in a large number of transactions
across a wide spectrum of industries
Fort Lauderdale, Florida -- Farlie Turner & Co., a Fort Lauderdale, Florida-based investment bank, announced that its Special Situations Group has completed the going concern sale of Protective Products of America, Inc. (“PPA”), a publicly-traded company on the Toronto Stock Exchange, under Section 363 of the U.S. Bankruptcy Code.
PPA, based in Sunrise, Florida, designs, manufactures, and markets advanced products used to provide ballistics protection for personnel and vehicles in the military and law enforcement markets. The company is among the largest participants in the body armor segment of the industry. After generating more than $85 million in revenue in 2008, PPA’s revenues and financial performance declined in 2009 amidst delays in the awarding of certain government contracts, causing significant liquidity constraints for the company in a tightening credit market.
PPA was acquired by an affiliate of Sun Capital Partners, Inc., a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments. PPA is now known as Protective Products Enterprises.
“We were extremely pleased with the quality of advice and level of service provided by Farlie Turner,” said Brian Stafford, Chairman of PPA’s Board of Directors and former Director of the U.S. Secret Service. “The transaction team at Farlie Turner helped our Board explore a full range of alternatives, and provided valuable counsel throughout the engagement under difficult circumstances,” he added.
“We enjoyed working with PPA’s Board and management, and were especially gratified that we were able to generate an increase in purchase price of over 30% for PPA from the stalking horse bid through a carefully-managed auction process,” commented Steve Zuckerman, Head of Farlie Turner’s Special Situations Group.
About Farlie Turner’s Special Situations Group
Farlie Turner's Special Situations Group specializes in representing underperforming and financially distressed companies. This Group complements Farlie Turner & Co.'s traditional investment banking practice, which focuses on serving growth-oriented middle market companies with enterprise values typically between $30 million and $300 million. Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with the FINRA, provide merger and acquisition, private placement, and financial advisory services. Please visit www.farlieturner.com for more information.