Calico Industries, Inc. – This 90+-year-old restaurant and hospitality products distributor was not adequately funded and had seen sales deteriorate significantly. Although management was initially leaning towards closing their doors and liquidating the assets, SC&H Capital was retained to determine if there was going concern value to the business.
Operating within a relatively short forbearance agreement from the secured creditor, SC&H narrowed the field of more than 40 prospects conducting diligence down to the three most logical buyers. After extensive negotiations with all three prospects, Mill Street was approved as the successful acquirer. Almost all employees were retained, and the business continues to operate today.