November 1, 2019 – Less than two months after the Chapter 11 bankruptcy commenced, Force Ten Partners is pleased to announce the sale of Sugarfina via section 363 of the US bankruptcy code.
As Sugarfina’s financial advisor and investment banker, Force 10 raised the debtor-in-possession financing and conducted the sale process. Force 10 also assisted with cash management, financial projections, bankruptcy compliance, and evidence supporting the post-petition financing motions, bid procedures, and sale motions. Force 10 is now assisting the Debtor with its Plan of Reorganization.
The buyer, Bristol Luxury Group, purchased substantially all of the assets of Sugarfina for $15,125,000 in cash and 20% equity in the buyer, plus contract cure costs. The sale closed on October 31, 2019. Bristol continues to operate Sugarfina and is investing in growth.
Sugarfina is a luxury candy brand with stores in gateway locations in the United States, Canada, and Hong Kong. The company also sells directly to consumers through its e-commerce business, specialty retailers, department store shop-in-shops, and corporate gifting. See www.sugarfina.com.
“Sugarfina is a top-shelf confectionary brand and naturally found a home with well-capitalized investors just as passionate about the brand and business as the employees of the company. We wish them all sweet success.” – Adam Meislik, Force 10 co-founder.
Force Ten Partners, LLC (dba Force 10 Partners), is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.