Boewe Systec AG

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http://www.versa.com/news.php

BÖWE BELL + HOWELL Reaches Asset
Purchase Agreement with Versa Capital
Management Expects to Complete Process
Through Section 363 Sale Under Chapter 11.
Company to Continue All Regular Operations
Without Interruption During Expedited Sale
WHEELING, Ill. – Enhanced Online News –
BÖWE BELL + HOWELL (BBH) today
announced that it has entered into an asset purchase
agreement with Versa Capital Management, Inc.
(Versa) under which Versa and its co-investment
partner Access Value Investors, Inc. (AVI) would
acquire substantially all of BBH’s assets. Versa holds
the majority of BBH’s outstanding secured debt,
which will be resolved through the sale.
To facilitate these transactions, Böwe Systec,
Inc. and its affiliates, which include BBH and
its Canadian subsidiary Böwe Bell + Howell
International Ltd. (“BBH Canada”), filed
voluntary petitions under chapter 11 with the U.S.
Bankruptcy Court for the District of Delaware in
Wilmington. BBH Canada will also request that
the Ontario Superior Court of Justice (Commercial
List) in Toronto recognize the U.S. proceeding as a
foreign main proceeding and from time to time will
seek certain ancillary relief from the Canadian Court
as required. The expedited sale process should be
completed within 90 days or less.
“We are very pleased that firms with Versa and
AVI’s expertise and financial strength have chosen
to acquire our company’s assets, recognizing our
strong brand and compelling future prospects,” said
George Marton, BBH chief executive officer. “While
the past few years have been challenging for most
businesses, they have been especially so for BBH due
to a variety of legacy factors that will now be behind
us. Our management and the rest of BBH’s 1,600
employees have been working diligently for some
time to implement a number of positive actions to
strengthen our competitive capabilities, including
enhancing our product offerings, while also reducing
operating costs, and these efforts are beginning to
yield results.
“Following the sale, we look forward to partnering
with our new owners to take additional measures
to further advance our growth strategy and
demonstrate to customers that we are well
positioned to continue serving their global
document management needs in the years to come.
Our future looks very promising indeed.”
Marton continued, “As we move through this
process, we will continue to operate in the ordinary
course of business. Our offices and plants will
be open, and employees will continue to provide
exceptional quality products and the highest level of
service to our customers. While we have sufficient
cash flow to maintain normal business operations,
we have also received commitments from Versa to
provide new financing, which will offer additional
financial support to meet the needs of the business.”
 2011