Lyon emerges from bankruptcy
After 110 days in bankruptcy, the manufacturer was acquired by Lyon Capital Partners, LLC (formerly Echelon Capital) and Revere Finance with plans to transform the business.
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Lyon announced today that on May 7th, a joint venture between newly-formed Lyon Capital Partners, LLC, (formerly Echelon Capital) and Revere Finance closed on the acquisition of substantially all of the assets of Lyon Workspace Products, LLC, and its affiliates. On January 19, 2013, Lyon filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, and after 110 days, the business was sold to the joint venture in an auction after an affiliate of Echelon Capital purchased the senior debt from Capital One.
Founded in 1901, Lyon is a leading manufacturer and supplier of lockers, industrial storage and workspace products and solutions, with three manufacturing facilities and four regional distribution centers.
This transaction will allow Lyon to shed legacy obligations and emerge with a strong balance sheet led by new ownership with substantial industry experience. Lyon has been a cornerstone in the communities of Montgomery, Watseka and Paris for many years, providing jobs to local families and additional economic benefits to the surrounding communities. The new owners are committed to
working with these communities, employees and suppliers to mitigate the harmful effects of the bankruptcy and build on the legacy of the “Lyon” name, while at the same time, transforming the business to meet the challenges of a globally and technologically competitive market.
To meet these challenges, the new business will be led by Gene Berg, who has led a number of successful turnarounds in the last 25 years, and before founding Echelon Capital, served in various executive positions including President of Bergstrom, Inc., a leading global manufacturer to the commercial vehicle industry. “We are committed to partnering with our customers, dealers, distributors,
suppliers and employees to build on the rich heritage of Lyon,” said Mr. Berg. Mr. Berg, along with his partners William Guo and Matt Zakaras, will be changing the name of Echelon Capital to Lyon Capital Partners, LLC, in order to build on the legacy of the “Lyon” brand in manufacturing and metal fabrication.
The new Lyon Capital Partners, LLC, headquartered in Chicago, owns several other metal fabrication businesses in Illinois, including Viking Metal Cabinet Company, Hobart Cabinet Company, Precision Quincy Ovens and Austin-Westran. Revere Finance, led by David Muslin on a transaction team that included Todd DiBenedetto, Alice Peterson and Roger Dittrich, provides capital and financial solutions to middle market manufacturing businesses. Revere Finance is a wholly owned subsidiary of PPL Group of Northbrook, Ill.
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