Shutter and blind manufacturer American Home Products has filed for bankruptcy with a plan to sell most of its assets to private-equity investors, CFO.com reported. Gainesville, Ga.-based American Home, one of the largest custom shutter companies in the United States, sells under the Louver Shop and Danmer brand names. Its chapter 11 petition came just four months after it was unable to negotiate a new distribution deal with Home Depot. According to court papers, the company has more than $12.5 million in secured debt. A stalking-horse bidder identified as The Louver Shop Holdings has agreed to acquire substantially all of its assets for $8 million, consisting of a credit bid of a portion of the secured debt. The purchase agreement indicates the buyer is an affiliate of private-equity firm Squire Ridge, which specializes in investing in privately-held manufacturing companies.
