in a North Carolina State Court proceeding in which the Receiver retained Equity Partners HG as its exclusive broker. Equity Partners HG’s charge was to quickly find a buyer for the business. Equity Partners HG ran an exhaustive marketing process, reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners HG narrowed the field of nearly 20 active interested prospects down to the four most logical buyers. Following a lively auction and extensive negotiations with all the buyers, Justh Holdings was ultimately approved as the successful suitor for the business. All full-time employees were retained, and the business continues to operate with plans to grow.

Fred Cross, managing director at Equity Partners HG said, “This was an outstanding result. Justh Holdings, LLC brings countless synergies to COSMOS and the sale brought a far greater recovery to creditors than liquidation would have. Keeping the jobs in Chicago and St. Louis and the assumption of the building leases make this acquisition a great success for Justh Holdings and the Receiver in the case. All of us at Equity Partners HG are happy to see an outcome like this and we look forward to COSMOS providing countertop solutions to both markets long into the future.”

Other professionals who worked on the transaction include:

  • John Northen, Northen Blue LLP, Receiver, N.C.
  • Vicki Parrot, Northen Blue LLP, counsel to the Receiver
  • Clint Morse, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP., counsel to Justh Holdings LLC
  • Charles Coble, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP., counsel to Justh Holdings LLC
  • Luis Lluberas, Moore & Van Allen, PLLC, counsel to Bank of America