Dallas, TX and Eugene, OR (October 29, 2010) - Renwood Opportunities Fund, a partnership formed by Rosewood Private Investments and Renovo Capital, is proud to announce the acquisition of the assets of States Industries, Inc.(www.statesind.com) For over 45 years, States Industries has been an industry leader in the design and manufacturing of natural wood veneered paneling, hardwood plywood panels, and related engineered components. States products are used in the manufacture of cabinets, furniture, store fixtures, and architectural interiors.
Renwood acquired the senior debt of States in August 2010, and in conjunction with States entering Chapter 11, provided Debtor-in-Possession financing. Renwood successfully credit bid its senior debt in a 363 sale for the assets of States. The total time from purchase of the senior debt to the closing of the 363 sale was less than 90 days, which preserved the going concern value of the business.
About Rosewood Private Investments:
Rosewood Private Investments (www.rosewoodpi.com) is the private equity arm of The Rosewood Corporation, a prominent family-owned company with diverse worldwide operations and investments. Rosewood has a long history of investing in profitable, growing middle-market companies that are the best in their respective industries.
About Renovo Capital
Renovo Capital, LLC (www.renovocapital.com) is a private equity group who through its Renwood Opportunities Fund, makes control equity investments in troubled and underperforming companies, and invests in other special situation opportunities. Renovo's investment size ranges from $2 million to $15 million with a primary focus on operating turnarounds, bankruptcy reorganizations, debt purchases and out-of-court restructurings for companies in the manufacturing, distribution and service industries.
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