SSG Capital Advisors (“SSG”) served as the investment banker to Anada Inc., OvaInnovations, LLC, and Crimson Holdings, LLC in the sale of substantially all its assets to Veos USA Inc. (“Veos”). The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Western District of Wisconsin. The transaction closed in November 2024.

Founded in 2020, OvaInnovations produces high-quality dried egg products primarily for the pet food industry. The eggs are processed through the Company-owned 70,000 square-foot facility in Adrian, Michigan. OvaInnovations repurposes inedible egg byproducts from 40+ farms across the Midwest into dried egg ingredients. The strategic location of the Adrian facility, near major egg suppliers, reduces transportation costs and ensures a steady supply of raw materials - which are primarily in liquid form. Through its broad network, the Company connects and facilitates supply and demand needs across the egg production ecosystem.

After multiple years of growth and profitability, OvaInnovations faced external challenges in 2023 that included a class-action lawsuit related to odor emissions, and other litigation related to intellectual property. The Company was required by the city of Adrian and the state of Michigan to limit its operating hours until the alleged odor issue was resolved. This curtailed the plant's operations, significantly reducing volume and sales. Additionally, a settlement of the intellectual property litigation burdened the Company with a significant amount of indebtedness. In an attempt to preserve operations, the Company elected to file for relief under Chapter 11 to pursue a sale of its assets.

SSG was retained to conduct a comprehensive marketing process and solicit competing offers to the stalking horse bid from potential strategic and financial acquirers. After extensive marketing and discussion with numerous interested parties, the stalking horse bid submitted by Veos was determined to be the highest and best offer for substantially all the Company’s assets. SSG’s extensive Chapter 11 transaction experience and industry knowledge resulted in a process where value was maximized in an expedited time frame.

Veos is a Belgian-based company specializing in the production of high-quality animal proteins, primarily for the animal feed, pet food, and aquaculture industries.

Other professionals who worked on the transaction include:

• Kristin J. Sederholm and Colton J. Chase of Krekeler Law, S.C., bankruptcy counsel to OvaInnovations;
• Barry S. Sackett and Channing M. Burd of Goosmann Law Firm, corporate counsel to OvaInnovations;
• Louis F. Solimine and Daniel Glass of Thompson Hine LLP, co-counsel to Veos USA Inc.;
• James D. Sweet of Swanson Sweet LLP, co-counsel to Veos USA Inc.;
• John J. Stockdale, Jr. of Schafer & Weiner, PLLC, counsel to the Crimson Holdings Unsecured Creditors Committee;
• Marc N. Swanson and Ronald A. Spinner of Miller, Canfield, Paddock and Stone, P.L.C., co-counsel to the OvaInnovations Unsecured Creditors Committee; and
• Michael P. Richman of Richman & Richman LLC, co-counsel to the OvaInnovations Unsecured Creditors Committee.