Bryant and J&L Metrology
Bryant and J&L Metrology, which are Vermont-based subsidiaries of the Goldman Industrial Group, manufacture grinding equipment and optical comparators.
The downturn in the overall economy in 2001 and related softness in demand for capital equipment resulted in the Vermont companies temporarily ceasing operations and filing for protection under Chapter 11 of the U.S. Bankruptcy Code on February 14, 2002.
SSG was retained in February 2002 to sell Bryant and J&L Metrology (along with their sister companies Fellows and Jones & Lamson) as a whole or by division, in order to maximize the value to secured creditors. SSG went to market within one week of engagement and quickly selected a platform bidder for all four companies for a Section 363 sale. SSG also attracted a competing bidder to the Section 363 sale, which culminated in a 25% increase in the purchase price above the platform bid. The transaction closed in May 2002.