Arandell Holdings’ sale to Saothair, Farragut affiliate completed

By Sarah Lizee

Olympia, Wash., Dec. 8 – Arandell Holdings, Inc.’s asset sale to Arandell Acquisition Co., LLC, an affiliate of Saothair Capital Partners, LLC and Farragut Mezzanine Partners III, LP, has closed, according to a Tuesday press release from Saothair.

The sale was approved by the U.S. Bankruptcy Court for the District of Delaware on Nov. 25, as previously reported.

The debtors had entered into a stalking horse asset purchase agreement with Arandell Acquisition, formed by Saothair and Farragut, one of the debtors’ junior secured creditors.

Under the stalking horse agreement, the closing consideration is $31,325,000, consisting of an aggregate cash amount equal to the sum of the DIP loan payment amount estimated to be $20.5 million, plus a credit bid by Farragut in the amount of $2.4 million and Arandell Acquisition’s assumption of liabilities.

The motion said the stalking horse agreement preserves the company’s business as a going concern.

Saothair invested in partnership with Ocean Avenue Capital Partners. Financing was provided by Siena Lending Group LLC as agent and lender and Great Rock Capital Partners, LLC as lender, with Jenner & Block providing legal counsel.

Menomonee Falls, Wis.-based Arandell operates a web offset printer. The company filed Chapter 11 bankruptcy on Aug. 13 under case number 20-11941.

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