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Scovill Fasteners Inc., a 209-year-old manufacturer of engineered closure products for the apparel and industrial markets, has completed a sale of the company to an affiliate of the Gores Group LLC, a Los Angeles-based private equity firm. The investment banking group of Carl Marks Advisory Group LLC acted as exclusive financial advisor to Scovill.
Founded in 1802 in Waterbury, Conn., Scovill Fasteners filed for Chapter 11 bankruptcy protection in April. At the time of filing, Global SFI Holdings LLC, an affiliate of the Gores Group, emerged as the stalking horse bidder for all the assets and operations of the company. Once filed, Carl Marks ran an exhaustive auction process pursuant to Section 363 of the United States Bankruptcy Code, in which the stalking horse bidder prevailed.
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"The sale of Scovill's operations and assets breathes new life into a venerable company that is one of the oldest continuously operating companies in the country and which has been important to its region's economy for many years, said Warren H. Feder, Partner, Carl Marks Advisory Group. The company took great strides in repairing a broken capital structure and successfully positioning itself for significant business growth in the future. Its exceptional management team was key to the sales process."
"Carl Marks' high level of expertise and guidance was crucial in closing this deal and in positioning the company to move on to the next chapter," said Stewart Little, President and CEO, Scovill Fasteners. "We are pleased that we can offer our employees security, business continuity and growth potential now and for the long term." |
Scovill's product portfolio includes products that have high brand recognition, including Gripper®, Duramark®, DOT®, Pull-The-DOT®, Lift-The-DOT®, Common-Sense® and DOT Durable™. Its products are used in a wide range of applications, including jeans wear, infant and children's wear, sporting goods, medical devices and safety equipment.
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