Climate Control, Tillotson Products and Seal Products
Climate Control, Tillotson Products and Seal Products (collectively, the “Company”) are operating divisions of DemirCo Industries, LLC. Climate Control primarily manufacturers truck air-conditioning compressor products servicing the medium and heavy duty trucking aftermarket (Class 6-8). In addition to its compressor product line, Climate Control offers machined components to the automotive, flat panel capital equipment, aerospace and agricultural industries; fuel systems and solenoids for the marine and small engine markets through its Tillotson Products division; and mechanical and carbon seals for the heavy duty trucking and automotive aftermarkets through its Seal Products division.
The credit facility under which the Company operated was cross-collateralized by the assets of several co-borrowers on a joint and several basis. Due to losses attributed to one of the co-borrowers the loan agreement was deemed to be in default.
SSG was engaged to explore strategic alternatives for DemirCo and its divisions and affiliates including a full or partial sale or a restructuring. SSG assisted DemirCo in the sale of the Company’s assets to CCI Acquisition Company, LLC. The transaction closed in August, 2005.