Lyon exits from bankruptcy
Lyon announced that a joint venture between newly formed Lyon Capital Partners LLC and Revere Finance completed the acquisition of Lyon Workspace Products on May 7.
In January, Lyon filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, and after 110 days, the business was sold to the joint venture in an auction after an affiliate of Echelon Capital purchased the senior debt from Capital One. Founded in 1901, Lyon is a manufacturer and supplier of lockers, industrial storage and workspace products and solutions, with three manufacturing facilities and four regional distribution centers.
"This transaction will allow Lyon to shed legacy obligations and emerge with a strong balance sheet led by new ownership with substantial industry experience," according to a company statement.
The new business will be led by Gene Berg, who has led a number of successful turnarounds in the last 25 years, and before founding Echelon Capital, served in various executive positions including President of Bergstrom Inc., a global manufacturer to the commercial vehicle industry. “We are committed to partnering with our customers, dealers, distributors, suppliers and employees to build on the rich heritage of Lyon,” said Berg.
Berg, along with his partners William Guo and Matt Zakaras, will be changing the name of Echelon Capital to Lyon Capital Partners LLC in order to build on the legacy of the “Lyon” brand in manufacturing and metal fabrication. The new Lyon Capital Partners LLC, headquartered in Chicago, owns several other metal fabrication businesses in Illinois, including Viking Metal Cabinet Company, Hobart Cabinet Company, Precision Quincy Ovens and Austin-Westran.
INDUSTRIAL SUPPLY MAGAZINE
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