Troy Mills’ West Virginia Operations Sold to Management-led Buyout Group
Boston, MA, March 21, 2002 – The Mirus Special Situations Group announced today that they have successfully completed the sale of Troy Mills? operations in Harrisville, WV to Troy LLC, a management-led buyout group backed by Mountaineer Capital of Charleston, WV.
Troy Mills retained Mirus to sell the Company following a downturn in the automotive manufacturing industry. Troy Mills is one of the oldest textile manufacturers in the United States tracing its origins to 1865 when it began as a manufacturer of woven horse blankets. The Company had operations in Troy, NH and Harrisville, WV and was one of the leading suppliers of needle-punched non-woven fabrics serving the automotive industry as well as a leader in technical products serving specialty niche markets.
After being retained in November, Mirus had brought several buyers into the sale process by year-end and had put the management team in Harrisville in touch with several private equity firms, including Mountaineer Capital. Mirus received several competing offers for the Harrisville Operations, and ultimately, Troy LLC produced the most favorable bid, and proceeded to a closing that was completed today.
“This transaction represents a positive outcome for the Company and its creditors,” said Jamie Grant, the Managing Director for The Mirus Special Situations Group. “In addition to getting a cash return from the proceeds, creditors will also benefit from the forthcoming sale of the New Hampshire operations”. Mr. Grant indicated that a sale of the operations in Troy, NH would likely be completed in April.
This transaction represents Mirus’ fourth closing of 2002, and the second closing for The Mirus Special Situations Group in two weeks.
About the Mirus Special Situations Group
Mirus provides investment banking solutions to corporate clients in distress, including divestitures, restructurings, and bankruptcy sales. Since 1987, Mirus has provided corporate finance advisory services to clients in technology, business services, manufacturing, consumer products, health care and the resort & hospitality industry. For additional information, visit www.merger.com.Back to Transactions