Hospeco Brands Group agrees to purchase assets of Supply Source Enterprises (“SSE”), comprised of The Safety Zone and Impact Products operations
22 May 2024 - 2:45PM
Business Wire
Hospeco Brands Group has announced today that it has entered
into an asset purchase agreement (“APA”) with Supply Source
Enterprises (“SSE”), comprised of The Safety Zone and Impact
Products operations.
Hospeco Brands Group is a United States-based, full-line
manufacturer of wiping solutions, personal care, odor control,
cleanroom, safety, and specialty products to serve building
management, industrial and manufacturing, food service, education,
healthcare and life sciences, hospitality, and wellness markets.
SSE is a leader in the sourcing and supply of cleaning and safety
products.
Tom Friedl, president of Hospeco Brands Group’s parent company,
Tranzonic, said, “We are excited to bring SSE into the Hospeco
Brands Group family. This will be a win for our customers as well
as the customers, vendors, and employees of SSE. Hospeco Brands
Group has a proven track record growing through acquisition in our
core markets, including cleaning and safety, so we are
well-positioned to complete this transition smoothly and
efficiently for all parties involved.”
Under the terms of the APA, Hospeco Brands Group, through its
parent company, Tranzonic, will serve as the “stalking horse
bidder” in a court-supervised sale process. To facilitate the sale
process, SSE has filed voluntary petitions under Chapter 11 of the
U.S. Bankruptcy Code. SSE intends to conduct the sale process
pursuant to section 363 of the Bankruptcy Code. Accordingly, the
APA is subject to higher or better offers and bankruptcy court
approval, among other conditions. Hospeco Brands Group leadership
expects that, if Hospeco Brands Group is deemed to be the highest
or best bidder for the assets, the transaction will be completed
mid-summer.
CAUTIONARY NOTE: Statements contained in this press release that
are not historical facts are forward-looking statements as the term
is defined in the Private Securities Litigation Reform Act of 1995.
All forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ from the
forward-looking statements contained in this release.
About Hospeco Brands Group
Hospeco Brands Group brings more than a century of know-how and
innovation to cleaning, protecting, and caring for public spaces –
workplaces, offices, schools, restaurants, stores, and more – and
caring for the people who work in and patronize these facilities.
The company delivers best in class products and customer support.
Hospeco Brand Group’s people are smart, creative problem solvers
whose focus on continuous innovation empowers them to meet the
ever-evolving needs of customers. The resulting product mix is
tough enough to perform consistently in demanding environments yet
designed with the comfort and protection of the public in mind. For
more information, contact Hospeco Brands Group at 26301 Curtiss
Wright Parkway, Suite 200, Cleveland, OH 44143. Email:
info@hospecobrands.com. Web: www.hospecobrands.com.
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