From the Wires
Vmark Announces Court Approval of Stalking Horse Purchase Agreement
By: PR Newswire
Nov. 6, 2012 06:46 PM
CHICAGO, Nov. 6, 2012 /PRNewswire-USNewswire/ -- Vmark, Inc. and certain of its affiliates (collectively, "Vmark"), recognized leaders in the production of plastic cards, direct mail marketing, and data solutions, announced today that the United States Bankruptcy Court for the Northern District of Illinois has approved Vmark's agreement with security solutions provider Valid USA, Inc. ("Valid USA"), a wholly owned subsidiary of Valid S.A. (MF&FBovespa: VLID3) ("Valid"), for Valid USA to purchase substantially all of the operating assets of the Vmark companies, including Versatile Card Technology, Inc., Qualteq, Inc. (d/b/a VCT-New Jersey, Inc.), Creative Automation, Unique Mailing Services, Inc., Global Card Services, Inc., Unique Embossing Services, Inc., Automated Presort, Inc., Fulfillment Xcellence, Inc., Unique Data Services, Inc., and Veluchamy, LLC, for consideration valued at approximately $51.2 million in the aggregate. The Court's approval is an important step in the sale process initiated by Vmark under section 363 of the United States Bankruptcy Code. The sale agreement is subject to customary closing conditions, with Vmark anticipating a closing on or before November 30, 2012.
"I would like to thank the Vmark employees for their dedication throughout the chapter 11 process. Their hard work has made this sale possible," declared Mr. Fred C. Caruso, Vmark's court-appointed Trustee.
"We are pleased and honored to have achieved this important milestone and we look forward to welcoming the Vmark customers, employees and partners into the Valid family, thereby strengthening our ability to meet today's and tomorrow's needs in the rapidly emerging digital economy," announced Sidney Levy, the Chairman of Valid.
The Vmark companies operate across 7 facilities with 1,200 employees, principally around Chicago, Illinois and in South Plainfield, New Jersey.
A publicly-traded Brazilian company, Valid is present in all Brazilian states and is expanding operations around the world, with its brand already recognized and respected in countries including Argentina, Spain and the United States. With a market capitalization of more than US$1 billion, and more than 5,000 employees, Valid is a proven market leader in meeting the demands for cyber and information security which has made the Valid trademark a byword for trust and credibility.
PricewaterhouseCoopers Corporate Finance, LLC, Hilco Real Estate LLC, and Kirkland & Ellis LLP advised the Trustee in connection with the transaction. Dreifus Associates, Ltd., Inc. served as industry advisor to Valid, and Deutsche Bank, Deloitte LLP and DLA Piper LLP (US) provided financial and legal advice to Valid.
SOURCE Vmark, Inc.
Latest Cloud Developer Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week