CLEVELAND — Hospeco Brands Group, the parent company of Monarch Brands, a supplier of textiles and other products, reports that its stalking horse bid has been accepted by a Delaware bankruptcy court as the winning offer for the assets of Supply Source Enterprises (SSE), comprised of The Safety Zone and Impact Products.
The purchase was finalized on July 19. Terms of the deal were not disclosed.
Hospeco Brands Group is a global manufacturer of wiping solutions, personal care, odor control, cleanroom, safety, textiles, and specialty products to serve building management, industrial and manufacturing, food service, education, healthcare and life sciences, hospitality and wellness, and myriad other markets.
Hospeco Brands Group says that the addition of SSE’s products and capabilities transforms its already-robust bundle into a true single-source solution across the most significant categories in the sanitary supply and industrial safety markets.
Customers of the former SSE and its affiliates can expect business as usual during this transition. The process by which orders were placed before the acquisition remains unchanged.
Hospeco Brand Group has already begun recapitalizing the business, and replenishment products are flowing.
This asset purchase conforms to Hospeco Brands Group’s growth strategy, which couples strong organic growth with strategic purchases and acquisitions.
On May 21, SSE sought bankruptcy protection under section 363 of the United States Bankruptcy Code. Hospeco Brands Group, through its parent company, Tranzonic, agreed to submit a bid to purchase SSE’s assets through a court-directed sales process.
The purchase creates stability and growth opportunities for SSE’s brands and workforce.
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