CLEVELAND–(BUSINESS WIRE)–Hospeco Brands Group has announced today that it has entered into an asset purchase agreement (“APA”) with Supply Source Enterprises (“SSE”), comprised of The Safety Zone and Impact Products operations.
Hospeco Brands Group is a United States-based, full-line manufacturer of wiping solutions, personal care, odor control, cleanroom, safety, and specialty products to serve building management, industrial and manufacturing, food service, education, healthcare and life sciences, hospitality, and wellness markets. SSE is a leader in the sourcing and supply of cleaning and safety products.
Tom Friedl, president of Hospeco Brands Group’s parent company, Tranzonic, said, “We are excited to bring SSE into the Hospeco Brands Group family. This will be a win for our customers as well as the customers, vendors, and employees of SSE. Hospeco Brands Group has a proven track record growing through acquisition in our core markets, including cleaning and safety, so we are well-positioned to complete this transition smoothly and efficiently for all parties involved.”
Under the terms of the APA, Hospeco Brands Group, through its parent company, Tranzonic, will serve as the “stalking horse bidder” in a court-supervised sale process. To facilitate the sale process, SSE has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. SSE intends to conduct the sale process pursuant to section 363 of the Bankruptcy Code. Accordingly, the APA is subject to higher or better offers and bankruptcy court approval, among other conditions. Hospeco Brands Group leadership expects that, if Hospeco Brands Group is deemed to be the highest or best bidder for the assets, the transaction will be completed mid-summer.
CAUTIONARY NOTE: Statements contained in this press release that are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements contained in this release.
About Hospeco Brands Group
Hospeco Brands Group brings more than a century of know-how and innovation to cleaning, protecting, and caring for public spaces – workplaces, offices, schools, restaurants, stores, and more – and caring for the people who work in and patronize these facilities. The company delivers best in class products and customer support. Hospeco Brand Group’s people are smart, creative problem solvers whose focus on continuous innovation empowers them to meet the ever-evolving needs of customers. The resulting product mix is tough enough to perform consistently in demanding environments yet designed with the comfort and protection of the public in mind. For more information, contact Hospeco Brands Group at 26301 Curtiss Wright Parkway, Suite 200, Cleveland, OH 44143. Email: [email protected]. Web: www.hospecobrands.com.
Contacts
Pete Zeller
216.579.6100 ext. 2
email: [email protected]
