Sager Creek Agrees to Pay $124.78M for Allens Canning

Sager Creek Acquisition Corp. reached a deal to acquire bankrupt business Allens Inc. for a total cash consideration of $124.781 million.

Little is known about Sager Creek, a recently formed Delaware-based corporation, according to the court filing.

The president of Sager Creek, James Athanasoulas, is the managing director of Sankaty Advisors, a unit of Boston-based Bain Capital. Sankaty Advisors is a secondary lienholder listed among Allen’s creditors. The amount owed was not disclosed.

The $124.781 million price tag is subject to increase or decrease for the actual amount of “First Priority Obligations,” other pending claims and fee along with the $3 million break-up fee required by the court. The sale be must authorized and approved by the bankruptcy court in a hearing set for Tuesday, Feb. 11, in Fayetteville. A secondary bid was recorded by Atlanta-based McCall Farms in the amount of $124.606 million, according to the filing.

Source: The City Wire

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Sager Creek, Sager Creek Acquisition Corp., Allens Inc., Delaware, James Athanasoulas, Sankaty Advisors, Boston, Bain Capital, First Priority Obligations, Atlanta, McCall Farms.


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