As of October 29th 2010 the operations of States Industries Inc. were acquired by States Industries, LLC ending States’ Chapter 11 bankruptcy proceedings. Renwood States Lending LLC provided financing throughout the Chapter 11 process and is the senior lender to the new States Industries.


 


States has continued to operate successfully during the Chapter 11 proceedings, meeting or exceeding the budgeted objectives set by the court in August of this year. The company continues full operations from its Eugene, OR headquarters, and anticipates an uninterrupted transition to new ownership.  The company will now be doing business as States Industries, LLC moving forward.


 


States Industries manufactures hardwood panel products from domestic and imported face veneers and softwood innerplies. Their products are used in kitchen cabinets, furniture, store fixtures, architectural interiors and other decorative applications. The company operates from 252,000 square feet of manufacturing space in Eugene Oregon, in the heart of the West Coast forest products industry and employs 255 people.


 


“This is certainly a great outcome for our customers, our vendors, and especially our employees.  With the support of new ownership, we are prepared to reinforce our leadership position in the market with high quality innovative products and services.” said Mike Taylor, States Industries’ President and Chief Operating Officer. 


 


States Industries, LLC is a subsidiary operated by Renovo Capital and Rosewood Private Investments. Renovo Capital is a private equity firm whose primary focus is on operating turnarounds, bankruptcy reorganizations, debt purchases and out-of-court restructurings for companies in the manufacturing, distribution and service industries. Rosewood Private Investments is the private equity arm of The Rosewood Corporation, a prominent family-owned company with diverse, worldwide operations and investments.


 


Source: States Industries

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