Crown Operations International has continued operations through a transaction with A Strategic Partner, Crown International Acquisition Company
Crown Operations International, LTD – This Wisconsin-based prelaminater and converter of interlayers of PVB and anti-solar film for the automotive and architectural glass markets was in receivership and had gone through an extensive marketing process already. Royko Enterprises’ process had generated 40 interested groups and an offer, for which the receiver sought court approval. But, when the shareholder filed personal bankruptcy, he prevented the sale, raised issues about the efficacy of the marketing process, and requested that SC&H Capital be retained to supplement the Royko process to ensure that value was maximized. The bankruptcy court recommended the receiver hire SC&H and schedule an auction for 30 days out.
SC&H Capital and Royko worked together, and SC&H supplemented the process with print advertising, internet ads with trade publications, contact with more strategic buyers, and contact with its internal database of buyers. In three weeks, 64 new groups executed confidentiality agreements, and an additional bid was submitted. An auction was held, which caused an increase in price and produced a backup bidder. The sale was approved by the state court and closing occurred shortly thereafter.