Livingstone is pleased to announce three sale transactions for Gissing North America, LLC, et al. (“Gissing” or the “Company”). Angstrom Automotive Group, LLC acquired assets related to the primary manufacturing facilities in Auburn, Maine, and Sidney, Ohio; Hodge Distribution and Logistics, Inc. acquired assets related to the Company’s vertically integrated fiber manufacturing in Sumter, South Carolina; and Shanghai Daimay Automotive Interior Co. Ltd. acquired assets related to the Company’s research and development facility located in Wixom, Michigan.
Gissing and seven affiliated companies (collectively, the “Debtors”) each filed voluntary petitions for relief under Chapter 11 in the US Bankruptcy Court for the Eastern District of Michigan. Before the filing, the Company entered into an Accommodation Agreement with four major customers and their senior secured lenders to obtain critical funding and other support to ensure the Debtors’ continued operations. Gissing retained Livingstone to pursue a sale of the Debtor’s assets according to §363 of the Bankruptcy Code.
Gissing North America LLC, a subsidiary of Wuxi Gissing Auto Parts Co., is a Tier 1 full-service supplier of acoustic, noise, vibration, and harshness systems, and weight reduction solutions for blue-chip automotive customers, including General Motors Co., Toyota Motor Corporation, Tesla, Inc., Stellantis NV, and BMW AG.
Angstrom Automotive Group, LLC is a leading Tier 1 full-service supplier for automotive and industrial original equipment manufacturers (OEMs). The acquisition bolsters Angstrom’s presence across the United States and enhances its robust portfolio of products for its blue-chip automotive customers.
Shanghai Daimay Automotive Interior Co., Ltd research, develops, produces, and sells passenger car components for OEMs in the US and automakers in China and internationally.
Hodge Distribution & Logistics, Inc. provides distribution services to local, national, and international companies that require warehousing, trailer rental, transportation, and other related distribution services.
Joe Greenwood, Partner at Livingstone, stated, “This was a challenging transaction, and we are pleased with the positive result for our client and other Company stakeholders. The execution of three separate sale transactions, in this case, demonstrates Livingstone’s ability to find creative, value-maximizing outcomes in the most challenging situations.”
This transaction represents another successful outcome for Livingstone’s Special Situations practice, which has extensive experience advising middle-market companies through M&A, financing, and balance sheet restructuring transactions during periods of underperformance, distress, and insolvency.
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- "This was a challenging transaction, and we are pleased with the positive result for our client and other Company stakeholders. The execution of three separate sale transactions, in this case, demonstrates Livingstone’s ability to find creative, value-maximizing outcomes in the most challenging situations."