Focus Management Group (Focus), a nationwide business restructuring firm, announced the completion of the court-approved sale of substantially all of the assets of its client, Lyon Workspace Products, LLC. The purchase was made between the newly formed Lyon Capital Partners, LLC (formerly Echelon Capital) and Revere Finance. In its role as financial advisor, Focus Management Group facilitated an acquisition which resulted in the successful preservation of all of Lyon’s operations and close to 100% of their 400 plus jobs.
Lyon Workspace Products, LLC was a family-owned, 100-year old, leading manufacturer of lockers, industrial storage and workspace products and solutions. Lyon maintained three manufacturing facilities in Illinois and Indiana, and four distribution centers located across the United States. Lyon Workspace Products, LLC filed for Chapter 11 bankruptcy protection on January 19, 2013 after the company was unable to recover from financial challenges stemming from several trailing legacy expenses plus process operational deficiencies.
Leading the Focus team overseeing the Lyon engagement was Robert S. Wanat, CTP, a senior consultant of Focus Management Group.
“Success… only way to describe Lyon Workspace Products, LLC’s huge victory for the Lyon employees.” Wanat said. “The company faced certain failure in early January 2013. Within 107 days from being retained, Lyon’s restructuring team (Perkins Coie, Bankruptcy Counsel; Focus Management Group, CRO and Financial Advisor; and select company employees) orchestrated a successful 363 court supervised asset sale which closed May 7, 2013.”
Brice Hiner, Lyon Workspace Marketing Manager, also commented, “We’re all ecstatic right now. It’s the best thing that could have happened. A dark cloud lifted from over the building”.
Wanat has more than 30 years of experience in manufacturing and distribution environments in both Senior Corporate/line management positions and consulting capacities as a results-oriented leader. His accomplishments include more than 100 successful profit-improvement turnarounds and corporate restructuring for manufacturing, distribution, process, foundry, textile, printing and service companies. He is based out of Focus Management Group’s Chicago office.
Focus Management Group provides nationwide professional services in turnaround management, insolvency proceedings, business restructuring and operational improvement with a senior-level team of over 100 professionals. Headquartered in Tampa, FL, with offices in Atlanta, Chicago, Cleveland, Dallas, and Los Angeles, the firm provides a full portfolio of services to distressed companies and their stakeholders, including secured lenders and equity sponsors.