Renwood Opportunities Fund acquired the assets of State Industries Inc. Renwood is a partnership formed by Rosewood Private Investments and Renovo Capital. State Industries designs and makes wood panels and related components used in furniture, store fixtures and architectural interiors.Rosewood Private Investments is the private equity arm of Rosewood Corp.
Renwood Opportunities Fund, a partnership formed by Rosewood Private Investments and Renovo Capital, is proud to announce the acquisition of the assets of States Industries, Inc. For over 45 years, States Industries has been an industry leader in the design and manufacturing of natural wood veneered paneling, hardwood plywood panels, and related engineered components. States’ products are used in the manufacture of cabinets, furniture, store fixtures, and architectural interiors.
Renwood acquired the senior debt of States in August 2010, and in conjunction with States entering Chapter 11, provided Debtor-in-Possession financing. Renwood successfully credit bid its senior debt in a 363 sale for the assets of States. The total time from purchase of the senior debt to the closing of the 363 sale was less than 90 days, which preserved the going concern value of the business.
About Rosewood Private Investments:
Rosewood Private Investments is the private equity arm of The Rosewood Corporation, a prominent family-owned company with diverse worldwide operations and investments. Rosewood has a long history of investing in profitable, growing middle-market companies that are leaders in their respective industries.
With significant financial resources and liquidity, we can expedite acquisitions – without financing contingencies – and can structure transactions to meet the varying needs of sellers. By employing a conservative capital structure and investing with a long-term horizon, Rosewood can provide significant benefits to acquired companies and their management teams. For more information about Rosewood, please visit www.rosewoodpi.com.