Livingstone is pleased to announce the sale of TriEnda Lexington Logistics, LLC to TriEnda Holdings, LLC, an acquisition vehicle majority-owned by Kruger Family Holdings. Livingstone served as the exclusive financial advisor to TriEnda. The receivership sale was consummated pursuant to Chapter 128 of the State of Wisconsin Statutes.
Headquartered in Portage, Wisconsin, TriEnda is the largest independent thermoformer in the US. The Company specialises in reusable single and twin-sheet plastic pallets and shipping containers for the material handling and packaging industry.
After experiencing tightened liquidity due to a number of legacy factors, Livingstone was appointed by the shareholders of Lexington to conduct a comprehensive sale process. After strong interest and offers from a number of strategic and financial buyers, a receivership process was initiated in early February as an effective means of selling the Company’s assets, with an auction scheduled for March 10, 2014. Following a competitive auction process with seven participants, Lexington’s operating assets were sold to Kruger for $13.6 million cash plus the assumption of certain liabilities.
“This is an excellent outcome for all constituents – but most importantly the Company’s employees,” said Joseph Greenwood, Partner at Livingstone Chicago. “The Krugers are very committed to this industry and this manufacturing facility.”
The sale to the Kruger family follows other recent Livingstone transactions with family offices, a growing industry trend. Livingstone recently completed sales to family offices Orchard Holdings and Ambassador Enterprises.