Winter Harbor LLC
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Bush Industries INc.

 

Bush Industries Inc. manufactures affordable ready-to-assemble commercial and home office furniture with $100 million in annual revenue. Bush Industries is headquartered in Jamestown, New York, with manufacturing facilities in western New York and China. Domestic distribution centers are located in Erie, Pennsylvania and Reno, Nevada. They distribute their furniture nationally through retailers, department stores, mass-merchandisers, electronic stores and by e-commerce. Their furniture is produced under two brand names - Bush Furniture and Bush Business Furniture (BBF).

Situation

Current debt and equity groups to Bush Industries sought to monetize their interests before the end of the calendar year. Winter Harbor was engaged as financial advisor to assist Bush Industries with selecting the most desirable monetization option and manage the timeline process.

Scope of Work

  • Performed assessments of current business plan and asset valuation for the purposes of preparing the Company for possible sale, liquidation, or recapitalization.

  • Advised the Company and board on operational and financial restructuring matters.

  • Prepared marketing materials, such as teasers and offering memorandums, to promote the Company in the marketplace; oversaw data room activities.

  • Spearheaded and managed the sales process with efforts focused towards debt and equity participants, as well as identified companies that presented a strategic opportunity.

  • Analyzed purchase offers and indications of interest.

Engagement Outcome

We were initially engaged by Bush Industries to perform an assessment of its current business operations and balance sheet, for the purposes of a potential sale or possible recapitalization of the Company. We advised the Company’s board of directors on certain operational and restructuring matters, which lead to Winter Harbor managing the eventual sale of the Company. We prepared marketing teasers and offering memorandums to promote its sale, resulting in multiple equity and debt offers.