SUN PRAIRIE, Wis., March 4, 2011 /PRNewswire/ -- On March 2nd at The Madison Concourse Hotel in Madison, Wisconsin, a group of well-established food manufacturers, industrial liquidators and gourmet food purveyors, gathered to take part in a bid procedure to sell the assets of The Wisconsin Food Gift Co. This parent company consists of The Wisconsin Cheeseman, Mille Lacs Gourmet Foods and Scott's Fundraising. The company was established in 1946 by the Cremer family, who sold the firm to an investment group in 2007. The company suffered during the economic downturn and was further burdened by debt service and shrinking sales during peak seasonal times.
The Wisconsin Food Gift Co, in receivership under Chapter 128 of Wisconsin Bankruptcy Law, went under the hammer in a process led by Attorney Michael Polsky, Receiver, who is highly specialized in such proceedings.
The result of the hard fought bidding was the sale of The Wisconsin Cheeseman intangible assets to Swiss Colony, and the sale of Mille Lacs intangible assets to a local cheese maker, along with certain inventory assets. The remaining intellectual property, manufacturing equipment and plant assets were secured by Rabin Worldwide, a leading international industrial auction house that specializes in food facilities. Rabin will offer these assets by public auction on March 9th and 10th, selling the intellectual property and cheese related manufacturing equipment on March 9th and the candy and chocolate equipment along with plant assets on March 10th.
The two-day sale will be attended by hundreds of bidders and will allow for potential buyers to bid live on site or via RabinLive™ , as the sale will be simulcast on the Internet to allow for real-time electronic bidding in tandem with onsite bidding.
Michael Polsky accepted Rabin's service package as the highest and best offer and will rely upon them to prepare, promote and conduct the sale on behalf of the senior secured creditor, Cole Taylor Bank, who provided their consent to the decision.
Rabin Worldwide will offer public inspection of the assets on Tuesday, March 8th from 9am-4pm CST, each day of the auction sale, or earlier by appointment.
Auction offerings consist of all the cheese and confectionery processing and packaging machinery, as well as forklifts, office furniture, computers, lab, shop tools, and pallet racking.
To download a catalog for the sale, to receive further information, or to make an appointment to inspect the plant please contact Rabin at 800.421.2144 or go to www.rabin.com.
SOURCE Rabin Worldwide