Arandell Holdings Inc. said it finalized an agreement that calls for private equity firm Saothair Capital Partners to invest in the business, clearing the way for the Menomonee Falls commercial printer to emerge from chapter 11, the Milwaukee Business Journal reported. Arandell said Friday that the agreement was approved via U.S. Bankruptcy Court in Delaware for the proposed transaction that had been disclosed in a Sept. 30 bankruptcy court filing. Under the agreement, an affiliate of Saothair, which is based in the Philadelphia area, will become the controlling shareholder of Arandell’s business and assets. The business will retain the same executives and will continue operations at its current location. Arandell said that it will exit bankruptcy “strongly capitalized with a conservative balance sheet.” The company filed for financial reorganization under chapter 11 in August citing industry changes resulting from the COVID-19 pandemic. Arandell said that it has maintained normal operations, preserved more than 500 jobs and increased overall revenue growth.
