Monomoy Capital Partners, LLC (New York) is purchasing Republic Storage Systems Company, Inc. (Canton, Ohio), one of the country's largest manufacturers of high-quality steel storage lockers and storage system products.
Monomoy has concluded a definitive agreement to acquire Republic for approximately $20 million in cash and assumed liabilities through a pre-negotiated sale of assets under Section 363 of the Bankruptcy Code. To complete the transaction, Republic has filed a bankruptcy petition in the United States Bankruptcy Court for the Northern District of Ohio and petitioned the Bankruptcy Court to approve the sale to Monomoy within 45 days, subject only to higher and better offers in a limited bankruptcy auction.
With annual revenues of more than $60 million, Republic is the leading manufacturer of school lockers and general purpose storage lockers in North America and a significant manufacturer of steel storage racks, shelving, mezzanine and storage systems. The Company manufactures steel lockers and shelving in Canton, Ohio and distributes products out of warehouse facilities located in Ohio, North Carolina and Nevada. Formerly a division of Republic Steel Corp. and LTV Steel, Inc., Republic has manufactured storage products in Canton since 1919 and has operated as a 100% employee-owned company since 1986.
Source: Monomoy Capital Partners, LLC