Published: March 08, 2010
Protective Products of America Completes 363 Bankruptcy Sale to Protective Products Enterprises, an Affiliate of Sun Capital Partners
BOCA RATON, Fla. - (BUSINESS WIRE) - Sun Capital Partners, Inc. ("Sun Capital" ), a leading private investment
firm specializing in leveraged buyouts and investments in
underperforming companies, today announced that its affiliate Protective
Products Enterprises has acquired substantially all of the assets of
Protective Products of America through a 363 bankruptcy sale. The sale
was approved by the Bankruptcy Court of the Southern District of Florida
on February 19, 2010. The company, which ranks among the top qualified
U.S. providers of soft body armor for military and law enforcement
personnel, will continue to operate under its recognized brand,
"Protective Products" .
"We are delighted with our agreement to be acquired by an affiliate of
Sun Capital," said Neil Schwartzman, Acting CEO, Protective Products
Enterprises. "As a result of the reorganization, our company re-enters
the market with a simplified business model and stronger capital
structure, and is better positioned overall to continue to supply our
customers with the highest quality, certified protective ballistic
products. With Sun Capital's financial support and extensive
manufacturing experience, Protective Products now has the necessary
resources to invest in our business and pursue the numerous domestic and
international growth opportunities that exist in the current marketplace.
Said Brian McGee, Vice President at Sun Capital Partners, "We look
forward to working closely with the management team and board of
directors to further capitalize on the Company's position as a leading
provider of a comprehensive line of high quality protective products. We
foresee a number of opportunities to grow the business both organically
and through add-on acquisitions."
Farlie Turner's Special Situation Group served as the Company's
investment banker and financial advisor.
About Protective Products Enterprises
Protective Products Enterprises designs, manufactures, and markets
advanced products used to provide ballistics protection for personnel
and vehicles in the military and law enforcement markets. Products
include concealable soft body armor products for law enforcement and the
Improved Modular Tactical vest, a ballistic system for military
personnel. The company produces and sells body armor to several branches
of the U.S. armed forces, federal agencies, and local and state police
forces. For more information, please visit www.proctectiveproductsofamerica.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 and managed more
than 220 companies worldwide with combined sales in excess of $40.0
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, Shanghai and Shenzhen. Sun Capital
has been one of the most active private investment firms in the U.S.,
closing 169 transactions from 2002 through 2009. For more information,
please visit www.SunCapPart.com
Protective Products Enterprises
Neil Schwartzman, Acting CEO,
954-846-8222
or
Stanton Public Relations & Marketing
Alex
Stanton, 212-780-0701
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