Point Blank Solutions Sold to an Affiliate of Sun Capital Partners
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Point Blank Solutions (PN) (USOTC:PBSOQ)
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Today : Tuesday 1 November 2011
Point Blank Solutions, Inc. (OTC: PBSOQ), a leader in the field of protective body armor, today announced that an affiliate of Sun Capital Partners, Inc. has emerged as the successful bidder for substantially all of the Company's operating assets through a 363 bankruptcy sale. Sun Capital is a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. The sale was approved by the U.S. Bankruptcy Court in Delaware on October 28, 2011.
"A new chapter in our corporate evolution has begun, and we can now focus fully on executing our strategy and exceeding the expectations of our customers," said Jim Henderson, CEO of Point Blank Solutions. "I am proud of the collective efforts of the Point Blank team. We have all worked diligently to move our business forward through this reorganization process. We are especially pleased to have the support of Sun Capital, given their strong track record, their understanding of our industry, and their commitment to growing our business."
"We welcome the Point Blank management team and employees to the Sun Capital family, and are very excited about the future possibilities," said Brian McGee, Vice President at Sun Capital Partners. "With Protective Products Enterprises, Paraclete, and now Point Blank Body Armor and PACA Body Armor, Sun Capital is proud to own some of the most trusted brands in the industry. These companies have great potential, offer unique and differentiated products, and are privileged to serve some of the world's most important customers."
