(Reuters) – Private equity firms Sun Capital Partners Inc and Catterton Partners Inc said on Wednesday they bought all the assets of bankrupt calendar and stationery products supplier Lang Holdings Inc through an affiliate for about $25 million.
Sun Capital said in a statement that it now owns 60 percent of Lang Holdings while the remaining 40 percent is held by Catterton Partners.
The deal received approval from a U.S. bankruptcy court on Oct. 13, the statement added.
Sun Capital had provided Lang Holdings with $16 million in debtor-in-possession financing through an affiliate and acted as the stalking horse bidder at the bankruptcy auction.
A stalking horse bid, reached in agreement with the company being bought, sets a floor under the value of the assets against which all other prospective bids will be measured.
Lang filed for Chapter 11 bankruptcy protection in July, citing a liquidity crisis. The company has proprietary licensing agreements with several major U.S professional sports leagues.
The case is In re: Lang Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No 09-12543. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel and Gerald E. McCormick)