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After 50 years of success in making and distributing dyes and specialty chemicals to the textile, paper, floor covering and other specialty industries in North America, Rite Industries found itself in a whole new marketplace. The textile industry was moving offshore and Rite Industries' cash flow had fallen by two-thirds. They were in imminent danger of defaulting on their $25 million senior debt and closing their doors. It seemed their only option was to divide into three divisions, but the marketplace wasn't interested.
The Courtney Group created the right solution. A senior level team immersed itself in Rite Industries and applied its industry expertise to the marketing, valuation, structuring and negotiation of the sale of Rite Industries. Our advice ultimately led Rite Industries into and out of bankruptcy and a sale of the company at 80% over liquidation value. 300 jobs at plants in three communities were saved and an important supplier was preserved. Today Rite Industries is open for business and positioned for future growth and profits.
Dimeling, Schreiber & Park is a private investment partnership based in Philadelphia, PA. The firm specializes in opportunistic investments primarily in the form of leveraged acquisitions, recapitalizations, and Chapter 11 reorganizations. Dimeling, Schreiber & Park has completed acquisitions totaling in excess of $1 billion since its founding in 1982.
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