Press Release
Steve Kortanek, Todd Ross Honored for Bankruptcy Transaction
November 11, 2011
Public Relations contacts: Bruce Buchanan (336) 728-7027
The sale of a South Carolina company has earned national honors from the Turnaround Management Association (TMA).
The successful going concern sale of Jackson & Perkins and Park Seed won TMA’s 2011 Transaction of the Year - Small Company Award. A Womble Carlyle team led by Steve Kortanek and Todd Ross represented the Official Creditors Committee in the cases.
The Turnaround Awards honor the accomplishments of the nation’s top distressed investing, restructuring and turnaround M&A firms and professionals. The award was presented at the TMA Annual Convention, held Oct. 26th in San Diego.
In April 2010, Greenwood, South Carolina-based Jackson & Perkins Co. and Park Seed Inc. filed for Chapter 11 reorganization. The 142-old company is a well-known distributor of roses, seed and other gardening supplies.
At the outset of their work for the Committee, Kortanek and Ross brought in SSG Capital Advisors, LLC, due to the need to run a professional and highly expedited M&A process for the companies. The Womble Carlyle team advised the Committee throughout the process, with important contributions by several others in the firm, including Allen Grumbine and Rory Whelehan in Womble Carlyle’s Greenville, S.C., office. During the sale process, a competitive auction was achieved, with three serious bids for the business, followed by a spirited auction.
Blackstreet Capital prevailed at the auction and closed on its purchase of the company in August 2010 for nearly $12.8 million. The Blackstreet bid provided the most attractive offer due to its cash value, Blackstreet’s willingness to continue to use existing suppliers, Blackstreet’s commitment to retain workers, and Blackstreet’s track record in successfully turning around troubled assets. Womble Carlyle, on behalf of the Committee, supported the transaction for these reasons and advocated for its approval by the Bankruptcy Court.
Jackson & Perkins/Park Seed workers and the local community were certainly among the winners in the deal. As part of the purchase, Blackstreet agreed to maintain the company’s 150-employee workforce for at least three years, and they also agreed to stay in Greenwood.
The Chicago-based TMA has more than 9,000 members in 48 regional chapters worldwide who comprise a professional community of turnaround practitioners, attorneys, investment bankers, financial advisers, accountants, private equity and hedge fund investors, lenders, appraisers, liquidators, executive recruiters and consultants.
About the Attorneys
Steve Kortanek concentrates his practice in the areas of business restructuring and bankruptcy, as well as bankruptcy litigation. His clients include chapter 11 debtors, official committees, asset purchasers, estate representatives, and other major creditor and equity holder constituencies , . He practices in Womble Carlyle’s Wilmington, Del., office.
Todd Ross handles a wide range of bankruptcy, corporate and other transactional matters. He represents secured and unsecured creditors, purchasers, creditors' committees, and other parties in bankruptcy proceedings and in related matters. He practices in Womble Carlyle’s Washington, D.C., office.
About Womble Carlyle
Womble Carlyle is a full-service business law firm with a focus on innovative solutions to client needs. The firm supports the Association of Corporate Counsel in the ACC Value Challenge, which seeks to better align legal services with the needs of corporate clients.
The firm is located in the Southeast and mid-Atlantic regions, and serves clients nationally and globally, with more than 550 attorneys in thirteen offices: Atlanta; Charleston and Greenville, S.C.; Charlotte, Greensboro, Raleigh, Research Triangle Park, and Winston-Salem, N.C.; Silicon Valley, Calif.; Washington, D.C.; Tysons Corner, Va.; Baltimore; and Wilmington, Del.
In the community, the firm is the first law firm to receive the Thurgood Marshall College Fund Corporate Leadership Award as well as the Employer Support of the Guard and Reserve Freedom Award.
The sale of a South Carolina company has earned national honors from the Turnaround Management Association (TMA).
The successful going concern sale of Jackson & Perkins and Park Seed won TMA’s 2011 Transaction of the Year - Small Company Award. A Womble Carlyle team led by Steve Kortanek and Todd Ross represented the Official Creditors Committee in the cases.
The Turnaround Awards honor the accomplishments of the nation’s top distressed investing, restructuring and turnaround M&A firms and professionals. The award was presented at the TMA Annual Convention, held Oct. 26th in San Diego.
In April 2010, Greenwood, South Carolina-based Jackson & Perkins Co. and Park Seed Inc. filed for Chapter 11 reorganization. The 142-old company is a well-known distributor of roses, seed and other gardening supplies.
At the outset of their work for the Committee, Kortanek and Ross brought in SSG Capital Advisors, LLC, due to the need to run a professional and highly expedited M&A process for the companies. The Womble Carlyle team advised the Committee throughout the process, with important contributions by several others in the firm, including Allen Grumbine and Rory Whelehan in Womble Carlyle’s Greenville, S.C., office. During the sale process, a competitive auction was achieved, with three serious bids for the business, followed by a spirited auction.
Blackstreet Capital prevailed at the auction and closed on its purchase of the company in August 2010 for nearly $12.8 million. The Blackstreet bid provided the most attractive offer due to its cash value, Blackstreet’s willingness to continue to use existing suppliers, Blackstreet’s commitment to retain workers, and Blackstreet’s track record in successfully turning around troubled assets. Womble Carlyle, on behalf of the Committee, supported the transaction for these reasons and advocated for its approval by the Bankruptcy Court.
Jackson & Perkins/Park Seed workers and the local community were certainly among the winners in the deal. As part of the purchase, Blackstreet agreed to maintain the company’s 150-employee workforce for at least three years, and they also agreed to stay in Greenwood.
The Chicago-based TMA has more than 9,000 members in 48 regional chapters worldwide who comprise a professional community of turnaround practitioners, attorneys, investment bankers, financial advisers, accountants, private equity and hedge fund investors, lenders, appraisers, liquidators, executive recruiters and consultants.
About the Attorneys
Steve Kortanek concentrates his practice in the areas of business restructuring and bankruptcy, as well as bankruptcy litigation. His clients include chapter 11 debtors, official committees, asset purchasers, estate representatives, and other major creditor and equity holder constituencies , . He practices in Womble Carlyle’s Wilmington, Del., office.
Todd Ross handles a wide range of bankruptcy, corporate and other transactional matters. He represents secured and unsecured creditors, purchasers, creditors' committees, and other parties in bankruptcy proceedings and in related matters. He practices in Womble Carlyle’s Washington, D.C., office.
About Womble Carlyle
Womble Carlyle is a full-service business law firm with a focus on innovative solutions to client needs. The firm supports the Association of Corporate Counsel in the ACC Value Challenge, which seeks to better align legal services with the needs of corporate clients.
The firm is located in the Southeast and mid-Atlantic regions, and serves clients nationally and globally, with more than 550 attorneys in thirteen offices: Atlanta; Charleston and Greenville, S.C.; Charlotte, Greensboro, Raleigh, Research Triangle Park, and Winston-Salem, N.C.; Silicon Valley, Calif.; Washington, D.C.; Tysons Corner, Va.; Baltimore; and Wilmington, Del.
In the community, the firm is the first law firm to receive the Thurgood Marshall College Fund Corporate Leadership Award as well as the Employer Support of the Guard and Reserve Freedom Award.