NASHOTAH, Wis., June 22, 2020 /PRNewswire/ -- Techniplas (the "Company"), a provider of highly engineered technical solutions to the automotive, transportation, and industrial markets, today announced that, following a sale process through Chapter 11, the Company's business is now under new ownership with an improved balance sheet and will continue operating under the Techniplas name.
As outlined in the sale order, which was approved by the U.S. Bankruptcy Court for the District of Delaware on June 12, 2020, Techniplas, LLC executed a sale of its core assets to certain of its existing investors. The Company's owners include marquee investors Bayside Capital, Amzak Capital Management, and The Jordan Company, who have contributed over $50 million in fresh capital in order to provide the Company a strong balance sheet. The Company will now have significantly less debt and more liquidity to invest in sustainable future growth to the benefit of its customers.
Ali El-Haj, who will continue as Techniplas's Chief Executive Officer under its new ownership, said, "I am excited to lead Techniplas into our next chapter, strengthened with a right-sized balance sheet and backed by our investors, who have proven experience in supporting companies like ours through the next phase of growth. We enter this new phase with renewed energy and enthusiasm to meet the needs of our strategic customers."
El-Haj continued, "I would like to offer special thanks to all of our customers, suppliers, and dedicated employees for their support throughout this expedited process. Techniplas has continued to support and serve essential businesses throughout this process and the COVID-19 pandemic, and now with all of our facilities resuming operations, we are even better positioned to continue serving our customers with our high-quality solutions and service."
The acquisition of Techniplas's core assets closed June 19, 2020. Further information about the Chapter 11 cases can be found at https://dm.epiq11.com/Techniplas.
Techniplas, LLC was represented in this matter by White & Case LLP, FTI Consulting, and Miller Buckfire. The ad hoc group of investors was represented by Arnold & Porter Kaye Scholer LLP and Houlihan Lokey.
Techniplas (www.techniplas.com) is a global provider of highly engineered plastic components, primarily for the automotive sector as well as industrial, consumer, medical, and other markets. The Company's products align with industry trends, including vehicle lightweighting and electrification and an increasing focus on comfort and safety. Techniplas serves global customers and platforms with a focus on technology expertise and design and engineering collaboration with customers. Techniplas maintains long-term relationships with many of the world's leading automotive OEMs.