STERLING, IL (May 31, 2015) – Counselor “Top 40” distributor, HALO Branded Solutions (ASI 356000; PPAI 106462), announces it has signed a definitive agreement to purchase the business assets of Newton Manufacturing Company (Newton), a century-old promotional products distributor in Newton, Iowa that filed for Chapter 11 Bankruptcy protection in the U.S. Federal Court in Des Moines, Iowa earlier today.
According to Marc Simon, HALO CEO, “We have reviewed Newton’s financial performance with their team and their financial advisors for quite some time. We felt we could provide a meaningful value for their business that would allow them to apply much of the proceeds to pre-filing liabilities. As such, they filed a Section 363 motion requesting the sale of their business assets to HALO within an expedited thirty day period. In addition, HALO is providing debtor-in-possession (DIP) financing to assure payment of Newton orders shipped and billed during the transition.”
Simon notes, “Our goal is to retain value in Newton’s business during this transition in order to provide a great home for their loyal sales force, opportunities at HALO for many of their experienced support staff, and as much payment on pre-filing liabilities as possible to our valued suppliers.”
About HALO Branded Solutions
HALO Branded Solutions, with operational headquarters in Sterling, Illinois, is a leading promotional products distributor in the $20 billion per year promotional products industry. The Company has a growing nationwide sales force and expects to continue its profitable growth by offering innovative client solutions, priced competitively, and supported by world-class operations and customer service.