Premarc

Situation

Premarc (“the Company”) is a manufacturer of high quality concrete sewer pipe, manholes, box culverts and related products, serving the Midwest underground construction market since 1927.

In 1990, the Company entered the Bridge Beam business serving the above-ground road construction market primarily throughout the state of Michigan.

As a result of the global economic downturn and shifting customer demand from the private market to the fiscally strained public sector, the company was forced into Chapter 11 Bankruptcy.

The Company engaged Amherst Partners to assist in evaluating mergers, joint ventures, obtaining outside capital, and an outright sale of the Company.

Solution

In order to provide the best value for shareholders and creditors, Amherst led the sale process through the Bankruptcy Court under Section 363.

The Company’s assets were sold through the Bankruptcy process in a manner that provided continuity for the company’s customers, suppliers, and employees.

Results

Amherst implemented a three-pronged project plan: (a) manage a timely sale of the operation to a qualified buyer that would support continuing production; (b) assist in managing certain financial aspects of the operation; and, (c) coordinate with the Company’s Senior Secured lender to maintain support for the process.

Leveraging the Company’s industry experience and relationships, Amherst initiated a targeted sale process and led multiple negotiations with several different parties in the industry.

Amherst completed the sale of the Company’s assets to a leading regional competitor.

The transaction exceeded project goals for value to shareholders, production continuity, and employee retention.