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Azon sells assets to Sun Capital Partners
Azon Corporation, a leading U.S. manufacturer of reprographics media, announced today that the U.S. Bankruptcy Court approved the sale of its assets to IA Acquisition Corp, an affiliate of Sun Capital Partners, Inc. of Boca Raton, FL (www.SunCapPart.com), as well as the stock of Azon Canada and the assets of Media Design Corporation. Earlier this year, another affiliate of Sun Capital, Intelicoat Technologies Image Products Group, acquired the former Image Products Division of Rexam.
Stephen Silver, president of Azon Corporation stated, "The approval of the court for the sale of Azon-s assets to IA Acquisition Corp., completes a year-long effort in the restructuring of Azon. We are very pleased that this acquisition will provide Azon with the financial and strategic support necessary to re-establish Azon as a leading supplier of wide format media to the architectural and engineering markets."
Jason Neimark, vice president of Sun Capital Partners, Inc. said, "Sun Capital is looking forward to working with Azon-s existing management team to continue to build upon the many strengths of Azon-s business. We are excited to be acquiring a leading U.S. supplier of reprographics media and with the growth possibilities of Azon and Intelicoat.
About Azon Corporation
Azon is a North American leader in the manufacture of wide format coated papers and films for use in the Reprographics industry, with locations in Johnson City, New York; Atlanta, Georgia; Arlington, Texas; Elk Grove Village, Illinois; Columbia, Maryland; Orlando, Florida; Torrance, California; Kent, Washington; and Randolph, New Jersey
Sun Capitial Partners Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts of market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital invests in companies with market leadership positions such as Azon. Sun Capital has invested in approximately 40 companies since its inception in 1995 with combined revenues in excess of $3.5 billion. Investments have included companies in the following industries: paper and packaging, filmed entertainment, automotive after-market parts, financial services, healthcare, media and communications, building products, wireless communications, computer and workstation peripherals, consumer products, furniture, manufacturing, general merchandise distribution and technology.
For more information: www.azon.com
Editor
9/29/2002
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