The Turnaround Management Association's Midwest/Chicago chapter named The Gores Group's acquisition of National Envelope Corporation as the organization's large transaction of the year for 2010. William Blair & Company led National Envelope through the chapter 11 sale process, which culminated in a $214 million winning bid from Gores.
"Our focus is on maximizing value, preserving jobs, and achieving the best possible solution for our clients," said Geoffrey Richards, who heads William Blair's Special Situations & Restructuring Group. "We achieved all three for National Envelope by obtaining debtor-in-possession financing, which allowed the company to maintain its operations throughout the process, and by securing bids from multiple bidders during a compressed timeframe in addition to the $150 million stalking horse bid. After a 14-hour auction, the winning bid of $214 million exceeded the stalking horse bid by more than 40 percent. "
National Envelope is the largest manufacturer of envelopes in the world. With approximately nine manufacturing facilities and two distribution centers in the U.S. and Canada at the time of its chapter 11 filing, National Envelope produces billions of envelopes annually. The Gores Group, LLC, is a private equity firm focused on acquiring controlling interests in mature and growing businesses. Headquartered in Los Angeles, Gores has committed equity capital of more than $4 billion.
William Blair & Company, L.L.C. is a global investment firm offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients. Since 1935, we have been committed to helping clients achieve their financial objectives. As an independent, employee-owned firm, our philosophy is to serve our clients' interests first and foremost. We place a high value on the enduring nature of our client relationships, the quality of our products and services, and the continuity and integrity of our people. William Blair & Company is based in Chicago, with office locations including Boston; London; New York; San Francisco; Shanghai; Wilmington, Delaware; and Zurich. For more information, please visit www.williamblair.com.