client_transactions

SSG Client Transactions

Title

BillNat Corporation
Client Profile

Client Profile

BillNat Corporation (“BillNat” or the “Company”), a wholly-owned subsidiary of Frank W. Kerr Company ("Kerr"), is a leading retail pharmacy chain in Southeastern Michigan that operates 21 locations under the name "Sav-On Drugs." BillNat and its local community-oriented pharmacists provide customers with quality products and services in a one-stop layout at economical prices, including prescription drugs, over-the-counter medication, health and beauty products, and general merchandise.
Situation

Situation

In early 2016, Kerr experienced financial difficulties that resulted in its filing for bankruptcy protection. In order to maximize recovery for Kerr stakeholders, SSG was retained in June 2016 to explore strategic alternatives for BillNat.
Solution

Solution

SSG conducted a comprehensive marketing process, which resulted in a wide range of interest from potential strategic parties to achieve an optimal outcome for the Company and its stakeholders. The process resulted in ten offers for the assets in whole or in parts. BillNat ultimately reached an agreement with CVS Health Corporation (“CVS”) for substantially all of the Company's assets. In October 2017, BillNat filed for Chapter 11 protection. While significant post-petition interest was expressed, CVS's stalking horse bid was ultimately deemed to be the highest and best offer. SSG's experience in identifying buyers, and running complex, special situation sale processes enabled the Company's stakeholders to maximize value while preserving a significant number of jobs.
January 2018
has sold substantially all
of its assets to an affiliate of
Under Section 363 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court for the Eastern District
of Michigan, Southern Division
The undersigned acted as Investment Banker
to BillNat Corporation on this transaction

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

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