Pittsburgh, PA, August 5, 2009 — Buchanan Ingersoll & Rooney PC represented Sweden-based aluminum extrusion client Sapa Group in its purchase of U.S.-based Indalex, which filed for bankruptcy protection in March of 2009. The acquisition, which closed on Friday, July 31, includes 11 plants, six in the U.S. and five in Canada. In 2008, Indalex employed 1,800 workers and had sales of $900 million on 200,000 tons of aluminum. Shareholders Craig S. Heryford and Sean W. Moran, from Buchanan's Corporate Finance & Technology Practice, led the team that also included lawyers from the firm's Antitrust, Bankruptcy, Environmental and Real Estate practices.
"This deal really illustrates the firm's ability to get a complex transaction completed in a short amount of time," Moran said. The firm obtained approval from bankruptcy courts in both the U.S. and Canada on the same day, and reached a settlement agreement with the Department of Justice that allowed for the completion of the transaction. More than 600 contracts and 16 facilities were reviewed during due diligence, a process that normally takes several months but was completed in a matter of weeks.
Heryford added, "Buchanan's representation of Sapa in this transaction also demonstrates our geographic diversity and depth in expertise, as the transaction involved negotiations and activities occurring in our Pittsburgh, New York City, Washington, D.C., and Wilmington offices and involved significant corporate, business bankruptcy, antitrust and regulatory issues. The transaction further evidenced the firm's ability to work with international clients on transactions that span borders beyond the United States."
In addition to Moran and Heryford, Corporate attorneys Amelia Konesni and Robin L. Dierbeck provided diligence and transactional support. Chair of the firm's Antitrust Practice Wendelynne J. Newton negotiated the settlement with the Department of Justice, and Corporate Co-chair Thomas G. Buchanan handled the Hart-Scott-Rodino filing. Shareholder William H. Schorling supervised the bankruptcy issues.
Environmental and permitting issues were managed by shareholder Brian J. Clark and counsel Robert L. Burns, Jr.. Real Estate matters were handled by Steven Zuchelli, specialist Barb Gourley and shareholder Jason A. D'Amico.
About Sapa Group
Sapa, headquartered in Stockholm, Sweden, is a wholly owned subsidiary of Norway-based Orkla ASA. Sapa develops, manufactures and markets value-added profiles, profile-based building systems and heat-exchanger strips in aluminum and is one of the world’s leading manufacturers.