FAIRFIELD —
After filing for Chapter 11 bankruptcy earlier this year, Harper Brush Works Inc., of Fairfield, recently received a bid to be purchased.
Q.E.P. Co., Inc., of Boca Raton, Fla., announced this week its asset purchase agreement with Harper Brush “as an initial ‘stalking horse bid’ for substantially all of the assets of Harper Brush,” according to a news release.
Harper Brush filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Iowa on May 29.
Harper is a 112-year-old manufacturer and distributor of cleaning products and employs 70 people in Fairfield and several others at another location in Greenville, N.C.
Mike Johnson, controller with Harper Brush, said the company is still up and running but could not comment further on the case.
Tamera Hanson, communications advisor for Wixted Pope Nora Thompson & Associates, who is assisting Harper Brush with communications, said at this time the court has not yet approved the sale.
Marc Ross, chief restructuring officer of Harper Brush, said in a statement that he is “pleased with the prospects of the proposed sale and looks forward to Harper thriving under new ownership.
“The sale will allow the company to obtain the needed investment to continue manufacturing its high-quality products for many years to come,” Ross said. “It will give both our customers and our vendors a strong and reliable partner with which to do business.”
If approved by Judge Anita Shodeen, Harper Brush would be up for sale in an auction, with Q.E.P.’s bid as the minimum bid.
The $2.2 million deal would mean Q.E.P. would acquire all of Harper Brush’s real estate, inventory, intellectual property and other assets.
Harper had asked for a “debtor in possession financing” ruling, which allowed the company to continue operations while looking for a buyer for the company.
Harper has assets and liabilities of approximately $10 million.
According to the Wall Street Journal, Harper’s sales have seen their ups and downs, rising from $24.7 million in 2002 to $53.5 million in 2007, then dropping to $23.5 million last year.
Local News
October 17, 2012
Harper Brush Works to be put up for sale
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