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SSG Client Transactions

Title

Prestige Industries, LLC
Client Profile

Client Profile

Prestige Industries, LLC (“Prestige” or the “Company”) is a market leading provider of commercial laundry services to the hospitality industry in the greater New York City area. Headquartered in North Bergen, New Jersey, the Company operates two laundry facilities strategically positioned in order to maximize efficiency while providing quality services to its customers. The Company provides a full suite of laundry services to a wide-ranging customer base that includes premium hotel chains and signature boutique hotels.
Situation

Situation

Higher than expected costs and completion delays from the construction of a Greenfield facility, coupled with certain operational difficulties suppressed the Company’s profitability for multiple years. The result was an unsustainable capital structure. In order to facilitate the infusion of additional capital, the Company filed for protection under Chapter 11 of the United States Bankruptcy Code in January 2017.
Solution

Solution

SSG was retained as the Company’s investment banker and expeditiously conducted a comprehensive marketing process, which resulted in a broad range of interest primarily from strategic parties. Value was maximized through an active 363 auction with multiple rounds of bidding. The winning bidder was Sunrise Capital Partners, a private equity firm that owns another commercial laundry operation in Orlando, Florida.
May 2017
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
District of Delaware
The undersigned acted as Investment Banker
to Prestige Industries, LLC 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.

Philadelphia
(610) 940-1094

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New York
(212) 786-7432

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