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Salus Capital to be Recognized at M&A Advisor Turnaround Awards

February 06, 2014, 07:26 AM
Filed Under: Turnaround Management

Salus Capital Partners, LLC, will be honored for its work at the 8th Annual M&A Advisor Turnaround Awards. The Debtor-in-Possession financing of National Envelope was named Restructuring Deal of the Year (Over $50mm to $100mm) and the Chapter 11 Reorganization of HMX, LLC was named Chapter 11 Reorganization of the Year (Over $100 mm to $1 Billion). The M&A Advisor will present the 2014 awards on March 11th in Palm Beach, FL, in conjunction with the 2014 M&A Advisor Distressed Investing Summit.

Restructuring Deal of the Year (Over $50mm to $100mm) Winner – National Envelope

For National Envelope, the largest privately-held manufacturer of commodity, proprietary and specialty envelopes in North America, Salus structured a $67.5 million Debtor-in-Possession (DIP) facility to provide the company with working capital as it operated under the protection of Chapter 11 of the U.S. Bankruptcy Code, ultimately facilitating a successful sale process.

Chapter 11 Reorganization of the Year (Over $100mm to $1 Billion) Winner – HMX, LLC

In the reorganization of HMX Group, Salus provided a $65 million DIP facility that allowed the company to operate through an orderly sale and bankruptcy process, which resulted in the formation of W Diamond Group Corporation. Salus provided an additional $35 million Senior-Secured Credit Facility to W Diamond as it continued to manufacture HMX’s brands, including Hickey Freeman, Hart Schaffner Marx, Misook and Bobby Jones.

“Salus is honored to be recognized by the M&A Advisor for these transactions,” said Andrew H. Moser, President and CEO of Salus Capital. “Our team led by Kyle C. Shonak, believes that each situation demands a unique and creative approach to lending.  With both transactions, we took the time to listen and learn and really understand the driving needs of both companies.”

Moser added, “Complex transactions require a team of committed and disciplined individuals and Salus congratulates the attorneys, turnaround managers, bankers and others involved that helped National Envelope and HMX achieve their goals.”

Now in its eighth year, the M&A Advisor Annual Turnaround Awards assembles the leading distressed investing, restructuring and turnaround deal-making professionals to honor their excellence.

Salus Capital is a direct originator of secured asset-based loans to the middle market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. The Salus Capital platform may also serve as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending.

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