Posts Tagged ‘Lancaster’

Merit Group Announces New Ownership

Monday, August 8th, 2011
MG logoVia press release

The Merit Group announced on Aug. 5 that there is new ownership of the company by Centre Lane Partners of NY. The company will continue to operate under the current management team and business structure.

“This is an exciting time for our company,” said Mitch Jolley, CEO of The Merit Group. “Centre Lane has a strong vision for growth and will take an aggressive approach in continuing to position us as the leading company in the sundry distribution industry. We are eager to get back to the business of being a valued partner to our vendors and customers.” (more…)

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Merit Group (Lancaster, Five Star) Files Chapter 11

Tuesday, May 17th, 2011
MG logoPosted by: Diane Capuano

Via Press Releases:

Debtor-in-possession financing to be provided by the company’s existing senior lender

Merit working to consummate a sale or strategic investment in the next 90 days

The Merit Group, which does business as Lancaster and Five Star, has announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of South Carolina.

The company has obtained a commitment for a $55 million debtor-in-possession facility from its senior lender, Regions Bank. This facility will allow Merit to continue operations without interruption during the reorganization process, while its management team and advisors focus on a potential sale of the business or a strategic investment in the next 90 days. (more…)

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Merit Group (Lancaster) Purchasing Five Star

Wednesday, January 6th, 2010
Hands015Posted by: Diane Capuano

The following is a press release provided to us by Lancaster regarding the pending acquisition of Five Star Products Inc.

The Merit Group, Inc., a Spartanburg, South Carolina-based corporation, has reached an agreement to purchase outstanding shares of Five Star Products, Inc., a distributor of paint supplies, hardware and related products headquartered in East Hanover, New Jersey. The closing of this agreement is anticipated to occur in the first quarter of 2010. (more…)

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