Meriturn announces reorganisation and acquisition of - leatherbiz: Lea Leatherbiz

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Meriturn announces reorganisation and acquisition of Irving Tanning

20/09/2005

Meriturn Partners, LLC, has completed the reorganisation and acquisition of Irving Tanning Company.

Over $14.5 million of new equity and debt capital has been arranged by Meriturn for the transaction, with acquisition and working capital financing provided by Wells Fargo Business Credit. Meriturn also worked closely with state and local officials to strengthen Irving's capital structure.

Irving's CEO Richard Larochelle commented:  "This has been a long and difficult bankruptcy for Irving's employees, customers, and community. We are thankful to all of our constituents for their patience and support through this process, and are very excited about our new partnership with Meriturn.

Together, we have developed a turnaround plan and built a capital structure that will enable Irving to compete and thrive on a global basis.  We believe we have a facility and a workforce second to none in this industry; and we will continue to supply our customers with the world-class American leather for which Irving has been known for 80 years."

 



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