CLEVELAND, Sept. 21 /PRNewswire/ -- Resilience Capital Partners
(www.resiliencecapital.com), a Cleveland-based private equity firm, today
signed a definitive purchase agreement to acquire substantially all the
assets of Omega Polymer Technologies Inc. headquartered in Aurora, Ohio
subject to court approval. Omega listed 225 employees when it filed for
bankruptcy court protection citing recent raw material price increases and
high operating costs.
"There is no question in our minds that with our significant equity
investment and proper execution Omega can stem its losses, quickly be
stabilized and eventually turned around. In most businesses today you are
competing with the world and there are some tough competitors out there. It
is clear that in the coming years many companies will find themselves in a
similar situation as Omega of having to manage aggressively and find new
investment capital in order to survive" said Steven Rosen, a Managing
Partner of Resilience Capital.
Omega has been in a turnaround situation for the several months leading
up to its bankruptcy filing. "Omega is fortunate to have dedicated
employees and customers and we are very much looking forward to working
with them," added Bassem Mansour, a Managing Partner at Resilience Capital.
About Resilience Capital Partners
Resilience Capital Partners is a private equity firm based in
Cleveland, Ohio focused on investing in underperforming and turnaround
situations. Resilience's investment strategy is to acquire lower middle
market companies that have solid fundamental business prospects, but have
suffered from a cyclical industry downturn, are under-capitalized, or have
less than adequate management resources. Resilience typically acquires
companies with revenues of $25 million to $250 million. Resilience manages
two private equity funds with capital under management of over $75 million.
Since its inception in 2001, Resilience has acquired nine companies with
revenues in excess of $500 million.
SOURCE Resilience Capital Partners