STANT ANNOUNCES EXIT FROM EXPEDITED CHAPTER 11 PROCESS
Connersville, Indiana, October 28, 2009 ? Stant USA Corporation (Stant) announced today that it has emerged from Chapter 11 under a new capital structure that will provide substantial financial flexibility for years to come. This concludes a very short 90-day Chapter 11 process during which the company continued normal business operations.
Marlon Bailey, President and CEO of Stant said “Ninety days ago we told our customers, vendors, and employees that we will quickly emerge from Chapter 11 and we will continue our high level of customer service with no interruptions – we are pleased that these milestones were achieved.” Mr. Bailey added, “We are grateful for the support our customers, employees, and suppliers have shown through this short reorganization period. It is particularly satisfying that Stant has been able to continue to develop innovative solutions for our worldwide customers during this period and there are several exciting new products and business opportunities that make us excited about the future.”
“Stant is the leader in its product niche, and we look forward to its bright future as we emerge from this challenging period in the sector. Stant is now extremely well positioned to capitalize on its leadership position and has a talented management team and robust infrastructure to support additional growth” said Lewis Schoenwetter, HIG Managing Director.
About Stant USA Corporation:
Stant is headquartered in Connersville, Indiana, and has facilities in Pine Bluff, Arkansas, Mexico, China, and the Czech Republic. Founded in 1898, Stant has earned its reputation for quality and innovation in the automotive industry. Stant is recognized as the world’s leading supplier of automotive and industrial fuel, oil and radiator caps, fuel vapor control valves and thermostats for both the original equipment markets and the automotive aftermarket.
About H.I.G. Capital:
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
