Fellows and Jones & Lamson

Client Profile
Fellows and Jones & Lamson, which are Vermont-based subsidiaries of the Goldman Industrial Group, manufacture gear shaping machine tools.
Situation
The downturn in the overall economy in 2001 and related softness in demand for capital equipment resulted in the Vermont companies temporarily ceasing operations and filing for protection under Chapter 11 of the U.S. Bankruptcy Code on February 14, 2002.
Solution
SSG was retained in February 2002 to sell Fellows and Jones & Lamson (along with their sister companies Bryant and J&L Metrology) as a whole or by division in order to maximize the value to secured creditors. SSG went to market within one week of engagement and quickly selected a platform bidder for all four companies for a Section 363 sale. SSG also attracted a competing bidder to the Section 363 sale, which culminated in a 25% increase in the purchase price above the platform bid. The transaction closed in May 2002.