Point Blank Solutions Sold to an Affiliate of Sun Capital Partners Company poised to grow its market position, while continuing to invest in its business
POMPANO BEACH, Fla., Nov. 1, 2011 /PRNewswire/ -- 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."
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions Inc., through its subsidiaries Point Blank Body Armor ("PBBA") and PACA Body Armor ("PACA"), manufacturers and markets protective technologies, such as bullet, fragmentation and stab resistant apparel, and related ballistic accessories. The Company's solutions are used domestically and internationally by military, law enforcement, security and corrections personnel, as well as by government agencies. Point Blank is a recognized market leader in the law enforcement community with a growing international platform. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it delivers the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Pompano Beach, FL, and Jacksboro, TN. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in–house operating professionals and experience. Sun Capital affiliates have invested in more than 270 companies worldwide with combined sales in excess of $40 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) UNCERTAINTIES ASSOCIATED WITH THE REORGANIZATION PROCESS. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
Point Blank Solutions, Inc.
Katrin C. Lieberwirth
Stanton Public Relations & Marketing
SOURCE Point Blank Solutions, Inc.